Banking, finance, and taxes
Bernstein Dumps Insurers (ACE, ALL, CB, CNA, TRV, XL, AIG)
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Financial stocks may have enjoyed sizable bounces from their lows in November and December, but not all analysts are following them up. The insurrance sector and some of the re-insurance names have been downgraded by Bernstein. Here are the following calls we have seen from their report:
- ACE Limited (NYSE: ACE) downgraded to Market Perform from Outperform.
- Allstate (NYSE: ALL) downgraded to Market Perform from Outperform.
- Chubb (NYSE: CB) downgraded to Underperform from Outperform.
- CNA Financial (NYSE: CNA) downgraded to Market Perform from Outperform.
- Travelers (NYSE: TRV) downgraded to Market Perform from Outperform.
- XL Capital (NYSE: XL) downgraded to Market Perform from Outperform.
Perhaps the best call in timing (yes, that is facetious) comes inAmerican International Group (NYSE: AIG), where its shares weredowngraded to Market Perform from Outperform. Great timing there.
Most of these are so far off of highs that you would wonder why these were even rated as "Outperform" in the first place.
Jon C. Ogg
January 6, 2009
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