U.S. stock market opened in the green with investors optimistic about the International Monetary Fund's decision to raise its outlook for global growth. Even though the agency cut its growth outlook for the United States, the growth is still above trend and has improved from last year. Energy stocks are among those that rallied in premarket trading.
Shares of American International Group Inc.(AIG, Financial) fell in extended trading yesterday and has continued its decline today. The company expected to book pre-tax catastrophe losses of about $3 billion in the third quarter due to damages caused by Hurricanes Harvey, Irma and Maria. From Harvey and Irma, it estimated pre-tax losses of about $2 billion ($1 billion each) and up to $700 million from Maria. The remainder originates from other events like the earthquakes in Mexico. The figure is higher than the $2.5 billion previously estimated by Morgan Stanley.
Gainers
- United Continental Holdings Inc. (UAL, Financial)
- Wal-Mart Stores Inc. (WMT, Financial)
- C.H. Robinson Worldwide Inc. (CHRW)
- American Airlines Group Inc. (AAL)
- Nvidia Corp”‹. (NVDA)
- Alaska Air Group Inc. (ALK, Financial)
- Devon Energy Corp. (DVN)
- Delta Air Lines Inc. (DAL, Financial)
Losers
- Symantec Corp.”‹ (SYMC)
- Best Buy Co. Inc. (BBY, Financial)
- Apache Corp. (APA, Financial)
- Eli Lilly and Co. (LLY)
- Eastman Chemical Co. (EMN, Financial)
- Delphi Automotive PLC (DLPH)
- Walgreens Boots Alliance Inc. (WBA, Financial)
- LyondellBasell Industries NV (LYB)
Disclosure: The author holds no positions in any stocks mentioned.
