Factbox: Stocks to watch as Idalia makes landfall in Florida

Universal Insurance Holdings

28/08/2023 20:27

NEW YORK, Aug 28 (Reuters) - Florida is bracing for
Tropical Storm Idalia as it intensifies into a major hurricane
on Monday before making landfall on the state's Gulf Coast by
Wednesday morning. 
    Idalia is predicted to transform into a Category 3 on the
Saffir-Simpson Hurricane Wind Scale when it makes landfall in
northern Florida's Big Bend area, where the panhandle
transitions into the peninsula, the National Hurricane Center
said.
    About 20 million Floridians are under hurricane and tropical
storm watches, and authorities have begun issuing evacuation
orders.
    Here's a list of stocks and sectors that could be impacted
by the storm:
    
    POWER
    Florida Governor Ron DeSantis said on Monday areas on the
storm's path are expected to lose power.
    Shares of NextEra Energy Inc  NEE.N , which owns the Florida
Power & Light Company, the state's largest utility, was little
changed at $68.06, up 0.154%.
    Duke Energy Corp  DUK.N  said on Monday it is mobilizing
approximately 4,500 people - power line technicians, vegetation
workers, damage assessors and support personnel – to respond to
power outages as Idalia reaches Florida. Duke's stock on the
session was off 0.4%.
    Generac Holdings  GNRC.N , which often rises ahead of major
storms as investors bet on increased demand for the company's
home standby generators, was up 4.1% at $119.7, on course for a
4th straight session of gains.
    
    INSURERS
    Home and property insurance firms are likely to see claims
rise as Idalia sweeps through the state.
    Shares of insurers in the crosshairs were trading lower:
Universal Insurance Holdings was down nearly 4%; Allstate
Corporation  ALL.N  lost 0.29%, and American International Group
 AIG.N  fell 0.26%.
    
    RETAILERS / BUILDING MATERIALS SUPPLIERS
    As homeowners look to repair and rebuild in Idalia's
aftermath, home improvement retailers and construction supplies
firms may see an uptick in demand.
    Home Depot  HD.N  was up 0.7%, while Lowe's Companies
 LOW.N  was lower by 0.46%.
    Owens Corning Inc's  OC.N  shares are rising 1.4% and Beacon
Roofing Supply Inc's  BECN.O  stock is climbing nearly 2% on the
session.

 (Reporting by Chibuike Oguh in New York; editing by Lance
Tupper and Nick Zieminski)
 ((Chibuike.Oguh@thomsonreuters.com; +332-219-1834; Reuters
Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))