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Tower Group Reels After Delaying Q2 Earnings Report, Again

  +Follow September 18, 2013 10:30AM
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Property and casualty insurer Tower Group International Ltd. (TWGP) was battered on Sept 18 after the company announced they would delay their second quarter earnings report for a second time as they continue to re-assess losses stemming from tropical Superstorm Sandy.

In the first delay of their earnings call, Tower Group had stated they needed more time to fully assess the “adverse reserve losses,” or unexpected simultaneous claims that occur after a major catastrophe, stemming from customer claims associated with Sandy. At the time, the company hinted that these unexpected losses could total as much as $110 million.

The company then promised the earnings report “within 30 days” while issuing the worrying guidance report.  However, as 30 days came and went, it became clear the company had reneged on that promise. Finally, on Sept. 17, the company released a statement slating the release of the earnings for “during the week of October 7.”

The earnings report was originally supposed to be released to shareholders on Aug. 7.

Investors are quickly losing faith in Tower Group, and analysts have been getting increasingly bearish. Guggenheim initiated coverage with a “neutral” rating. FBR & Co. lowered Tower Group from outperform to market perform, and lowered their price target from, $22 to $17. And on Aug 30 Zacks downgraded the stock from “hold” to “sell.”

Since the first earnings delay a month ago, Tower Group has plummeted, losing over 50 percent of its value in six weeks.  They lost 26.55 percent on the day to bottom out at $10.17 a share, their lowest price in eight years.

 

(image of Superstorm Sandy damage courtesy of Wikimedia Commons)

Results for TWGP
Stockaholics
20 Apr 14 15:56:33
Our Penny Stock Newsletter Picks, gained 5,000% in 4 months! Subscribe Today: http://t.co/5B5saivZk0 $TWGP $ZOLT $KIOR
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19 Apr 14 18:58:03
$TWGP Nama takes control of London property at centre of €200m development plan http://t.co/WZyq20KViz
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$TWGP BUSINESS IN BRIEF 20/4 http://t.co/OGzoPx5Ykf
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$TWGP Developers In China Combat Real Estate Oversupply With Wacky Deals And ... http://t.co/UIhywxxdd7
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$TWGP Joint Document On De-Escalation Of Ukraine Crisis Adopted In Geneva, But ... http://t.co/2m7wj5jsls
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19 Apr 14 11:17:07
$TWGP Sports Notes http://t.co/1Alw79CDVR
chartguy89
19 Apr 14 07:49:49
TWGP 2.58 Stock Charts $TWGP Tower Group International Ltd. (NASDAQ) TWGP Stock Chart - 1 Month http://bigchar http://t.co/rAeeddduRH
JoeDDSpencer
18 Apr 14 16:59:08
$TWGP Lumley Centre tipped to fetch record http://t.co/HLjR0MZcD7
Stock_Tracker
18 Apr 14 01:58:42
Tower Group (TWGP) 2.58 $TWGP Updated Research Report on Tower Group - Analyst Blog Zacks Equity Research - Za http://t.co/XIx3HMY1IT
JoeDDSpencer
17 Apr 14 03:45:34
$TWGP High-Frequency Fightback Starts in Foreign Exchange: Currencies http://t.co/r5ugxKhsWX
JoeDDSpencer
17 Apr 14 03:21:35
$TWGP Energy keeps the Gulf going http://t.co/0py5aA0HHU
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17 Apr 14 02:06:04
$TWGP TIMELINE - The Co-operative Group http://t.co/fXwSfnap0o
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16 Apr 14 23:06:09
$TWGP Greenland Group seals Iskandar deal http://t.co/MHSZI1OVhK
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16 Apr 14 22:43:06
$TWGP Burlington County and Beyond Calendar for April 17 - 23 http://t.co/rXtFKoStbr
docking
15 Apr 14 12:15:41
$TWGP looks up now at 2.57ask
Large Void Bot
15 Apr 14 06:52:08
Daily Reversal (09:52): $TWGP Last: 2.55; pHigh: 2.55; rVol: 0.064; pClose: 2.54; LOD: 2.535; Perf: 0.4%
Large Void Bot
14 Apr 14 10:01:08
Daily Reversal (13:01): $TWGP Last: 2.51; pHigh: 2.51; rVol: 0.470; pClose: 2.45; LOD: 2.46; Perf: 2.4%
Adam
14 Apr 14 05:32:29
$TWGP just say this chart on my phone this morning after I bailed at 2.72. It's dead! hahaha
				
				
  +Follow September 18, 2013 10:30AM
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