Hartford Financial Services’ (HIG) third quarter core earnings came in at $1.56 per share, substantially ahead of the Zacks Consensus Estimate of $1.07. This also compares favorably with the loss of $1.40 per share in the year-ago quarter.  The results for the reported quarter exclude after-tax net realized capital loss of $885 million and an after-tax loss of $435 million from the company's variable annuity hedging programs. The results for the prior-year quarter exclude an after-tax net realized capital loss of $2.2 billion. The upside was primarily attributable to stability in the company’s protection and wealth management franchises. The quarter’s core earnings included a $232 million benefit from the deferred acquisition costs (DAC) unlock.  GAAP net loss for the quarter was $220 million, or 79 cents per share, compared to $2.6 billion, or $8.74 per share in the prior-year quarter. Life operations reported a net loss ...

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Friday October 2, 2009

DrStockPick.com Stock Report!

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Integral Systems, Inc., (Nasdaq: ISYS) today announced its continued partnership with the US Air Force on the Rapid Attack, Identification, Detection and Reporting System Block-10 (RAIDRS RB-10) program. On September 25, the US Air Force Space and Missile Systems Center obligated $27,740,754 to implement the restructure of the program from a 6 fixed and 3 deployable site configuration, to a 5 transportable system construct. The Air Force has approved the system restructure under a contract modification with a ceiling

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On Wednesday, Hartford Financial Services Group Inc. (HIG) said it was entering a strategic alliance to offer 401(k) plan sponsors of Lord Abbett a smooth transition to a new plan provider, free transfer and expanded investment opportunities.

Hartford is a leader in retirement services and was named the fastest-growing provider of 401(k) plans in the $250,000 to $10 million market in 2005-2008 by the 401(k) Market Share report. This association provides a great opportunity to Hartford to serve Abbett’s retirement plan clients with its products and new investment opportunities.

Abbett manages nearly 8,000 packaged small 401(k) plans that include more than 59,000 participants and over $1.2 billion in assets. The company will exit the small-business 401(k) plan market after this deal. The transfer of many of these plans will begin immediately.

Hartford’s offers to waive all contingent deferred sales charges on all A and C share plans, a

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The governor of Connecticut has offered $100 million worth of incentives to jet engine manufacturer Pratt & Whitney, a United Technologies Corporation (UTX) company, to prevent the possible loss of 1,000 jobs. The five-year plan includes lifting a cap on tax credits for the parent company, providing training assistance and establishing a job retention tax credit. It also includes investments in machinery and equipment and the building of an Engineering Center for Excellence for engineers at Pratt & Whitney and other aerospace companies. The state has joined hands with the International Association of Machinists, which represents 3,700 workers and has been negotiating with Pratt & Whitney for weeks in an attempt to retain existing jobs. The Machinists offered $63 million in annual cost reduction, including reduced overtime, to help save jobs. Pratt & Whitney has been affected by the steep decline in the commercial airline ...

Three Pratt & Whitney Rocketdyne Space Shuttle Main Engines (SSME) successfully powered the launch of Space Shuttle Discovery on Mission STS-128 to deliver extra supplies and equipment to support a six-person crew onboard the International Space Station. The SSME is the world's only fully reusable high performance rocket engine rated for human space flight. Discovery was launched from NASA's Kennedy Space Center on 30th August. Pratt & Whitney Rocketdyne is a unit of United Technologies Corp. (UTX).

Discovery's main payload is the Leonardo Multi-Purpose Logistics Module, which is carrying extra supplies and equipment to help establish a six-astronaut crew capacity on the space station. The payload includes science and storage racks, a treadmill and a crew quarter.

Pratt & Whitney Rocketdyne Inc., a part of Pratt & Whitney, is a preferred provider of high-value propulsion, power, energy and innovative system solutions used in a wide variety of government

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Hartford Financial Services Group (HIG) agreed to refund $48.2 million to workers' compensation policyholders in Florida as it earned excess profits on such policies it issued between 2004 and 2006.   On Wednesday, the Florida Office of Insurance Regulation said that it has instructed Hartford to take this action as its profits exceeded the state law, which prohibits insurers from earning excess profits and requires surpluses to be refunded to policyholders.   This refund brings the total amount of refund to all workers' compensation policyholders in Florida to approximately $98.8 million this year. During the last year, more than $29.7 million in excess workers’ compensation profits were refunded.   The refund of $48.2 million is really significant for Florida at this point as the state is going through a challenging period precipitated by the ongoing economic turmoil.   Among the other insurers, Hartford was the first to receive ...

Hartford Financial Services’ (HIG) second quarter adjusted operating earnings came in at $622.0 million or $1.90 a share, compared to a loss of $1175.0 million or $3.66 per share in the prior quarter and earnings of $696.0 million or $2.22 per share in the year-ago quarter. This excludes net realized investment gains and losses. Results were substantially ahead of the Zacks Consensus Estimate. The upside was primarily attributable to stability in the company’s lines of business brought forth by a rebound in the equity and credit markets during the quarter. The company also recorded an after-tax gain of $360 million or $1.11 per share related to deferred acquisition costs. Net loss was $15.0 million or $0.06 per share. This compares to $1.209 billion or $3.77 per share in the prior quarter, and a net income of $543 million or $1.73 per share a year earlier....

DVR, Cal Dive International Inc.

HIG, Hartford Financial Services Group Inc.

DrStockPick Watch List!

 

DrStockPick Watch List! for Thursday July 30, 2009

 

My Picks for Thursday July 30, 2009 are:

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DVR, Cal Dive International Inc.

DVR has provided manned diving services on the Gulf of Mexico Outer Continental Shelf (OCS) since 1975. With recent acquisitions of certain assets from Acergy and Torch, Inc. in 2005, and Horizon Offshore in 2007, DVR has grown into one of the largest marine diving contracting company’s in the world.

DVR owns and operates the largest DSV fleet, the largest diving corps and the largest array of diving equipment in the world; as well as recently acquired conventional pipelay

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Today we are featuring top-performing "Asset Allocation" balanced mutual funds, which primarily seek total return and uses an optimization model to choose the best way to distribute assets among various classes.

Investors can find such funds by checking out the entire list of the Zacks #1 Rank Asset Allocation Balanced Funds.

2 Solid Picks

Columbia LifeGoal Income A (NLFAX) was incepted in September 2003. The investment seeks current income, consistent with relative stability of principal.

The fund actively allocates its assets among fixed income and income-oriented equities, convertibles and REITs by investing in Columbia Funds and individual securities. It is designed to be part of a fixed-income portfolio to enhance returns in all interest rate environments.

Anwiti Bahuguna has been lead manager at the fund since February 2009. The fund has an expense ratio of 0.67%.

Hartford Income Allocation A (HINAX) seeks current income and, as a secondary

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 TARP to Boost HIG's Capital PositionHartford Financial Services (HIG) announced that it has accepted all of the $3.4 billion approved under the Federal Troubled Asset Relief Program (TARP). In return, the company will issue preference shares carrying a 5% dividend, with an option to purchase as much as $510 million in company stock at $9.79 a share.Earlier, HIG announced a plan to sell up to $750 million in common stock to raise further capital. HIG has issued 1.2 million shares so far, but now plans to limit sales under the same plan.HIG is one of the largest multi-line insurance and investment companies in the U.S. As of March 31, 2009, Hartford had total assets under management of $330.2 billion, total assets of $276.2 billion, total investments of $116.3 billion and total shareholders ...