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Hurricane Ian Set To Slam Into Florida, And Could Blow These Stocks Higher

Stock Markets Sep 28, 2022 14:41
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© Reuters. Hurricane Ian Set To Slam Into Florida, And Could Blow These Stocks Higher
 
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The National Hurricane Center predicts that Hurricane Ian, which is now a category 4 storm, will strike Florida's west coast late Wednesday or early Thursday.

Models now predict that the storm will make landfall somewhere between Charlotte Harbor and Tampa Bay.

President Joe Biden urged citizens in the storm's path to heed evacuation orders from local authorities and stated that his administration is collaborating with Florida officials to get ready for Ian's landfall.

“Our safety is more important than anything,” Biden said.

3.5 million liters of water, 3.7 million meals, and 700 generators are among the goods and manpower the administration has been preparing in response to Florida Governor Ron DeSantis' request for emergency help, according to Biden.

Read also: Preparing For Hurricane Ian? Here's How To Keep Your Pet Safe During A Storm

While the manufacturer of the emergency generators is unknown, Generac Holdings Inc. (NYSE: GNRC) is gearing up with volunteers and generator repair parts to help people who will undoubtedly be affected by the impact of the storm.

Home Depot Inc (NYSE: NYSE:HD) and Lowe's Companies Inc (NYSE: NYSE:LOW), as the world's largest hardware stores, see an increase in sales following natural disasters on a regular basis. Both companies provide essential goods such as batteries, snow shovels, generators, and various building materials in preparation for a storm's aftermath.

Both companies are involved with disaster relief funds.

During storm seasons, insurance stocks like Allstate Corp (NYSE: NYSE:ALL), and Lemonade, Inc (NYSE: LMND), which offers award-winning pet insurance that is superfast to sign up for and has lightning-fast claims payments, are notoriously unpredictable. Before a hurricane, property and casualty stocks have historically fallen, then rebound once losses are determined.

Amazon (NASDAQ:AMZN) has activated its Disaster Relief Hub in Atlanta, getting supplies ready and in place across Florida, and organizing teams to help any communities impacted by Ian.

Paul Newsome, managing director at Piper Sandler said, "I typically recommend investors buy on the storm and sell when the sun shines. But it is really hard to time the storms; I think you should buy stocks on the dips that you already think are inexpensive. The storms simply provide trading opportunities for stocks that you already have a fundamental view on."

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Hurricane Ian Set To Slam Into Florida, And Could Blow These Stocks Higher
 

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