4 Financial Stock Stories Not To Be Missed
Berkshire Hathaway (NYSE:BRKB): Current price $97.91
It looks as if Berkshire Hathaway has returned to bond-insurance for the present, as the company is reviving its dormant bond-insurance division as it backs municipal bonds tied to a large mixed-use development in Texas, according to bond-offering documents. This is the first insurance policy sold by the unit, Berkshire Hathaway Assurance Corp., on new municipal bonds in more than three years, but it certainly could be an isolated deal, and not a real return to routine backing of the bonds.
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Hartford Financial Services Group (NYSE:HIG): Current price $24.54
For the three months ended December 31st, Hartford posted a net loss of $46 million, or 13 cents per diluted share, compared year-over-year from 2011 with net income of $118 million, or 23 cents per diluted share. This decline was because of higher catastrophe losses, largely from Sandy, restructuring and other expenses, hedging losses on runoff annuity blocks, and increased net realized capital losses because of the sales of the Retirement Plans and Individual Life divisions. This from a press release by the company.
Morgan Stanley (NYSE:MS): Current price $23.44
The firm’s world chief of corporate affairs, Jeanmarie McFadden, is retiring. McFadden’s duties included managing media relations, marketing and community affairs, according to an internal memo from Chief Executive James Gorman, obtained Monday by Bloomberg News. The acting chief will be the deputy head of corporate affairs Wesley McDade.
UBS (NYSE:UBS): Current price $17.19
On Tuesday, UBS said that it is making a cash tender offer in regards to certain euro- and Italian lira-denominated senior unsecured securities for a maximum total principal amount of €2.25 billion, along with a cash tender offer in relation to certain US dollar-denominated senior unsecured securities for a total principal amount of $2.5 billion. The offers correspond in total to approximately 5 billion Swiss Francs, based on Monday’s exchange rates, and are subject to increase and other conditions as set out in the tender offer memorandum.
Don’t Miss: Here’s Bank of America’s $40 Billion Backpack.