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Friday, Sept. 19
Energy stocks swept up in broad rally(9:38 am ET)
NEW YORK (MarketWatch) -- Energy stocks continued moving up on Friday, tapping to further gains in the broad market on plans by the U.S. government to insure money market funds, inject liquidity into the banking system and issue a temporary ban on short selling. The Amex Oil Index (XOI: news, chart, profile) rose 2.4% to 1,203. The Amex Natural Gas Index (XNG: news, chart, profile) rose 3.7% to 558. Sector leaders Exxon Mobil (XOM: news, chart, profile) and Chevron (CVX: news, chart, profile) rose 2.3% and 4% respectively.
Entergy takes $600 mln hit from Gustav, eyes Ike damage(7:13 am ET)
NEW YORK (MarketWatch) -- Entergy on Friday placed a repair price tag topping out near $600 million tied to Hurricane Gustav, as it grapples with sustained power outages in the wake of last week's Hurricane Ike. Entergy (ETR: news, chart, profile) said it expects lower third-quarter utility revenue due to power outages. Entergy said it has restored power to two-thirds of areas affected by Hurricane Ike and to nearly all from Gustav. The power plant operator said it's weighing all avenues to recover storm costs. The company said it has sufficient cash to meet all current obligations.
Thursday, Sept. 18
Genworth highlights cash, liquidity after stock swoon(4:34 pm ET)
SAN FRANCISCO (MarketWatch) -- Genworth Financial (GNW: news, chart, profile) said on Thursday that it has roughly $900 million in cash and cash equivalents at its holding company and said it doesn't depend on the commercial paper market for short-term funding. Genworth made the comments after the life and mortgage insurer's shares lost more than half their value earlier on Thursday. The stock rebounded in late action to close at $9.15, off 7%. Genworth has been hit hard this week by concerns about its mortgage exposure in the wake of the collapse of American International Group (AIG: news, chart, profile) . Genworth also said it's bought reinsurance to free up capital and is comfortable with the capital position of its mortgage insurance business. Genworth has $158 million of commercial paper outstanding and the company stressed that it has more than enough cash to pay this short-term debt off if it can't refinance.