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From the Blogosphere
GEICO Enters Massachusetts Market
GEICO has announced plans to begin selling auto insurance in Massachusetts following the implementation of reforms that eliminate price regulation by the state and permit companies to set their own rates. With GEICO’s entry into the Massachusetts market, the company will now offer auto insurance in all fifty states. <>The auto insurance reform introduced by Governor Deval Patrick one year ago has encouraged several other insurers including Progressive, to enter the state. When Progressive (PGR) entered the Massachusetts market in May 2008, it rapidly attracted customers and it seems...
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Progressive Excess Bond Reliance
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Progressive Corporation (PGR) announced Nov numbers. The press release was a masterful executive summary of all the good stuff. Readers are invited to click onto a deeper PDF document that has more stuff to read. The salient issue that they dance around was the decision to incur a gain of approximately $100 million on their bond portfolio. The gain is approximately a 225% increase over the comparable period last year. Essentially this means it’s a one shot deal.
What management neglects to comment on is that the bond gains are 73% of net income. Last year for the comparable period th...
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Earnings results and economic reports - Week 46.
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Monday:
Economic: None
Earnings: American International Group (AIG), Carmike Cinemas (CKEC), Cinemark Holdings (CNK), Dish Network (DISH), Fuel Tech Inc (FTEK), Globalstar (GSAT), Nortel Networks (NT), Plug Power (PLUG), Sirius Satellite Radio (SIRI), Starbucks (SBUX), Tyson Foods (TSN), Virgin Mobile (VM)
Tuesday:
Economic: None (Veteran’s Day)
Earnings: Brooks Automation (BRKS), Energy Solutions (ES), Fossil (FOSL), Liz Clairborne (LIZ), Microsoft (MSFT), Petroleo Brasileiro (PBR), TJX Companies (TJX), Tyco International (TYC), Vodophone Group (VOD)
Wednesday:
Economic: MBA Purchase Appl...
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Analyst calls: GOOG, AOC, MMC, CVA, FSLR, PHG . . .
Filed under: Analyst reports, Analyst upgrades and downgrades, Analyst initiations  Analyst upgrades:
<> Jefferies upgraded shares of Air Products & Chemicals, Inc. (NYSE: APD) to Buy from Hold and raised its target to $79 from $63 on valuation as they believe the stock is oversold at current levels and that the company is well positioned to outperform in a slowing demand environment.
Goldman upgraded the U.S. Insurance Brokers sector to Attractive from Cautious and upgraded AON Corporation (NYSE: AOC) and Marsh & McLennan Companies, Inc. (NYSE: MMC) to Buy from Neutral.
<>Covanta Holdi...
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Earnings season begins.
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Monday:
Economic NA
Earnings NA
Tuesday:
Economic FOMC Minutes, Consumer Credit ($5.5B)
Earnings Acuity (AYI), Safeway (SWY), Alcoa (AA), YUM! Brands (YUM)
Wednesday:
Economic Weekly Crude, Pending Home (-1.0%)
Earnings Acergy (ACGY), Costco (COST), Monsanto (MON), Progressive (PGR), Ruby Tuesday (RT)
Thursday:
Economic Weekly Claims, Wholesale Invs (0.4%)
Earnings (RPM), Infosys (INFY), Lam Research (LRCX)
Friday:
Economic Import / Export, Trade Balance (-$60.0B)
Earnings General Electric (GE)
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About The Progressive Corp.
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