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Market Update

U.S. Movers: Boardwalk, CNA Financial, Loews, Radian Group


Author: Mukesh Buch
ticker.com
Last Update: 10:10 AM ET February 11 2013

10:10 AM New York Boardwalk Pipeline fourth quarter net soared 26% and CNA Financial swung to a quarterly loss. Loews fourth quarter resulted in a net loss. Onex sells 50% stake in RSI Home Products for $323 million. Radian Group net loss widened.

Boardwalk Pipeline Partners, LP (BWP) rose 6 cents to $27.53 after the gas pipeline utility provider said total revenues in the fourth quarter ending in December increased 8% to $325.7 million from $301 million in the same period of last year. Net income in the quarter soared 26% to $90.1 million or 38 cents per diluted share compared to $71.6 million or 36 cents a share a year ago earlier.

CNA Financial Corporation (CNA) slipped 1.8% or 59 cents to $31.21 after the insurance company reported total revenues in the fourth quarter ending in December climbed 8% to $2.43 billion from $2.26 billion in the same period of last year. Net loss in the quarter swung to $9 million or 3 cents per diluted share compared to net income of $193 million or 71 cents a share a year ago period.

Loews Corporation (L) dropped 1% or 47 cents to $43.41 after the insurance company stated total revenues in the fourth quarter ending in December advanced 7% to $2.44 billion from $2.29 billion in the same period of last year. Net loss in the quarter swung to $32 million or 8 cents per diluted share compared to net income of $271 million or 68 cents a share a year ago.

Hakon Invest AB, the Sweden based investment company said it acquired remaining 60% stake in supermarket chain ICA for SEK 20 billion in a cash from Dutch retailer Ahold.

Onex Corporation, the Canada based private equity company agreed to sell 50% stake in RSI Home Products for $323 million. The transaction is expected to close at the end of first quarter.

Radian Group Inc. (RDN) declined 3.2% or 22 cents to $6.48 after the mortgage insurance company said total revenues in the fourth quarter ending in December declined 38% to $226.1 million from $364.6 million in the same period of last year. Net loss in the quarter widened to $177.3 million or $1.34 a diluted share compared to $121.5 million or 92 cents a share a year ago earlier.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc