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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)

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for TWGP
Stockaholics
16 Sep 14 13:18:14
$BRNW Ran Up 145% So Far Today! Huge News: http://t.co/agBJ7Ngnzq $TWGP $ZOLT $KIOR
ChartMill
16 Sep 14 11:09:03
#stocks what moves premarket http://t.co/x8FvArx8Nf $TWGP
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16 Sep 14 09:58:01
Real-Time feed of company contracts, original agreements and executive updates from Tower Group (Pty) Ltd $TWGP http://t.co/mKtT8AOcsA
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15 Sep 14 21:39:54
Our SECRET Alert on $INOH Closed Up 60% For Platinum Members Today! Major News: https://t.co/HzD6J3YtmW $TWGP $ZOLT $KIOR
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15 Sep 14 14:54:50
$TWGP away from terminal anyone know if bonds were actually pd today and/or merger closed ... was cryptic press release way to pay bnds?
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15 Sep 14 14:50:24
@max02050 I've been away from desk whole day but can't tell if $TWGP is actually closed and don't understand the press release
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15 Sep 14 14:04:45
After Hour Movers: $BDCV 8.20(54.72%) $MAGS 5.60(16.42%) $VICUF 10.59(13.51%) $WGA 1.39(12.10%) $TWGP... via http://t.co/VS8RO1bzXJ
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15 Sep 14 14:00:48
After Hour Movers: $BDCV 8.20(54.72%) $MAGS 5.60(16.42%) $VICUF 10.59(13.51%) $WGA 1.39(12.10%) $TWGP 2.49(11.66%)
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  +Follow September 18, 2013 10:30AM
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