Hurricane Florence could cause $5 billion in damage
Now a Category 1 storm, Hurricane Florence could impact 8 North Carolina counties.
CoreLogic, the property information provider, estimates that Hurricane Florence could cause between $3 billion and $5 billion in losses.
The estimate includes wind and storm surge damage but does not does not include insured losses related to rainfall, riverine other flooding.
About 250,000 homes are expected to be impacted by the Category 1 Hurricane, making landfall in the Carolinas last evening.
CoreLogic’s projections are a heavy downgrade from its original estimates, made when the event was still Category 4 storm. Based on that strength, CoreLogic’s data had originally pointed to 800,000 homes in the path of the storm with an estimated $170 billion-plus in damage.
The Irvine, Calif. firm based its first estimates on 12 metro markets in the Carolinas and Virginia. Since the storm’s downgrade, new estimates are based on housing totals for 8 impacted counties in North Carolina.
Current damage estimates are projected at $2.5 billion to $4 billion for just North Carolina.
Sears Holdings losses double in Q2
Comp sales fall 3.9% at Sears and Kmart stores.
Sears Holdings Corporation, the parent company of Sears and Kmart stores, reported a second quarter 2018 net loss of $508 million.
For the second quarter 2017, Sears Holdings reported a net loss of $250 million.
The Hoffman Estates, Ill.-based retailer posted total revenues of $3.2 billion for the quarter, down nearly 26% from sales of $4.3 billion in the second quarter a year ago.
The company attributed some of the sales loss to a store closures in the past year.
Total comparable store sales declined 3.9% during the quarter, reflecting Kmart comparable store sales declining 3.7% and Sears comparable store sales declining 4% during the period.
As of Aug. 4, 2018, the company had utsed approximately $780 million of its $1.5 billion revolving credit facility due in 2020, consisting of $660 million of borrowings and $120 million of letters of credit outstanding, Sears Holdings reported.
Sears Holdings was expected to announce its second quarter financial results on the morning of Sept. 13, but the company delayed the report until after the close of trading.
HBSDealer Stock Watch: Bears break loose
|Hardware and building supply stocks were decidedly bearish during trading on Thursday. BECN and BLDR were both down more than 5%, and most of the 30 stocks below finished the day lower.|
|BLDR (Builders FS)||16.21||-5.26%|
|BMCH (BMC Stock)||21.75||-3.76%|
|CENT (Central Garden)||39.29||-1.85%|
|DE (Deere & Co.)||148.87||+0.74%|
|HD (Home Depot)||209.45||-1.19%|
|LL (Lumber Liquidators)||17.41||-1.75%|
|SMG (Scotts Miracle-Gro)||77.58||-0.47%|
|TSCO (Tractor Supply)||88.61||-0.02%|
|UFPI (Universal Forest)||37.13||-2.93%|