Zurich Financial Q3 falls 31% on hurricane impact
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LONDON (CBS.MW) -- Zurich Financial Services (ZZ:001107539) said Wednesday that third quarter net profits fell 31 percent to $454 million, hit by the impact of hurricanes.
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Lehman Brothers Holdings Inc.  posted a 3.2 percent decline in quarterly earnings on Tuesday as the U.S. investment bank wrote down mortgage and leveraged loan assets, but the results beat expectations and its shares jumped before the market opened.
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Hurricanes, weak back-to-school sales, and weak European business bring an earnings warning.
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FORT LAUDERDALE, Fla. - Car-dealership operator AutoNation Inc. cut its third-quarter and 2004 earnings outlooks due to recent hurricanes in Florida and a challenging retail sales environment.
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The investment bank said 3rd-quarter profit fell to $1.54 billion, hurt by a global credit crisis that cut into stock trading, corporate lending, and results from investments.
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Investment bank Bear Stearns Cos. Inc. , one of the nation's largest mortgage bond underwriters, said on Thursday quarterly earnings fell by a third as trouble in the mortgage market hurt bond trading revenue and it wrote down assets.
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Berkshire Hathaway Inc. BRKa.N, the  wide-ranging conglomerate run by billionaire investor Warren  Buffett, posted sharply lower quarterly profit on Friday as its  reinsurance operations paid out large claims from Florida's  hurricanes in August and September.
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US property and casualty insurers paid out $21.3 billion for hurricane damage, mostly in Florida, during the third-quarter, according an industry group called ISO.
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Shares of casino operators moved lower Wednesday as Wall Street reacted to Hurricane Ivan, the latest storm of the season, poised to hit the Southeastern United States within the next 24 hours.
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including hurricanes Charley, Frances, Ivan, and Jeanne -- contributed to $21.3 billion in insured property loss claims, says actuarial firm ISO.
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Hurricane Frances threatens to dampen sales, and possibly earnings, for a slew of companies -- from insurers to airlines -- as business activity screeches to a halt only three weeks after Hurricane Charley hit Florida.
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Goldman Sachs Group Inc. , the  No. 3 U.S. investment bank, on Tuesday said its third-quarter  earnings fell as trading revenues dropped.
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UBS, Switzerland's largest bank, recorded third quarter losses of 830 million Swiss francs (495 million euros, 713 million dollars) Tuesday, blaming a lack of liquidity following a crisis in the US home loans market.
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NEW YORK -- Lehman Brothers Holdings Inc., the No. 4 investment bank, on Tuesday said third-quarter profits fell less than expected, as strength in stock trading and investment banking offset losses from the struggling mortgage market.
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Lehman Brothers Holdings Inc.   posted a 3.2 percent decline in quarterly earnings on Tuesday  as the U.S. investment bank wrote down mortgage and leveraged  loan assets, but the results beat expectations and its shares  jumped before the market opened.
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Swiss insurance giant Zurich Financial Services AG on Wednesday reported a more than 35 percent jump in net profit for the first nine months of 2004, despite the impact of the most severe U.S. hurricane season in more than a century.
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The European banking sector continued to be hammered on Monday. Shares in French, German and Swiss banks were the hardest hit, but even Spanish and Italian institutions with minimal US subprime exposure could not escape.