Heritage Insurance Hldgs Stock (NYSE: HRTG)

Dernières nouvelles pour Heritage Insurance Hldgs (NYSE:HRTG) Stock

Heritage Insurance Hldgs

Heritage Insurance Holdings Inc is a regional property and casualty insurance company that offers a variety of personal and commercial insurance products. Through its subsidiaries, Heritage Property & Casualty Insurance, Narragansett Bay Insurance, and Zephyr Insurance, the company issues personal residential property insurance in various states in the United States. It also offers commercial residential insurance predominantly for its Florida properties. Heritage Insurance manages insurance underwriting, customer services, actuarial analysis, distribution, and claims processing internally.

Heritage Insurance Holdings, Inc. Common Stock

Heritage Insurance Holdings Inc

WIIM

HRTG

Heritage Insurance shares are trading higher after the company announced its board authorized a new $10 million share repurchase program.

News

Buybacks

Heritage Insurance Board Authorizes New Share Repurchase Plan Of $10M Commencing Upon  December 31, 2024 Expiration Of Prior Program

Heritage Insurance Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRTG#NYSE">HRTG</a>) reported quarterly earnings of $0.27 per share which beat the analyst consensus estimate of $0.05 by 440 percent. The company reported quarterly sales of $198.841 million which missed the analyst consensus estimate of $209.910 million by 5.27 percent. This is a 12.57 percent increase over sales of $176.641 million the same period last year.

Earnings

Earnings Beats

Earnings Misses

Heritage Insurance Hldgs Q3 2024 GAAP EPS $0.27 Beats $0.05 Estimate, Sales $198.841M Miss $209.910M Estimate

Fourth Quarter 2024 Estimated Catastrophe Losses The Company expects to incur approximately $57 million of net current accident quarter catastrophe losses stemming from Hurricane Milton in the fourth quarter of 2024. On the day after Hurricane Milton struck Florida, the Company had assembled claims handing resources in several locations including over 2,000 adjusters and more than 200 emergency service vendors ready to assist our policy holders. Twelve days following the storm the Company has received 5,435 claims with the average wait time for policy holders calling in their claims of under one minute. The reported claim count for Hurricane Milton is just under 50% of that experienced during Hurricane Ian during the same time frame.
Mr. Garateix continued, "Overall, we are in a strong financial position and backed by a $1.30 billion reinsurance tower. We expect gross losses from hurricane Milton to possibly reach the third layer of our reinsurance tower which starts at $450 million and goes to $914 million. We continue to maintain a robust level of reinsurance coverage through year end 2024. Importantly, the strategic actions that we have taken over the last three years have helped to mitigate our losses from significant events like the three recent hurricanes. These actions which include rate adequacy, exposure management and underwriting discipline will enable Heritage to continue to support our customers as well as, we believe, further expand our business for years to come."&nbsp;

Guidance

Heritage Insurance Expects $57M Catastrophe Losses In Q4 2024 Due To Hurricane Milton; Assembles Over 2K Adjusters And 200 Emergency Vendor Services; 5,435 Claims Received With Less Than One-Minute Wait Time; Claim Count Is Under 50% Compared To Hurricane Ian

Third Quarter 2024 Estimated Catastrophe Losses The Company expects to incur approximately $48 million of net current accident quarter catastrophe losses stemming from Hurricanes Debbie and Helene in the third quarter 2024. Despite the impact of the hurricanes, the Company expects to deliver positive net income for the third quarter of 2024.&nbsp;

Heritage Insurance Expects To Incur ~$48M Of Net Current Accident Quarter Catastrophe Losses Stemming From Hurricanes Debbie And Helene In Q3 2024. Despite The Impact Of The Hurricanes, The Company Expects To Deliver Positive Net Income For Q3 2024.

Many experts warned that Hurricane Milton could be the&nbsp;<a href="https://www.benzinga.com/news/24/10/41266095/hurricane-milton-knocks-out-power-for-over-2m-in-florida-nextera-energy-duke-energy-and-tampa-electr" target="_blank" rel="noopener">worst storm in U.S. history. It</a>&nbsp;made landfall Wednesday on the west coast of Florida, causing flooding and wind damage and leaving millions without power. While the full scope of the storm's damage is unknown, it was a Category 3, less powerful than initially anticipated.&nbsp;
On Thursday, as the immediate threat from Hurricane Milton began to diminish, investors cautiously responded by purchasing shares of companies that had been significantly affected in the lead-up to the storm. Many insurance stocks with exposure to Florida dropped sharply the week before Milton made landfall as traders and investors braced for potential catastrophic impacts. See Also: <a href="https://www.benzinga.com/markets/equities/24/10/41276280/hurricane-milton-closes-multiple-florida-airports-over-3-000-flights-canceled-and-delayed-10-air">Hurricane Milton Closes Multiple Florida Airports, Over 3,000 Flights Canceled And Delayed: 10 Airline Stocks That Could Be Hit Hardest</a> HCI Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HCI#NYSE">HCI</a>), American Coastal Insurance Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACIC#NYSE">ACIC</a>) and Heritage Insurance Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRTG#NYSE">HRTG</a>) are three insurance companies that serve the Florida market. Each stock traded down more than 15% heading into the storm as investors worried about the storm's potential to cause billions of dollars of damage. But Thursday morning, after the worst of the storm passed through the Sarasota and Tampa Bay regions, shares of the insurance companies traded higher. By midday Thursday, American Coastal shares traded higher by around 7%, HCI shares were up around 6%, and Heritage's stock was up around 3%. In addition to the insurance stocks, Mosiac Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MOS#NYSE">MOS</a>) a chemical company with mines in Florida, traded higher by more than 3%. Mosaic shares had sold off ahead of the storm as investors worried about Milton flooding Mosiac's mines.&nbsp;
Meanwhile, Generac Holdings Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GNRC#NYSE">GNRC</a>) traded lower on Thursday. Generac, a company that produces generators for homes and businesses, tends to trade higher during natural disasters when people are left without power and reliant on solutions like generators. Keep Reading:
<ul>
<li> <a href="https://www.benzinga.com/markets/equities/24/10/41273615/tech-consumer-discretionary-stocks-fall-utilities-sector-outperforms-on-surprisingly-high-inflat">Tech, Consumer Discretionary Stocks Fall, Utilities Sector Outperforms On Surprisingly High Inflation, Jobless Claims Data</a></li>
</ul>
Photo courtesy of NASA.

Trading Ideas

General

ACIC

GNRC

Insurance Stocks Rebound As Investors Assess Hurricane Milton's Aftermath: 3 Stocks To Watch

To gain an edge, this is what you need to know today.
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<h3 class="wp-block-heading">Biggest Stock Moves Ahead</h3>
Please <a href="https://thearorareport.com/chart-analysis-stock-market-rising-yields-neutral-rate-tlt-mc-10082024">click here</a> for an enlarged chart of iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>).
Note the following:
<ul>
<li>TLT moves inverse to the yield. The higher the yield goes, the lower TLT falls.</li>
<li>The chart shows the move up in TLT in anticipation of Fed rate cuts.</li>
<li>The chart shows a breakout above the resistance zone.</li>
<li>The chart shows when the Fed cut rates.</li>
<li>The chart shows that the spot on Arora call was made on the same day that the Fed cut interest rates. The Arora call was made in advance of the Fed announcement, giving investors more time to act. The Arora call was that yields were likely to rise on long bonds, sending TLT lower. The Arora call was a contrary call squarely going against the prevailing wisdom at that time. At that time, the following described the landscape.
<ul>
<li>Technically oriented investors were buying TLT because of the technical breakout.</li>
<li>Macro investors were buying TLT because of the rate cut. Going into the Fed meeting the consensus was still a 25 bps cut, even though the idea of a 50 basis point rate cut was gaining steam.</li>
<li>The prevailing wisdom in the market was that TLT would go up.</li>
</ul>
</li>
<li>The chart shows that the breakout failed, and TLT has experienced a significant drop since the Arora call.</li>
<li>The chart shows that TLT is now getting closer to the top support zone.</li>
<li>The down move in TLT is remarkable because during this time, the money has been flowing into the safety of long Treasury bonds due to escalating conflict in the Middle East. In The Arora Report analysis, if it was not for the Middle East conflict escalation, TLT would have already fallen into the top support zone.</li>
<li>RSI on the chart shows that TLT is oversold. An oversold ETF often bounces.</li>
<li>In The Arora Report analysis, unless the economic data changes or a war breaks out, or the Fed changes its course, any rally in TLT has a 70% probability of failing. The reason behind this prediction is that irrespective of who is elected, Trump or Harris, the government's borrowing and spending is going to go up. Higher borrowing means a larger supply of Treasuries.  A larger supply of Treasuries indicates a higher yield on long bonds. If the U.S. has a divided government after the election, the borrowing will be less than it will be if either party sweeps. In the event of a one party sweep, TLT can potentially fall to the bottom support zone.</li>
<li>Investors should also pay attention to the10 year Treasury yield.  The 10 year Treasury yield is important because it is the reference rate for computing appropriate PE ratios in most models. In general, the rule is higher interest rates mean lower PE ratios. There are two reasons for this:
<ul>
<li>When interest rates are higher, the value of future earnings discounted to present is lower.</li>
<li>When bonds start paying higher interest rates, they offer more competition to stocks.</li>
</ul>
</li>
<li>The yield on 10 year Treasuries has risen from 3.68% on the day the Fed cut the interest rate to 4.031% as of this writing.</li>
<li>Contrary to expectations in the market, mortgage rates have also risen since the Fed rate cut.</li>
<li>Investors should also pay close attention to the neutral rate. The neutral rate is the Fed funds rate that is neither restrictive or expansionary.
<ul>
<li>In addition to the neutral rate, investors should also pay attention to the pace at which interest rates come down to the neutral rate.</li>
<li>The Fed is indicating that the neutral rate might be around 3.4% in 2025. Previously, the Fed was pointing to a long run neutral rate of 2.5%.</li>
<li>The prevailing wisdom in the market is that the neutral rate is in the range of 2.5% &#8211; 3.5%.</li>
</ul>
</li>
<li>Regarding the neutral rate, The Arora Report has another contrary call. Unless economic data substantially changes or geopolitical conditions substantially change, the likely neutral rate is higher than the market consensus. In The Arora Report analysis, the likely neutral rate is 3.25 &#8211; 4.25%. </li>
<li>The foregoing discussion on the long bond rate, 10 year rate, and neutral rate is very important because in view of The Arora Report analysis and contrary calls, earnings will have to be very robust for the stock market to advance from here and sustain at a higher level.</li>
<li>In The Arora Report analysis, implied volatility of options on popular individual stocks around earnings indicates that the biggest moves after earnings in recent years in individual stocks are ahead. This has two practical implications for investors:
<ul>
<li>This will provide more opportunities for prudent investors who are set up to systematically take advantage of volatility in a proven way instead of being afraid of volatility.</li>
<li>Some of the existing positions in portfolios may be hit hard. To balance it with stocks that move up significantly, it is important to make sure the portfolio is properly diversified.</li>
</ul>
</li>
<li>In The Arora Report analysis, prior to the jobs report, the probability of a 50 bps cut after the next Fed meeting was about 30%. Now, the probability has dropped to 5%.</li>
<li>Based on The Arora Report proprietary sentiment indicator, sentiment in the stock market is very positive.&nbsp; S&amp;P 500 at 6000 is the magnet for traders.&nbsp;&nbsp;</li>
<li>Based on The Arora Report's proprietary methodology, numerous short squeezes are taking place, adding to the upside moves in individual stocks.</li>
<li>There is renewed excitement in AI stocks. The main reason is that NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) AI Summit is taking place.</li>
<li>There is also buying ahead of Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) analyst meeting about AI on October 10.&nbsp; Hewlett Packard Enterprise Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>) will also highlight its progress on AI during its analyst day on October 10.</li>
<li>Adding to excitement in the stock market is the upcoming Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) robotaxi event on October 10.</li>
<li>Consumer Price Index (CPI) will be released on October 10. Headline CPI consensus is 0.1%.  Core CPI consensus is 0.2%.</li>
<li>Hurricane Milton is barreling towards Florida.&nbsp; Insurance stocks such as Universal Insurance Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UVE#NYSE">UVE</a>), Heritage Insurance Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRTG#NYSE">HRTG</a>), and HCI Group Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HCI#NYSE">HCI</a>) are seeing selling pressure.&nbsp; Generator manufacturer Generac Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GNRC#NYSE">GNRC</a>) is seeing buying pressure, so are roofing stocks such as Beacon Roofing Supply Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BECN#NASDAQ">BECN</a>) and Owens Corning (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OC#NYSE">OC</a>).</li>
<li>Volatility index (VIX) continues to stay high on anxiety about the Middle East. VIX is elevated at 22 as of this writing.</li>
<li>As an actionable item, the sum total of the foregoing is in the protection band, which strikes the optimum balance between various crosscurrents. &nbsp; Please scroll down to see the protection band. The protection band is one of the large number of unique edges that are available to members of The Arora Report.</li>
</ul>
<h3 class="wp-block-heading">China Disappoints</h3>
We have been sharing with you day by day the epic rally in Chinese stocks and the reasons behind it. Today, at the beginning, hopes were high as Mainland China investors returned after a one week holiday.  Mainland benchmark stock index CSI 300 jumped 11% at the open but subsequently lost some of the gains, finishing up 5.9%.  In spite of the pullback, CSI 300 is up about 30% over the last month.
In Hong Kong, Hang Seng lost 9.41%. This is the biggest drop since the 2008 financial crisis. Stocks in Hong Kong were trading during the mainland holiday. The reason for the disappointment is that investors were counting on the National Development and Reform Commission (NDRC) to offer concrete stimulus measures at a briefing. However, the chair of NDRC Zheng Shanjie did not offer new concrete stimulus steps. This disappointed traders.
As full disclosure, for those who understand the China risk, The Arora Report&#8217;s plan continues to be to buy Mainland China ETF Xtrackers Hvst CSI 300 China A Shs ETF Class A (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ASHR#NYSE">ASHR</a>) and Hong Kong ETF iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) when they fall in the recently updated buy zones in The Arora Report&#8217;s ZYX Emerging.
<h3 class="wp-block-heading">Magnificent Seven Money Flows</h3>
In the early trade, money flows are positive in Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Alphabet Inc Class C (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>), Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), NVDA, and TSLA.
In the early trade, money flows are neutral in Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>).
In the early trade, money flows are positive in SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>).
<h3 class="wp-block-heading">Momo Crowd And Smart Money In Stocks</h3>
Investors can gain an edge by knowing money flows in SPY and QQQ.  Investors can get a bigger edge by knowing when smart money is buying stocks, gold, and oil.  The most popular ETF for gold is SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>).  The most popular ETF for silver is iShares Silver Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLV#NYSE">SLV</a>).  The most popular ETF for oil is United States Oil ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>).
<h3 class="wp-block-heading">Bitcoin</h3>
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) is range bound.
<h3 class="wp-block-heading">Protection Band And What To Do Now</h3>
It is important for investors to look ahead and not in the rearview mirror.
Consider continuing to hold good, very long term, existing positions. Based on individual risk preference, consider a protection band consisting of cash or Treasury bills or short-term tactical trades as well as short to medium term hedges and short term hedges. This is a good way to protect yourself and participate in the upside at the same time.
You can determine your protection bands by adding cash to hedges. The high band of the protection is appropriate for those who are older or conservative. The low band of the protection is appropriate for those who are younger or aggressive.  If you do not hedge, the total cash level should be more than stated above but significantly less than cash plus hedges.
A protection band of 0% would be very bullish and would indicate full investment with 0% in cash. A protection band of 100% would be very bearish and would indicate a need for aggressive protection with cash and hedges or aggressive short selling.
It is worth reminding that you cannot take advantage of new upcoming opportunities if you are not holding enough cash.&nbsp; When adjusting hedge levels, consider adjusting partial stop quantities for stock positions (non ETF); consider using wider stops on remaining quantities and also allowing more room for high beta stocks.&nbsp; High beta stocks are the ones that move more than the market.
<h3 class="wp-block-heading">Traditional 60/40 Portfolio</h3>
Probability based risk reward adjusted for inflation does not favor long duration strategic bond allocation at this time.
Those who want to stick to traditional 60% allocation to stocks and 40% to bonds may consider focusing on only high quality bonds and bonds of five year duration or less.&nbsp; Those willing to bring sophistication to their investing may consider using bond ETFs as tactical positions and not strategic positions at this time.
The Arora Report is known for its accurate calls. The Arora Report correctly called the big artificial intelligence rally before anyone else, the new bull market of 2023, the bear market of 2022, new stock market highs right after the virus low in 2020, the virus drop in 2020, the DJIA rally to 30,000 when it was trading at 16,000, the start of a mega bull market in 2009, and the financial crash of 2008. Please click here to sign up for a free forever <a href="https://thearorareport.com/generate-wealth-newsletter-benzinga">Generate Wealth Newsletter</a>.

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Markets

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AMZN

ASHR

BECN

GOOG

MSFT

NVDA

iShares Trust Barclays 20+ Year Treasury Bond Fund

TSLA

Rising Yields And Higher Neutral Rate May Spoil The Party, Biggest Stock Moves In Years Ahead

The second Category 5 storm of the 2024 <a href="https://www.benzinga.com/markets/24/10/41215820/hurricane-milton-is-floridas-second-storm-in-two-weeks-how-disney-theme-parks-insurance-companies-co">hurricane season named Hurricane Milton </a>is threatening large-scale destruction, as it quickly graduated from Category 1 status and is approaching the state of Florida. The storm is expected to lash over the Tampa Bay on Wednesday.
Milton Vs. Previous Hurricanes: Hurricane Milton gathered maximum sustained wind speeds of 180 miles per hour by Monday night, and in terms of wind speed it only trails a 1980 hurricane, which went by the name Allen and boasted a top wind speed of 190 mph before it made landfall in the U.S.-Mexican border,<a href="https://www.nytimes.com/2024/10/07/weather/hurricane-milton-forecast-path.html"> said</a> New York Times.
Going by pressure &#8211; which is another measure of a storm&#8217;s intensity, Milton is similar to Hurricane Wilma from the 2005 hurricane season that holds the record for the lowest pressure, the Times said.
The latest<a href="https://www.nhc.noaa.gov/text/refresh/MIATCPAT4+shtml/080541.shtml"> update</a> issued by the National Hurricane Center early Tuesday showed Milton weakening to a Category 4 storm with wind speed slowing to 155 mph. The hurricane was moving east at 9 mph and was located 585 miles southwest of Tampa.
Milton is expected to regain Category 5 strength Tuesday morning and maintain this strength through the day, CNN&#8217;s <a href="https://edition.cnn.com/weather/live-news/hurricane-milton-florida-10-08-24/index.html">update </a>showed. It would then fluctuate in intensity before making landfall on Wednesday as a Category 3 storm.
Certified Consulting Meteorologist and NBC 6 South Florida John Morales, while on air, was overwhelmed with emotion as he described the hurricane. &#8220;It&#8217;s just an incredible, incredible, incredible hurricane. It has dropped 50 millibars in 10 hours,&#8221; he said before pausing to suppress his emotion. &#8220;I apologize. This is just horrific,&#8221; he said. Sharing a video clip of this, CNN media analyst Brian Stelter said, &#8220;NBC6&#8217;s @JohnMoralesTV is the longest-tenured TV meteorologist in South Florida. When he gets this serious, this emotional, on the air, viewers pay attention.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">NBC6&#39;s <a href="https://twitter.com/JohnMoralesTV?ref_src=twsrc%5Etfw">@JohnMoralesTV</a> is the longest tenured TV meteorologist in south Florida. When he gets this serious, this emotional, on the air, viewers pay attention: <a href="https://t.co/iiECZ8KaHx">pic.twitter.com/iiECZ8KaHx</a>
&mdash; Brian Stelter (@brianstelter) <a href="https://twitter.com/brianstelter/status/1843362454321115138?ref_src=twsrc%5Etfw">October 7, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">See Also: <a href="https://www.benzinga.com/money/best-insurance-stocks">Best Insurance Stocks</a></figcaption></figure>
Florida&#8217;s Preparedness: The Sunshine State is on full alert with multiple teams coordinating to prepare ahead of Milton&#8217;s landfall. At a Monday briefing, Florida&#8217;s emergency management director, Kevin Guthrie called out to people to be prepared, ABC News <a href="https://abcnews.go.com/US/wireStory/ahead-hurricane-strike-floridians-plan-supply-kit-heed-114571554">said.</a> &#8220;If they have called an evacuation order, I beg you, I implore you to evacuate,&#8221; he reportedly said.
Jaime Hernandez, the emergency management director in Hollywood, Florida, reportedly asked people to be ready with a plan taking into account the changing forecasts, have an emergency kit and stay informed,
Writing on X, formerly Twitter, Florida Governor Ron DeSantis said, &#8220;Evacuations are underway, and we have suspended tolls and opened roadway shoulders to make it easier for Floridians to get to safety.&#8221; He directed people to take evacuate to pet-friendly shelters, special needs shelters, and other options that are safe from storm surges in their own counties.
Stocks To Keep Eye On: 
Insurers: Property and casualty insurance stocks have been under pressure since <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41145534/hurricane-helene-adds-to-most-active-quarter-for-power-outages-driving-back-up-gene">Hurricane Helene </a>that impacted Southeastern U.S. and they fell on Monday amid news concerning Milton. These stocks could be once again on the radar in Tuesday&#8217;s session. These include:
<ul>
<li>Progressive Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>)</li>
<li>Chubb Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>)</li>
<li>Travelers Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>)</li>
<li>Allstate Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALL#NYSE">ALL</a>)</li>
<li>Hartford Financial Services Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIG#NYSE">HIG</a>)</li>
<li>Markel Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKL#NYSE">MKL</a>)</li>
<li>Loews Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/L#NYSE">L</a>)</li>
</ul>
The steepest losses were recorded by Florida-based insurers such as Heritage Insurance Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRTG#NYSE">HRTG</a>) (down over 23%, American Coastal Insurance Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/acic#NASDAQ">ACIC</a>) (down over 15%), and HCI Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HCI#NYSE">HCI</a>) (down over 17%).
Given the 2024 hurricane season has been very active, insurers would be left saddled with catastrophe-related claims, which will weigh down on their margins and bottom line.
Phosphate Miners: Phosphate mining stocks such as Mosaic Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MOS#NYSE">MOS</a>) could be on the radar during a natural disaster. Florida&#8217;s phosphate industry is one of the major suppliers of the mineral internationally, and the U.S. ranks third in terms of phosphate production, after China and Morocco. In the U.S., phosphate mining takes place in Florida, North Carolina, Idaho and Utah, <a href="https://fipr.floridapoly.edu/about-us/phosphate-primer/other-phosphate-deposits.php#:~:text=Currently%20U.S.%20phosphate%20mining%20takes,it%20was%20not%20economically%20practical.">according</a> to the Florida Industrial and Phosphate Research Institute, FIPRI.
The phosphate mineral is a source of phosphorous, a key nutrient for plant growth.
Florida's phosphate is part of a deposit that stretches across the state and up the coast to the Chesapeake Bay.&nbsp;
Florida Phosphate Council <a href="https://floridaphosphate.com/our-industry/">states</a> that the phosphate industry in the state is a major economic driver and supports nearly 8,400 direct jobs. The industry accounts for an estimated $5.03 billion in annual economic output.
Josh Linville, Director of Fertilizer at integrated trading platform StoneX, said the phosphate market could be hurt. In an X post, he said, &#8220;FL is built to withstand hurricanes&#8230;to an extent. This looks bad. This looks really bad,&#8221; he said.
Even if production facilities withstand major damage, they need workers to run the plants, he added.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/phosphate?src=hash&amp;ref_src=twsrc%5Etfw">#phosphate</a> market, this could hurt. FL is built to withstand hurricanes&#8230;to an extent. This looks bad. This looks really bad. Even if production facilities do not withstand major damage, they need workers to run the plants&#8230;and homesteads may not fare as well. <a href="https://t.co/Qyutb60L95">pic.twitter.com/Qyutb60L95</a>
&mdash; Josh Linville (@JLinvilleFert) <a href="https://twitter.com/JLinvilleFert/status/1843302894009036810?ref_src=twsrc%5Etfw">October 7, 2024</a></blockquote>
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Alico, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALCO#NASDAQ">ALCO</a>), which is a Florida-based agribusiness and land management company, also saw its shares sink over 8% on Monday. This stock was <a href="https://cupofcoffeecapital.substack.com/p/trade-idea-alert">flagged </a>by a substack writer who issues trading alerts. 
Potential Beneficiaries: Shares of Generac Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GNRC#NYSE">GNRC</a>), a manufacturer of generators, soared on Monday, potentially due to surging demand for its products in the aftermath of the hurricane.
Batteries are also in great demand during hurricanes, with household battery manufacturers such as Energizer Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENR#NYSE">ENR</a>) reaping windfall.
Once the hurricane subsides and life returns to normalcy, the havoc caused by it can stimulate reconstruction demand, with home-improvement retailers Home Depot, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HD#NYSE">HD</a>) and Lowe&#8217;s Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOW#NYSE">LOW</a>) among the potential beneficiaries.
Building products and equipment companies such as Masco Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAS#NYSE">MAS</a>) and used-car retailers such as Carvana Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVNA#NYSE">CVNA</a>) and Carmax Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMX#NYSE">KMX</a>) also stand to gain.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/10/41216625/generac-stock-powers-up-ahead-of-hurricane-milton">Generac Stock Powers Up Ahead Of Hurricane Milton</a></li>
</ul>
Photo via Shutterstock

Equities

Small Cap

Media

ALCO

CVNA

As Florida Prepares For One Of Deadliest Hurricanes, Here Are Some Potential Stock Winners And Losers From Milton Threat

U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite falling more than 150 points on Monday.
The Dow traded down 0.97% to 41,940.43 while the NASDAQ fell 0.89% to 17,976.85. The S&amp;P 500 also fell, dropping, 0.77% to 5,707.03.
Check This Out: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/10/41206375/jim-cramer-ast-spacemobile-is-just-too-hot-recommends-buying-this-tech-stock">Jim Cramer: AST SpaceMobile Is &#8216;Just Too Hot,&#8217; Recommends Buying This Tech Stock</a>
Leading and Lagging Sectors Energy shares jumped by 0.6% on Monday.
In trading on Monday, utilities shares dipped by 1.7%.
Top Headline
AstraZeneca plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>) entered into an exclusive license agreement with Hong Kong-based CSPC Pharmaceutical Group Ltd to advance the development of an early-stage, novel small-molecule lipoprotein (a) (Lp(a)) disruptor that has the potential to offer additional benefits for patients with dyslipidemia.
Equities Trading UP &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<ul>
<li>Scholar Rock Holding Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRRK#NASDAQ">SRRK</a>) shares shot up 328% to $31.73 after the company announced topline results from the Phase 3 SAPPHIRE clinical trial evaluating the efficacy and safety of apitegromab in patients with SMA. The study achieved its primary endpoint.</li>
<li>Shares of Arcadium Lithium PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALTM#NYSE">ALTM</a>) got a boost, surging 32% to $4.06 after the company announced that it has been approached by Rio Tinto regarding a potential acquisition.</li>
<li>Duckhorn Portfolio Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NAPA#NASDAQ">NAPA</a>) shares were also up, gaining 104% to $10.99 after the company reported better-than-expected fourth-quarter financial results. Also, the company announced it into a definitive agreement to be acquired by private equity funds managed by Butterfly Equity.</li>
</ul>
Equities Trading DOWN
<ul>
<li>Trevena, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TRVN#NASDAQ">TRVN</a>) shares dropped 46% to $2.50 after the company announced it received a Nasdaq delisting notification.</li>
<li>Shares of Heritage Insurance Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRTG#NYSE">HRTG</a>) were down 25% to $9.09.</li>
<li>Universal Insurance Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UVE#NYSE">UVE</a>) was down, falling 19% to $17.12.</li>
</ul>
Commodities In commodity news, oil traded up 3.6% to $77.02 while gold traded down 0.1% at $2,666.10.
Silver traded down 1.1% to $32.035 on Monday, while copper fell 0.2% to $4.5635.
Euro zone
European shares closed mostly higher today. The eurozone's STOXX 600 rose 0.18%, Germany's DAX fell 0.09% and France's CAC 40 climbed 0.46%. Spain's IBEX 35 Index rose 0.50%, while London's FTSE 100 rose 0.28%.
Retail sales in the Eurozone rose 0.2% month-over-month in August compared to a revised flat reading in the previous month. The Halifax House Price Index in the UK rose 4.7% year-over-year in September compared to a 4.3% gain in August. Factory orders in Germany declined by 5.8% month-over-month in August.
Asia Pacific Markets
Asian markets closed mixed on Monday, with Japan's Nikkei 225 gaining 1.80%, Hong Kong's Hang Seng Index gaining 1.60% and India's BSE Sensex dipping 0.78%.
Foreign exchange reserves in Singapore fell to SGD 499.7 billion in September compared to SGD 501.3 billion a month ago. The index of leading economic indicators in Japan fell to 106.7 in August versus a final reading of 109.3 in the prior month, while index of coincident economic indicators declined to 113.5 in August compared to a final reading of 117.2 month ago.
Economics
Data on consumer credit for August will be released today.
Now Read This: 
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/10/41205686/how-to-earn-500-a-month-from-pepsico-stock-ahead-of-q3-earnings">How To Earn $500 A Month From PepsiCo Stock Ahead Of Q3 Earnings</a></li>
</ul>
<a href="https://www.benzinga.com/news/earnings/24/10/41205686/how-to-earn-500-a-month-from-pepsico-stock-ahead-of-q3-earnings">&nbsp;</a>

Eurozone

Commodities

Intraday Update

ALTM

NAPA

SRRK

TRVN

Dow Tumbles Over 400 Points; Duckhorn Portfolio Shares Surge

U.S. stocks traded lower midway through trading, with the Dow Jones index falling more than 200 points on Monday.
The Dow traded down 0.49% to 42,146.78 while the NASDAQ fell 0.36% to 18,073.37. The S&amp;P 500 also fell, dropping, 0.32% to 5,732.84.
Check This Out: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/10/41206375/jim-cramer-ast-spacemobile-is-just-too-hot-recommends-buying-this-tech-stock">Jim Cramer: AST SpaceMobile Is &#8216;Just Too Hot,&#8217; Recommends Buying This Tech Stock</a>
Leading and Lagging Sectors Energy shares jumped by 0.5% on Monday.
In trading on Monday, consumer discretionary shares dipped by 1.3%.
Top Headline
AstraZeneca plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>) entered into an exclusive license agreement with Hong Kong-based CSPC Pharmaceutical Group Ltd to advance the development of an early-stage, novel small-molecule lipoprotein (a) (Lp(a)) disruptor that has the potential to offer additional benefits for patients with dyslipidemia.
Equities Trading UP &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<ul>
<li>Scholar Rock Holding Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRRK#NASDAQ">SRRK</a>) shares shot up 310% to $30.44 after the company announced topline results from the Phase 3 SAPPHIRE clinical trial evaluating the efficacy and safety of apitegromab in patients with SMA. The study achieved its primary endpoint.</li>
<li>Shares of Arcadium Lithium PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALTM#NYSE">ALTM</a>) got a boost, surging 41% to $4.34 after the company announced that it has been approached by Rio Tinto regarding a potential acquisition.</li>
<li>Duckhorn Portfolio Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NAPA#NASDAQ">NAPA</a>) shares were also up, gaining 102% to $10.88 fter the company reported better-than-expected fourth-quarter financial results. Also, the company announced it into a definitive agreement to be acquired by private equity funds managed by Butterfly Equity.</li>
</ul>
Equities Trading DOWN
<ul>
<li>Trevena, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TRVN#NASDAQ">TRVN</a>) shares dropped 48% to $2.4192 after the company announced it received a Nasdaq delisting notification.</li>
<li>Shares of Heritage Insurance Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRTG#NYSE">HRTG</a>) were down 21% to $9.65.</li>
<li>Universal Insurance Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UVE#NYSE">UVE</a>) was down, falling 18% to $17.12.</li>
</ul>
Commodities In commodity news, oil traded up 3.4% to $76.99 while gold traded down 0.2% at $2,662.50.
Silver traded down 1.1% to $32.025 on Monday, while copper fell 0.5% to $4.5535.
Euro zone
European shares were mostly higher today. The eurozone's STOXX 600 rose 0.26%, Germany's DAX fell 0.09% and France's CAC 40 climbed 0.48%. Spain's IBEX 35 Index rose 0.80%, while London's FTSE 100 rose 0.46%.
Retail sales in the Eurozone rose 0.2% month-over-month in August compared to a revised flat reading in the previous month. The Halifax House Price Index in the UK rose 4.7% year-over-year in September compared to a 4.3% gain in August. Factory orders in Germany declined by 5.8% month-over-month in August.
Asia Pacific Markets
Asian markets closed mixed on Monday, with Japan's Nikkei 225 gaining 1.80%, Hong Kong's Hang Seng Index gaining 1.60% and India's BSE Sensex dipping 0.78%.
Foreign exchange reserves in Singapore fell to SGD 499.7 billion in September compared to SGD 501.3 billion a month ago. The index of leading economic indicators in Japan fell to 106.7 in August versus a final reading of 109.3 in the prior month, while index of coincident economic indicators declined to 113.5 in August compared to a final reading of 117.2 month ago.
Economics
Data on consumer credit for August will be released today.
Now Read This: 
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<li><a href="https://www.benzinga.com/news/earnings/24/10/41205686/how-to-earn-500-a-month-from-pepsico-stock-ahead-of-q3-earnings">How To Earn $500 A Month From PepsiCo Stock Ahead Of Q3 Earnings</a></li>
</ul>
<a href="https://www.benzinga.com/news/earnings/24/10/41205686/how-to-earn-500-a-month-from-pepsico-stock-ahead-of-q3-earnings">&nbsp;</a>

Crude Oil Gains Over 3%; Scholar Rock Shares Spike Higher

U.S. stock futures were lower this morning, with the Dow futures falling over 150 points on Monday.
Shares of The Sherwin-Williams Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHW#NYSE">SHW</a>) fell sharply in today's pre-market trading after Keybanc analyst Aleksey Yefremov downgraded the stock from <a href="https://www.benzinga.com/quote/SHW/analyst-ratings">Overweight to Sector Weight</a>.
Sherwin-Williams shares fell 1.4% to $366.00 in pre-market trading.
Here are some big stocks recording losses in today's pre-market trading session.
<ul>
<li>Chanson International Holding  (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHSN#NASDAQ">CHSN</a>) shares declined 12.2% to $13.10 in pre-market trading after jumping 387% on Friday.</li>
<li>Heritage Insurance Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HRTG#NASDAQ">HRTG</a>) shares dipped 6.9% to $11.35 in pre-market trading after gaining around 2% on Friday.</li>
<li>Sify Technologies Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIFY#NASDAQ">SIFY</a>) shares fell 6.8% to $2.07 in pre-market trading after declining around 2% on Friday.</li>
<li>Stepan Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCL#NYSE">SCL</a>) shares fell 6.4% to $72.29 in pre-market trading after gaining 1% on Friday.</li>
<li>Mobileye Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBLY#NASDAQ">MBLY</a>) shares fell 4.9% to $12.30 in pre-market trading after climbing over 4% on Friday.</li>
<li>Evotec SE  (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EVO#NYSE">EVO</a>) shares declined 3.5% to $3.31 in pre-market trading after gaining 2% on Friday.</li>
<li>Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) shares fell 1.3% to $223.86 in pre-market trading.</li>
</ul>
Now Read This:<a href="https://www.benzinga.com/markets/24/10/41194621/top-3-risk-off-stocks-that-may-explode-this-month"> </a>
<ul>
<li><a href="https://www.benzinga.com/markets/24/10/41194621/top-3-risk-off-stocks-that-may-explode-this-month">Top 3 Risk Off Stocks That May Explode This Month</a></li>
</ul>

CHSN

MBLY

SIFY

Sherwin-Williams, Apple And Other Big Stocks Moving Lower In Monday's Pre-Market Session

U.S. stocks traded lower toward the end of trading, with the Dow Jones index falling around 300 points during on Monday.
The Dow traded down 0.71% to 42,012.42 while the NASDAQ fell 0.52% to 18,026.03. The S&amp;P 500 also fell, dropping, 0.45% to 5,712.53.
Check This Out: <a href="https://www.benzinga.com/news/earnings/24/09/41091653/how-to-earn-500-a-month-from-mccormick-stock-ahead-of-q3-earnings">How To Earn $500 A Month From McCormick Stock Ahead Of Q3 Earnings</a>
Leading and Lagging Sectors Communication services shares fell by just 0.1% on Monday.
In trading on Monday, materials shares dipped by 1.3%.
Top Headline
Carnival Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>) posted better-than-expected quarterly earnings.
Carnival posted adjusted earnings of $1.27 per share, beating analysts' estimates of $1.16 per share. The company posted quarterly sales of $7.90 billion versus expectations of $7.83 billion.
Equities Trading UP &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<ul>
<li>ZEEKR Intelligent Technology Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZK#NYSE">ZK</a>) shares shot up 9% to $22.95. Shares of US-listed Chinese companies traded higher on continued strength amid stimulus efforts. September PMI data beat estimates but factory activity fell, which may raise stimulus hopes.</li>
<li>Shares of Prime Medicine, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRME#NASDAQ">PRME</a>) got a boost, surging 13% to $3.9140 after the company announced a strategic research collaboration and license agreement with Bristol Myers Squibb to develop reagents for the next generation of ex vivo T-cell therapies. Also, it announced that it is focusing its pipeline on a set of high value programs.</li>
<li>EMCORE Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EMKR#NASDAQ">EMKR</a>) shares were also up, gaining 74% to $2.10 after Mobix Labs submitted an all-cash offer to acquire the company for $3.80 per share.</li>
</ul>
Equities Trading DOWN
<ul>
<li>Prothena Corporation plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRTA#NASDAQ">PRTA</a>) shares dropped 15% to $17.01. Prothena announced leadership team updates. Cantor Fitzgerald analyst Charles Duncan reiterated Prothena with an Overweight rating.</li>
<li>Shares of Heritage Insurance Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HRTG#NASDAQ">HRTG</a>) were down 20% to $12.44.</li>
<li>Stellantis N.V. &nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) was down, falling 13% to $13.91 after the company lowered its FY24 guidance.</li>
</ul>
Commodities In commodity news, oil traded down 0.1% to $68.12 while gold traded down 0.4% at $2,656.90.
Silver traded down 1.5% to $31.33 on Monday, while copper fell 1.1% to $4.5490.
Euro zone
European shares closed lower today. The eurozone's STOXX 600 fell 0.98%, Germany's DAX fell 0.76% and France's CAC 40 dipped 2.00%. Spain's IBEX 35 Index fell 0.76%, while London's FTSE 100 fell 1.01%.
The British economy grew by 0.5% on quarter during the second quarter, down from 0.7% in the first quarter, while the UK's current account deficit widened to £28.4 billion in the second quarter, versus a revised £13.8 billion in the prior quarter. Net consumer credit in the U.K. rose by £1.3 billion in August, from £1.2 billion in the previous month. German import prices increased by 0.2% year-over-year in August compared to a 0.9% rise in July.
Asia Pacific Markets
Asian markets closed mixed on Monday, with Japan's Nikkei 225 dipping 4.80%, Hong Kong's Hang Seng Index jumping 2.43%, China's Shanghai Composite Index gaining 8.06% and India's BSE Sensex falling 1.49%.
Japan&#8217;s housing starts fell by 5.1% year-over-year in August compared to a 0.2% decline in the prior month, while industrial production fell by 3.3% month-over-month in August. Retail sales in Japan climbed by 2.8% year-over-year in August.
The official NBS Non-Manufacturing PMI in China fell to 50.0 in September from 50.3 in the prior month, while official NBS Manufacturing PMI climbed to 49.8 in September from 49.1 in August.
Economics
The Chicago PMI rose to 46.6 in September from 46.1 in August versus market estimates of 46.2.
Now Read This: 
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<li><a href="https://www.benzinga.com/news/24/09/41064318/top-3-real-estate-stocks-that-are-preparing-to-pump-this-month">Top 3 Real Estate Stocks That Are Preparing To Pump This Month</a></li>
</ul>

EMKR

PRME

PRTA

STLA

Dow Dips 300 Points; Emcore Shares Spike Higher

U.S. stocks traded mixed midway through trading, with the Dow Jones index falling more than 200 points during on Monday.
The Dow traded down 0.55% to 42,079.06 while the NASDAQ rose 0.14% to 18,144.66. The S&amp;P 500 also fell, dropping, 0.14% to 5,730.18.
Check This Out: <a href="https://www.benzinga.com/news/earnings/24/09/41091653/how-to-earn-500-a-month-from-mccormick-stock-ahead-of-q3-earnings">How To Earn $500 A Month From McCormick Stock Ahead Of Q3 Earnings</a>
Leading and Lagging Sectors Consumer staples shares jumped by 0.3% on Monday.
In trading on Monday, materials shares fell by 0.6%.
Top Headline
The Chicago PMI rose to 46.6 in September from 46.1 in August versus market estimates of 46.2
Equities Trading UP &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<ul>
<li>NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) shares shot up 11% to $7.24 after investors agreed to invest an aggregate of 3.3 billion yuan in its Nio China subsidiary while the company agreed to invest 10 billion yuan.</li>
<li>Shares of Prime Medicine, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRME#NASDAQ">PRME</a>) got a boost, surging 23% to $4.26 after the company announced a strategic research collaboration and license agreement with Bristol Myers Squibb to develop reagents for the next generation of ex vivo T-cell therapies. Also, it announced that it is focusing its pipeline on a set of high value programs.</li>
<li>EMCORE Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EMKR#NASDAQ">EMKR</a>) shares were also up, gaining 71% to $2.06 after Mobix Labs submitted an all-cash offer to acquire the company for $3.80 per share.</li>
</ul>
Equities Trading DOWN
<ul>
<li>Prothena Corporation plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRTA#NASDAQ">PRTA</a>) shares dropped 19% to $16.31. Prothena announced leadership team updates. Cantor Fitzgerald analyst Charles Duncan reiterated Prothena with an Overweight rating.</li>
<li>Shares of Heritage Insurance Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HRTG#NASDAQ">HRTG</a>) were down 17% to $12.94.</li>
<li>Stellantis N.V. &nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) was down, falling 14% to $13.79 after the company lowered its FY24 guidance.</li>
</ul>
Commodities In commodity news, oil traded up 0.9% to $68.81 while gold traded down 0.5% at $2,655.10.
Silver traded down 1.2% to $31.44 on Monday, while copper fell 1.4% to $4.5340.
Euro zone
European shares were lower today. The eurozone's STOXX 600 fell 0.84%, Germany's DAX fell 0.66% and France's CAC 40 dipped 1.71%. Spain's IBEX 35 Index fell 0.52%, while London's FTSE 100 fell 0.81%.
The British economy grew by 0.5% on quarter during the second quarter, down from 0.7% in the first quarter, while the UK's current account deficit widened to £28.4 billion in the second quarter, versus a revised £13.8 billion in the prior quarter. Net consumer credit in the U.K. rose by £1.3 billion in August, from £1.2 billion in the previous month. German import prices increased by 0.2% year-over-year in August compared to a 0.9% rise in July.
Asia Pacific Markets
Asian markets closed mixed on Monday, with Japan's Nikkei 225 dipping 4.80%, Hong Kong's Hang Seng Index jumping 2.43%, China's Shanghai Composite Index gaining 8.06% and India's BSE Sensex falling 1.49%.
Japan&#8217;s housing starts fell by 5.1% year-over-year in August compared to a 0.2% decline in the prior month, while industrial production fell by 3.3% month-over-month in August. Retail sales in Japan climbed by 2.8% year-over-year in August.
The official NBS Non-Manufacturing PMI in China fell to 50.0 in September from 50.3 in the prior month, while official NBS Manufacturing PMI climbed to 49.8 in September from 49.1 in August.
Economics
The Chicago PMI rose to 46.6 in September from 46.1 in August versus market estimates of 46.2.
Now Read This: 
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<li><a href="https://www.benzinga.com/news/24/09/41064318/top-3-real-estate-stocks-that-are-preparing-to-pump-this-month">Top 3 Real Estate Stocks That Are Preparing To Pump This Month</a></li>
</ul>

Long Ideas

Crude Oil Moves Higher; Prime Medicine Shares Spike Higher

As of Sept. 6, 2024, four stocks in the financials sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock&#8217;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#8217;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the <a href="https://www.benzinga.com/topic/rsi">RSI is above 70</a>, according to <a href="https://pro.benzinga.com/&quot;">Benzinga Pro</a>. 
Here's the latest list of major overbought players in this sector.
<h3 class="wp-block-heading">Virtu Financial Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VIRT#NASDAQ">VIRT</a>)</h3>
<ul>
<li>On July 18, Virtu Financial reported better-than-expected second-quarter financial results. Virtu's board of directors declared a quarterly cash dividend of 24 cents per share. This dividend is payable on Sept. 15 to shareholders of record as of Sept. 1. The company's stock gained around 14% over the past month and has a <a href="https://www.benzinga.com/quote/VIRT">52-week high of $31.75</a>.</li>
<li>RSI Value: 83.52&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</li>
<li>VIRT Price Action: Shares of Virtu Financial gained 0.8% to close at $31.44 on Thursday.</li>
</ul>
<h3 class="wp-block-heading">KKR Real Estate Finance Trust Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KREF#NYSE">KREF</a>)</h3>
<ul>
<li>On July 22, KKR Real Estate Finance posted upbeat quarterly results. The company's stock gained around 15% over the past month and <a href="https://www.benzinga.com/quote/KREF">has a 52-week high</a> of $14.12.</li>
<li>RSI Value: 70.54</li>
<li>KREF Price Action: Shares of KKR Real Estate Finance Trust surged 5.7% to close at $12.24 on Thursday.</li>
</ul>
<h3 class="wp-block-heading">Heritage Insurance Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRTG#NYSE">HRTG</a>)</h3>
<ul>
<li>On Aug. 6, Heritage Insurance posted upbeat quarterly earnings. &#8220;First, on behalf of the entire Heritage family, we wish a swift and complete recovery to all of those impacted by Hurricane Debby.  Our team has been responding to policyholder needs and remains ready to provide outstanding claim service.  With regard to the second quarter, our strong results demonstrate the continued execution of our underwriting and rate adequacy initiatives over the last three years,&#8221; remarked Ernie Garateix, CEO at Heritage. The company's stock gained around 124% over the past month and has a<a href="https://www.benzinga.com/quote/HRTG"> 52-week high</a> of $16.90.</li>
<li>RSI Value: 75.73</li>
<li>HRTG Price Action: Shares of Heritage Insurance fell 2.3% to close at $16.27 on Thursday.</li>
</ul>
<h3 class="wp-block-heading">First Northwest BanCorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FNWB#NASDAQ">FNWB</a>)</h3>
<ul>
<li>On July 25, First Northwest Bancorp posted better-than-expected quarterly sales. &#8220;In spite of challenging times for the entire industry as a result of the rate environment, First Northwest executed on a balance sheet restructure strategy. The restructure included a sale-leaseback transaction for six of our branches, a restructure of our bank-owned life insurance policies, two securities loss sale transactions, two balance sheet hedges against fixed rate loans and municipal bonds and the sale of our Visa B shares,&#8221; commented Matthew P. Deines, President and CEO. The company's stock jumped around 17% over the past month and has a 52-week high is $16.12.</li>
<li>RSI Value: 72.83</li>
<li>FNWB Price Action: Shares of First Northwest BanCorp fell 1% to close at $11.57 on Thursday. </li>
</ul>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/top-stories/24/09/40730015/jim-cramer-oklo-is-losing-money-hand-over-fist-but-this-private-equity-stock-is-a-buy">Jim Cramer: Oklo Is Losing Money &#8216;Hand-Over-Fist,&#8217; But This Private Equity Stock Is A Buy</a></li>
</ul>

Short Ideas

Pre-Market Outlook

FNWB

KREF

VIRT

Top 4 Financials Stocks That May Crash This Month

As of Aug 13, 2024, two stocks in the financials sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock&#8217;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#8217;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the <a href="https://www.benzinga.com/topic/rsi">RSI is above 70</a>, according to <a href="https://pro.benzinga.com/">Benzinga Pro</a>. 
Here's the latest list of major overbought players in this sector.
<h3 class="wp-block-heading">Sezzle Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SEZL#NASDAQ">SEZL</a>)</h3>
<ul>
<li>On Aug. 7, Sezzle reported better-than-expected second-quarter financial results. &#8220;Our strategic efforts continued to pay off in the second quarter, as Net Income reached new highs driven by a combination of strong revenue growth and leveraging our operating infrastructure,&#8221; stated Charlie Youakim, Sezzle Chairman and CEO. &#8220;We are excited to raise our 2024 guidance, as we now expect Total Revenue to increase 35%-40% YoY (previous guidance of 25%), Net Income of $55.0 million (previous guidance of $30.0 million), and Adjusted Net Income of $40.0 million (new guidance).&#8221; The company's stock gained around 58% over the past five days and has a <a href="https://www.benzinga.com/quote/SEZL">52-week high of $126.04</a>.</li>
<li>RSI Value: 72.74&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</li>
<li>SEZL Price Action: Shares of Sezzle closed at $118.36 on Monday.</li>
</ul>
<h3 class="wp-block-heading">Heritage Insurance Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRTG#NYSE">HRTG</a>)</h3>
<ul>
<li>On Aug. 6, Heritage Insurance posted upbeat quarterly earnings. &#8220;First, on behalf of the entire Heritage family, we wish a swift and complete recovery to all of those impacted by Hurricane Debby.  Our team has been responding to policyholder needs and remains ready to provide outstanding claim service.  With regard to the second quarter, our strong results demonstrate the continued execution of our underwriting and rate adequacy initiatives over the last three years,&#8221; remarked Ernie Garateix, CEO at Heritage. The company's stock gained around 49% over the past five days and <a href="https://www.benzinga.com/quote/HRTG">has a 52-week high</a> of $11.48.</li>
<li>RSI Value: 78.10</li>
<li>HRTG Price Action: Shares of Heritage Insurance closed at $10.76 on Monday.</li>
</ul>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/08/40330730/home-depot-paysafe-and-3-stocks-to-watch-heading-into-tuesday">Home Depot, Paysafe And 3 Stocks To Watch Heading Into Tuesday</a></li>
</ul>

SEZL

Top 2 Financials Stocks You May Want To Dump In August

Heritage Insurance Holdings shares are trading higher after Piper Sandler upgraded the stock from Neutral to Overweight an raised its price target from $9 to $13.

Piper Sandler analyst Paul Newsome upgrades Heritage Insurance Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRTG#NYSE">HRTG</a>) from Neutral to Overweight and raises the price target from $9 to $13.

Upgrades

Price Target

Analyst Ratings

Piper Sandler Upgrades Heritage Insurance Hldgs to Overweight, Raises Price Target to $13

Truist Securities analyst Mark Hughes maintains Heritage Insurance Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRTG#NYSE">HRTG</a>) with a Buy and raises the price target from $11 to $12.

Truist Securities Maintains Buy on Heritage Insurance Hldgs, Raises Price Target to $12

Heritage Insurance Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRTG#NYSE">HRTG</a>) reported quarterly earnings of $0.61 per share which beat the analyst consensus estimate of $0.41 by 48.78 percent. This is a 103.33 percent increase over earnings of $0.30 per share from the same period last year. The company reported quarterly sales of $190.316 million which missed the analyst consensus estimate of $196.805 million by 3.30 percent. This is a 7.64 percent increase over sales of $176.804 million the same period last year.

Heritage Insurance Hldgs Q2 2024 GAAP EPS $0.61 Beats $0.41 Estimate, Sales $190.316M Miss $196.805M Estimate

The annual reconstitution of the Russell US indexes captures the 4,000 largest US stocks as of&nbsp;April 30, ranking them by total market capitalization.
The inclusion into the index took effect at the opening of the U.S. equity markets on&nbsp;Monday July 1, 2024.

Heritage Insurance Reports Inclusion In The Russell 3000 Index

There's a lot to be optimistic about in the Financial sector as 3 analysts just weighed in on Heritage Insurance Holdings (HRTG – Research Report),...

Analysts Are Bullish on These Financial Stocks: Heritage Insurance Holdings (HRTG), HCI Group (HCI)

Heritage Insurance: Float Based Analysis

Here are the major earnings after the close today

Heritage Insurance GAAP EPS of $0.27 beats by $0.25, revenue of $211.85M beats by $1.94M

Heritage Insurance Holdings ( ($HRTG) ) has released its Q3 earnings. Here is a breakdown of the information Heritage Insurance Holdings presented ...

Heritage Insurance Sees Turnaround in Q3 2024

Stock Picks From Seeking Alpha's October 2024 New Analysts

Heritage Insurance Holdings, Inc. (HRTG) Q3 2024 Earnings Call Transcript

Truist Financial analyst Mark Hughes initiated coverage with a Buy rating on Heritage Insurance Holdings (HRTG – Research Report) today and set a p...

Heritage Insurance Holdings (HRTG) Receives a New Rating from a Top Analyst

Heritage Insurance: Potential For Above-Average Stock Gains In 2025

Heritage Insurance announces $10M share repurchase program

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Insurance

Press Releases

Heritage Announces First Quarter 2024 Earnings Dates

Heritage Announces Full Placement of 2024-2025 CAT XOL Reinsurance Program

Heritage Reports First Quarter 2024 Results

Heritage Insurance Holdings, Inc. Announces Approved 3.3% Rate Decrease for Property and Casualty Insurance in Florida

Heritage Insurance Rejoins Russell 3000® Index

Heritage Announces Second Quarter 2024 Earnings Dates

Heritage Reports Second Quarter 2024 Results

Heritage Announces Estimated Catastrophe Losses and Third Quarter 2024 Earnings Dates

Heritage Reports Third Quarter 2024 Results

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