Generac surges as Hurricane Milton barrels towards Florida

Heritage Insurance Holdings

07/10/2024 15:56

** Shares of Generac Holdings  GNRC.N  surge 7.8% to
$172.63, a 2-yr high, on Mon as Milton rapidly strengthens to
category 4 hurricane as it approaches Florida
    ** Milton projected to make landfall on Weds on Florida's
west coast, coming on heels of devastating Hurricane Helene
    ** GNRC, which has gained ~30% over the past 11 trading
sessions, tends to rise ahead of major storms as investors wager
on increased demand for its backup generators
    ** In Jul, co raised its annual sales growth forecast in
aftermath of Hurricane Beryl, which hit Texas earlier that month
    ** On the flip side, Florida-focused insurers Heritage
Insurance  HRTG.N , Universal Insurance  UVE.N  and HCI Group
 HCI.N  slump on Mon as Milton nears
    ** With move on Mon, GNRC up ~33% YTD vs S&P 500 Industrials
sector's  .SPLRCI  19% advance

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))