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Exchanges: Wall Street ready for Monday
The New York Mercantile Exchange also said it was tracking the storm, with plans already in place to make sure its markets continue to function. I have no business relationship with any company whose stock is ... As Hurricane Sandy bears down on the northeastern United States, ... A major disaster (think Hurricane Katrina) has the potential to cause the entire market Officials at the exchange were also unavailable on Saturday, but Damon Leavell, a spokesperson for NYME-owner CME Group Inc. told MarketWatch Friday there were “no immediate plans to close the exchange
It should be business as usual Monday on Wall Street, with New York’s three major financial exchanges prepared for Hurricane Sandy, while tracking the storm’s path.Some think of the weather as a metaphor for the economy. Wall Street Journal Sunday columnist Al Lewis thinks they are the same thing.Been asking around about possible stock plays on Hurricane Sandy, and so far I
do not see big bets being placed — yet. But there are ideas floating around.
On Friday, officials in and around New York scrambled to get ready for the storm.
Rich Adamonis, a spokesman for the New York Stock Exchange /quotes/zigman/421745/quotes/nls/nyx NYX +0.32% , said contingency plans are being drawn up. High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article.
The lower tip of Manhattan, which is vulnerable to flooding, houses a number of financial institutions including the Federal Reserve Bank of New York, the New York Stock Exchange, the New York Mercantile Exchange, Deutsche Bank, Goldman Sachs and Bank of New York Mellon.
A Nasdaq OMX Group Inc. / spokesman said Friday the electronic equities exchange plans to continue to operate despite the approach of Hurricane Sandy early next week. Wall Street also braced for Hurricane Sandy. Rich Adamonis, a spokesman for the New York Stock Exchange (NYSE:NYX) , said Friday
“We have fully rehearsed business continuity plans for all critical operations including facilities, market operations and key staff and stand ready to implement should a situation necessitate,” said Nasdaq spokesman Ryan Wells. .
Gale-force winds were expected to arrive along portions of the mid-Atlantic coast by late Sunday or Sunday night, and reach Long Island and Southern New England by Monday morning, said the NHC update. Click here for National Hurricane Center.
“There will be school closures, travel will be messed up for days and major airports will be closed,” said Henry Margusity, a senior meteorologist with AccuWeather, on Saturday.Sandy’s top winds diminished Friday, and the National Hurricane Center in Miami briefly downgraded it to a tropical storm Saturday morning before restoring it to a Category 1 hurricane — with sustained winds of 75 mph — a few hours later. “This could be a disaster of biblical proportions—a multibillion-dollar disaster
Last year, the Nasdaq and the NYSE operated even after Hurricane Irene shut down much of the region’s transportation infrastructure.
The New York Mercantile Exchange said it has plans in place to make sure its markets continue to function.
On Friday, officials in and around New York scrambled to get ready for the storm.
Rich Adamonis, a spokesman for the New York Stock Exchange /quotes/zigman/421745/quotes/nls/nyx NYX +0.32% , said contingency plans are being drawn up. High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article.
The lower tip of Manhattan, which is vulnerable to flooding, houses a number of financial institutions including the Federal Reserve Bank of New York, the New York Stock Exchange, the New York Mercantile Exchange, Deutsche Bank, Goldman Sachs and Bank of New York Mellon.
A Nasdaq OMX Group Inc. / spokesman said Friday the electronic equities exchange plans to continue to operate despite the approach of Hurricane Sandy early next week. Wall Street also braced for Hurricane Sandy. Rich Adamonis, a spokesman for the New York Stock Exchange (NYSE:NYX) , said Friday
“We have fully rehearsed business continuity plans for all critical operations including facilities, market operations and key staff and stand ready to implement should a situation necessitate,” said Nasdaq spokesman Ryan Wells. .
Gale-force winds were expected to arrive along portions of the mid-Atlantic coast by late Sunday or Sunday night, and reach Long Island and Southern New England by Monday morning, said the NHC update. Click here for National Hurricane Center.
Sandy, potentially, could be more
serious, particularly for insurers.
Companies with exposure here
include Hartford
[HIG 21.71 
-0.77 (-3.43%)
]
, Travelers
[TRV 71.56
-0.56 (-0.78%)
]
, Chubb
[CB 77.96
-1.43 (-1.8%) ]
. The caveat: flooding is not covered by homeowner
insurance policies.
-0.77 (-3.43%)
]
, Travelers
[TRV 71.56
-0.56 (-0.78%)
]
, Chubb
[CB 77.96
-1.43 (-1.8%) ]
. The caveat: flooding is not covered by homeowner
insurance policies.
Anything else? The obvious play is
roofing repair, and here I have heard names like Owens
Corning
[OC 31.44 
0.48 (+1.55%) ]
and Beacon Roofing Supply
[BECN 30.99
1.08 (+3.61%)
]
bandied about. Other companies that sell waterproofing and roofing systems
include RPM International
[RPM 26.50
0.21 (+0.8%)
]
and WR Grace
[GRA 64.66
1.80 (+2.86%)
]
.
0.48 (+1.55%) ]
and Beacon Roofing Supply
[BECN 30.99
1.08 (+3.61%)
]
bandied about. Other companies that sell waterproofing and roofing systems
include RPM International
[RPM 26.50
0.21 (+0.8%)
]
and WR Grace
[GRA 64.66
1.80 (+2.86%)
]
.
I have heard some talk about
gasoline refiners in the path of the storm
(Philadelphia/Delaware/New Jersey) possibly being shut for several days.
However, most of these refineries are privately owned.
“There will be school closures, travel will be messed up for days and major airports will be closed,” said Henry Margusity, a senior meteorologist with AccuWeather, on Saturday.Sandy’s top winds diminished Friday, and the National Hurricane Center in Miami briefly downgraded it to a tropical storm Saturday morning before restoring it to a Category 1 hurricane — with sustained winds of 75 mph — a few hours later. “This could be a disaster of biblical proportions—a multibillion-dollar disaster
Last year, the Nasdaq and the NYSE operated even after Hurricane Irene shut down much of the region’s transportation infrastructure.
The New York Mercantile Exchange said it has plans in place to make sure its markets continue to function.
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