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STOCK MOVERS

U.S. Movers: CNA Financial, Fannie Mae, Kemper, Loews, Regal Beloit, Westrock


Author: Mukesh Buch
ticker.com
Last Update: 11:53 AM EST November 05 2018

11:45 AM New York City, New York – CNA Financial beats earnings estimates. Fannie Mae to pay $4 billion dividend to the U.S. Treasury. Kemper Corp reports strong results. Loews profit surged but revenues remained weak. Regal Beloit net plunged but revenues soared. Westrock net jumped.

Tollbooth Index dropped 111.32 0.7% to 15,278.66 but for the year-to-date soared 11%.

Earnings Review

CNA Financial Corporation (CNA) surged 8.1% or $3.54 to $47.30 after the property and casualty insurance provider reported net written premiums in the third-quarter ending in September fell 1.3% from a year ago to $1.6 billion.

Net income in the quarter surged to $336 million or $1.23 per diluted share from $144 million or 53 cents in the same quarter last year.

Fannie Mae (FNMA) slipped 2.5% or 0.03 cents to $1.35 after the mortgage loans provider said net revenues in the third-quarter ending in September plunged 12.8% from a year ago to $5.6 billion.

Net income in the quarter soared to $4 billion or 1 cent per diluted share from $3 billion or break even in the same quarter last year.

The lender said it will pay $4 billion dividend to the U.S. Treasury department.

Kemper Corporation (KMPR) soared 6.2% or $4.62 to $79.72 after the property and casualty insurance provider reported total revenues in the third-quarter ending in September surged 73% from a year ago to $1.2 billion.

Net income in the quarter jumped 93.3% to $92.2 million or $1.40 per diluted share from $47.7 million or 92 cents in the same quarter last year.

The insurer said property and casualty written premiums surged 102% to $452 million and non-standard personal automobile’s premiums soared 166% to $409 million from a year ago period.

Loews Corporation (L) jumped 4.2% or $1.94 to $48.23 after the conglomerate reported revenues in the third-quarter ending in September grew 2.5% from a year ago to $3.6 billion.

Net income in the quarter surged 77.1% to $278 million or 88 cents per diluted share from $157 million or 46 cents in the same quarter last year.

Loews profit surged after higher earnings at CNA Financial Corp, Boardwalk Pipeline Partners, LP and Loews Hotels & Co. and lower results at Diamond Offshore Drilling, Inc.

Regal Beloit Corp (RBC) advanced 3.2% or $2.38 to $77.87 after the electric motors and power generation products maker said total net sales in the third-quarter ending in September soared 8% from a year ago to $925.4 million.

Net income in the quarter plunged 17.5% to $51.3 million or $1.17 per diluted share from $62.2 million or $1.39 in the same quarter last year.

The electric motors maker said net sales in the commercial and industrial systems soared 13.3% to $462.3 million and net sales in the power transmission solutions business jumped 7.7% to $207.7 million but net sales in the climate solutions segment fell 0.2% to $255.4 million.

Regal Beloit forecasted fiscal 2018 diluted earnings per share in the range of $5.11 to $5.21.

Westrock Company (WRK) rose 34 cents to $45.01 after the corrugated and consumer packaging maker reported net sales in the third-quarter ending in September increased 3.4% from a year ago to $4.2 billion.

Net income in the quarter jumped 42.6% to $279.6 million or $1.08 per diluted share from $196.1 million or 76 cents in the same quarter last year.
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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