Diamonds and Dogs
Loews (L) and two of their subsidiaries performing well. Loews is up 4% to new highs following better than expected earnings. The results beat thanks to higher earnings at CNA Financial Corporation (CAN) and Boardwalk Pipelines, as well as higher parent company net investment income. CNA is trading up 7% to new highs.
Oil remains in the doghouse. A Loews subsidiary, Diamond Offshore Drilling (DO) is lower by 7% to new lows on earnings. The offshore driller beat estimates but continues to lose money. Sales did rise 18.9% to $276.4 million. Diamond Offshore is down over 66% in the last year and down 80% in the last two years.
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