Monday, February 8, 2010

New Purchase

Loews Corp. (L) reported earnings this morning, and I'll be listening to the call momentarily.  The numbers were pretty solid as operations continue to improve at CNA financial, which could really propel earnings in the next couple of quarters.  Diamond Offshore was off just a bit, as we found out late last week.  But overall, things are strengthening here as book value improved to $39.76.  I bought some shares this morning at $35.08 to get started.

Here are the details from the announcement.  I'll be posting again after I listen to the call, if there is anything noteworthy.  Also, they did buyback 5.8 million shares during the past quarter, which they said they will continue to do as long as the stock stays undervalued.

We'll see what happens here, but I'd ultimately like to build this stock into one of my largest positions.

Disclosure: Long L

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