Diamonds and Dogs
The other Loews (L) is trading higher. The commercial property and casualty insurance conglomerate jumped 5% to a new 52 week high on better than expected earnings. The company easily beat estimates by 25 cents per share as revenue rose 3.7% to $3.29 billion. Book value per share increased to $54.22 at September 30, 2016 from $51.67 at December 31, 2015. The stock currently trades for $43 a share.
Shareholders are liquidating Lumber Liquidator (LL). The troubled wood floor maker is down 17% following weaker than expected earnings. Revenue rose 3.4% year over year, to $244.1 million, but the company reported a net loss of $18.4 million, or $0.68 per diluted share, compared to a net loss of $0.31 per share in the same year-ago period and verse estimates of a loss for just 19 cents per share. Management said they were pleased with the sales performance, but investors are certainly not happy with the lack of earnings.