CHICAGO (AP) ? Allstate Corp. shares jumped to a four-year high Wednesday after analysts raised their estimates for the company on the heels of its better-than-expected second-quarter earnings.
THE SPARK: The Northbrook, Ill., company said after the market closed Tuesday that it had operating profit of 87 cents per share, far above the estimate of 53 cents per share by analysts surveyed by FactSet. Revenue also exceeded expectations.
THE BIG PICTURE: A big decline in catastrophe losses from tornadoes, wildfires and storms helped results significantly. The insurer's disaster-related losses dropped to $819 million from more than $2.3 billion a year ago.
THE ANALYSIS: William Blair analyst Adam Klauber said Allstate showed impressive core earnings power despite adverse weather conditions, exemplified by an improvement of more than 16 percent in operating earnings excluding catastrophes.
SHARE ACTION: Up $2.65, or 7.7 percent, to $36.95 in afternoon trading after trading as high as $37 earlier in the session. That's the highest the stock has been since October 2008.
Source: http://news.yahoo.com/allstate-hits-4-high-results-top-street-172640835--finance.html
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