Aug 30 (Reuters) - A day after sweeping ashore to Louisiana
from the Gulf of Mexico, Hurricane Ida weakened to a tropical
depression and lost some punch as it grinded over Mississippi on
Monday. Heavy rainfall and a flash flooding threat spread
inland, the U.S. National Hurricane Center said in its latest
At least one person was killed in Louisiana and more
fatalities were expected. Nearly all of Louisiana lost
electrical power, as did many homes and businesses in
Following is a list of stocks and sectors to watch for storm
Ida pummeled U.S. Gulf Coast energy suppliers, knocking out
most of the region's offshore wells and nearly half its motor
Oil prices rose as U.S. Gulf Coast platforms, refineries
and pipelines weighed uncertain restart timelines. U.S. gasoline
was up more than 1.5%, lending support to crude.
Exxon Mobil Corp said it was shutting the 520,000
barrel-per-day (bpd) Baton Rouge, Louisiana, refinery units
until utilities resume providing power and feedstocks are
Gulf of Mexico offshore wells account for 17% of U.S. crude
oil production and 5% of dry natural gas production. More than
45% of total U.S. refining capacity lies along the Gulf Coast.
Exxon, Occidental Petroleum Corp, Valero Energy Corp
, Phillips 66, Marathon Petroleum all
ended the day down more than 1%.
"It seems like those refiners are used to getting slammed
every so often and yet they come right back," said Gary
Bradshaw, senior vice president at Hodges Capital Management in
Dallas, which holds shares in a number of energy firms including
Entergy said customers in the hardest-hit areas could
experience power outages for weeks. Shares of Entergy Louisiana
were up 0.6%, while Entergy Corp was down 2.1%.
Generac Holdings was up 1.3% in its ninth straight
session of gains.
Investors will watch insurers and reinsurers in coming weeks
as they report potential claims for damages caused by the storm.
"Initial insured loss estimates from Ida are currently
pegged at between $15 billion and $20 billion for both insurers
and reinsurers, with some models estimating insured losses of
$25 billion," Cathy Seifert, a vice president at CFRA Research,
wrote in a note Monday.
She noted that the forecasts "could change materially as
damage estimates become more refined after post-storm
Among stocks to watch, CNA Financial Corp ended down
0.8%. Travelers Cos Inc, American International Group
Inc, Allstate Corp, Chubb, Progressive
Corp all slid more than 1%.
Department store operator Kohls Corp said five
stores in Louisiana and one in Mississippi are temporarily
closed. Its shares were down 1.5%.
Shares of chemicals maker Dow Inc were down 1.1% as
it said it shut down its manufacturing operations in Louisiana.
FREIGHT AND LOGISTICS
Shares of USA Truck were up 0.8%, Old Dominion
was up 1.4% and JB Hunt Transport Services Inc
was up 1.8%.
(Reporting by Sruthi Shankar in Bengaluru and Caroline
Valetkevitch in New York; Editing by Arun Koyyur, Lisa Shumaker
and David Gregorio)