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Monday, Oct. 13
Travelers reveals $1 billion catastrophe losses (8:28 am ET)
NEW YORK (MarketWatch) -- The Travelers Companies Inc. (TRV: news, chart, profile) announced Monday its initial estimate for catastrophe losses in the third quarter. It said the losses, primarily due to Hurricanes Ike, Gustav and Dolly, is about $1.05 billion pre-tax, $690 million after tax. Travelers also unveiled net realized investment losses in the third quarter of $170 million pre-tax, $115 million after tax. It said that figure included impairments of $67 million pre-tax, $44 million after tax, due to securities issued by Lehman Brothers Holdings (LEHMQ: news, chart, profile) .
Hang Seng Index soars 9.9% in late afternoon trading(3:38 am ET)
HONG KONG (MarketWatch) -- Hong Kong stocks shot sharply higher in afternoon trading Monday, recouping some of the steep losses from the previous week amid efforts by governments around the world to find a solution to the global financial crisis. The Hang Seng Index surged 9.9% to 16,259.48 in late afternoon trading, while the Hang Seng China Enterprises Index flared up 12.6% to 8,033.22. Castor Pang, a strategist at Sun Hung Kai Financial, attributed the surge to short-covering, adding the rebound didn't signal a change in the trend as it wasn't support by strong trading volumes.
B/E Aerospace cuts earnings goals on airline traffic fall(2:51 am ET)
LONDON (MarketWatch) -- B/E Aerospace (BEAV: news, chart, profile) lowered its guidance for the fourth quarter of 2008, 2009 and 2010, citing airline traffic falls. The aircraft cabin interior maker expects fourth-quarter adjusted earnings of 50 cents a share, 2009 earnings of $2 a share and earnings for 2010 that will be "higher" than 2009. For the third quarter, it expects "strong" adjusted earnings of 58 cents a share. Analysts polled by FactSet expected third-quarter earnings of 54 cents a share, fourth quarter EPS of 57 cents, 2009 EPS of $2.84 and 2010 EPS of $3.55.