Jul. 7, 2014, 10:43 AM
- The 255-room Graves 601 Hotel Wyndham Grand is located in downtown Minneapolis and has been immediately converted into the Loews Hotel Brand. Loews Hotels plans a $7M renovation beginning early next year.
- The purchase is part of Loews Hotels & Resorts' - a subsidiary of Loews Corporation (L -0.4%) - move to boost its Midwest presence. Last week's agreement to buy Chicago's InterContinental is expected to close at the end of July.
- Source: Press Release
Jun. 30, 2014, 2:50 PM
- Loews (L +0.5%) subsidiary Loews Hotels & Resorts agrees to buy the 556-room InterContinental Chicago O'Hare Hotel for undisclosed terms. The deal is expected to close late next month. It's the 2nd Chicago-area hotel for Loews and the third one in the Midwest.
- "The Midwest is an area where we were looking to increase our presence," says Jonathan Tisch.
- Source: Press Release
May. 13, 2014, 10:37 AM
Apr. 28, 2014, 6:05 AM
Apr. 27, 2014, 5:30 PM
Apr. 4, 2014, 8:41 AM
- In addition to February's revision from 175K in job gains to 197K, January is revised higher by 15K jobs to 144K.
- Average hourly earnings fell by $0.01 to $24.30. On a Y/Y basis, average hourly earnings are higher by 2.1%. The average workweek increased 0.2 hours to 34.5 hours, offsetting the net decline over the previous three months.
- The headline unemployment rate didn't fall as expected, but this came as people flocked back into the workforce to the tune of about 500K workers. The labor force participation rate rises to 63.2% from 63% previously. A year ago it was 63.3%.
- The broader U-6 unemployment rate rose to 12.7% from 12.6%. A year ago it stood at 13.9%.
- S&P 500 (SPY) futures pop just a bit higher, now +0.3%; the 10-year Treasury yield ticks down a basis point to 2.79%.
- S&P 500 ETFs: SPY, IVE, SH, SSO, SDS, IVV, VOO, SPXU, UPRO, SPXL, RSP, RWL, EPS, IVW, SPYG, RPG, RPV, SPYV, VOOG, BXUB, VOOV, TRND, SFLA, BXUC, BXDB, SPLX, FTA
- Treasury ETFs: TBT, TLT, TMV, SHY, IEF, TBF, PST, EDV, TTT, TMF, SBND, ZROZ, IEI, TLH, DLBS, TYO, DTYS, VGLT, BIL, UST, SHV, UBT, TBX, VGIT, TLO, VGSH, SCHO, GSY, DTYL, ITE, SCHR, LBND, TYD, TENZ, TYBS, DTUL, SST, DTUS, FIVZ, TUZ, TBZ, DFVL, DLBL, DFVS, TYNS
- Previously: 192K jobs gain in March about inline
Feb. 11, 2014, 3:12 PM
- Boardwalk Pipeline Partners (BWP +7.1%) lost nearly half its value yesterday after slashing its payout by more than 80%, but some analysts see a buying opportunity amid the carnage.
- Citigroup upgrades shares to Buy from Neutral, urging value investors to note the severity of yesterday’s move relative to where other midstream MLPs trade on a cash flow multiple basis; the firm figures BWP trades at 10.3x 2015 EBITDA and 9.4x 2016 EBITDA, more favorable than other midstream MLPs with similar challenges such as TC Pipelines (TCP) and Niska Gas Storage Partners (NKA).
- Given the weaker outlook, Morgan Stanley says BWP/Loews (L) made the wisest choice to substantially reduce the distribution rate while remaining able to fund the capital plan internally, preserving maximum value.
- Deutsche Bank is staying away, however, maintaining its Sell rating with a $12 price target (from $20), expecting a longer, slower restoration of distribution.
Feb. 11, 2014, 12:21 PM
Feb. 10, 2014, 9:58 AM
- Boardwalk Pipeline Partners (BWP) -37.7% after declaring a $0.10/unit quarterly dividend, an 81% decrease from the prior dividend.
- Distributable cash flow of $139M for Q4 and $558M for FY 2013 represented respective decreases of 3% and 12% vs. 2012.
- Results were hurt by lower transportation revenues due to contract expirations and contract renewals and lower parking, lending and storage revenues due to decreased parking opportunities from a reduction in the level of and volatility in natural gas price spreads between time periods.
- The distribution cut prompts Credit Suisse to downgrade BWP to Underperform from Neutral with a $20 price target, down from $32.
- Loews (L), which owns 53% of BWP, is 3.8% lower; the company also released Q4 earnings.
Feb. 10, 2014, 6:03 AM
Feb. 10, 2014, 12:05 AM
Feb. 9, 2014, 5:30 PM
Dec. 11, 2013, 12:20 PM
- "If Carl Icahn is selling, do you want to be buying," asks Andrew Bary in Barron's. "Probably not." Icahn Enterprises (IEP -13.6%) extends yesterday's big post-secondary offering decline as Bary reminds the stock trades at a hefty premium to NAV of about $75 per unit.
- While it might be worth some premium to invest alongside Carl Icahn, says Bary, 80% is probably far too much (it's less since the article was published!).
- By contrast, you can invest with the Tisch family in Loews (L -1.3%) at a discount to NAV, and Berkshire Hathaway (BRK.A, BRK.B) trades at just 1.3x book.
- "Icahn can do the math and he seems to think the company's units are at least fully priced given the equity offering, which will add to his war chest as he pursues his distinctive brand of activist investing."
Nov. 12, 2013, 12:19 PM
Oct. 28, 2013, 6:05 AM
Oct. 28, 2013, 12:05 AM
L vs. ETF Alternatives
Loews Corpthrough its subsidiaries is engaged in commercial property & casualty insurance, operation of offshore oil & gas drilling rigs, production of natural gas and liquids, operation of interstate natural gas pipeline and operation of hotels.
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