Power generation and insurance stocks are moving as Hurricane Milton heads toward Florida.
Milton is forecast to approach Florida by Wednesday, according to the National Hurricane Center.A worker unloads a 24-kilowatt Generac home generator off a truck at Captain Electric on February 18, 2021 in Orem, Utah.Milton is forecast to move north of the Yucatan Peninsula Monday and Tuesday before crossing the Gulf of Mexico to approach Florida by Wednesday, according to theGenerac hit an intraday high of $174.08, up about 8.7% over Friday's close.
Milton comes on the heels of Hurricane Helene, which killed more than 220 people and wrought devastation across the Southeast, particularly in North Carolina., based in Fort. Lauderdale, plunged more than 20% as the catastrophe-prone carrier with Gulf Coast exposure could see heightened hurricane risks.
The shares of property and casualty insurance underwriters and reinsurers should come under pressure as Milton could result in a sharp reduction to their fourth-quarter earnings, Joshua Shanker, research analyst at Bank of America, told clients in a Monday note." this year. This is due to warm sea surface temperatures which serve as a fuel source for hurricanes, according to Colorado State University Tropical Weather and Climate Research.
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