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Loews (L -5.2%) tumbled today after the insurance company posted a decline in quarterly profit,...

Loews (L -5.2%) tumbled today after the insurance company posted a decline in quarterly profit, hurt by impairment charges at 50%-owned Diamond Offshore (DO +0.7%), but Barron's views the dip in shares as a buying opportunity. The charges shouldn't come as a surprise, as oil companies have endured the shaky global growth and lower pricing in the past quarter.
Comments (2)
  • The impairment was at HighMount, not Diamond Offshore:

     

    "Net income for the three and six months ended June 30, 2012 includes after tax non-cash ceiling test impairment charges of $142 million and $170 million at HighMount Exploration & Production LLC related to the carrying value of its natural gas and oil properties reflecting declines in natural gas and NGL prices."
    30 Jul 2012, 04:43 PM Reply Like
  • L will be cheaper in late Q3.

     

    Buy it then.
    30 Jul 2012, 04:54 PM Reply Like
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