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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
So what: Researcher Kinetic Analysis now says Irene, which blanketed much of the East Coast and disrupted travel over the weekend, will cost insurers an estimated $2.6 billion. That's down from $14 billion last week, when meteorologists were expecting Irene to hit New York City as a Category 2 storm.
Now what: Fortunately, the storm spent much of its trip up the coast as a tropical storm, allowing structures to hold up much better than they otherwise might have and allowing investors to finally get positive on a stock they've spent much of the year selling. Do you agree? Would you buy at these levels? Weigh in using the comments box below.
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