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Hurricane Sandy has insurance companies bracing for big claims and the world's biggest retailer is looking to expand overseas. Here’s the Friday Bloomberg After The Bell Report from the New York Stock Exchange.
Hurricane Sandy is not only sending East Coast residents scrambling, but investors in insurance companies as well. Shares of Allstate, Travelers and Chubb fell as forecasters predict widespread damage. Estimates project the so-called “Frankenstorm" may produce insured losses of $5 billion in the U.S., about a billion more than what Hurricane Irene cost insurers.
Meantime, stocks barely budged after a mixed bag of economic and earnings reports.
Walmart plans to open a hundred stores in China over the next three years, creating about 18,000 jobs as it tries to boost sales in China.
The TSA is starting a pilot program next year where travelers pay private firms to complete background checks to see whether they qualify for faster airport screenings, with the TSA conducting some additional checks before admitting passengers to the pre-check program. Those who qualify would avoid taking off their shoes and belts and could keep laptops in their cases.