© Reuters. Electric power transmission pylon miniatures and Nextera Energy logo are seen in this illustration taken, December 9, 2022. REUTERS/Dado Ruvic/Illustration
NEW YORK (Reuters) – Florida is bracing for Tropical Storm Idalia as it intensifies into a major hurricane on Monday before making landfall on the state’s Gulf Coast by Wednesday morning.
Idalia is predicted to transform into a Category 3 on the Saffir-Simpson Hurricane Wind Scale when it makes landfall in northern Florida’s Big Bend area, where the panhandle transitions into the peninsula, the National Hurricane Center said.
About 20 million Floridians are under hurricane and tropical storm watches, and authorities have begun issuing evacuation orders.
Here’s a list of stocks and sectors that could be impacted by the storm:
POWER
Florida Governor Ron DeSantis said on Monday areas on the storm’s path are expected to lose power.
Shares of NextEra Energy Inc (NYSE:), which owns the Florida Power & Light Company, the state’s largest utility, was little changed at $68.06, up 0.154%.
Duke Energy Corp (NYSE:) said on Monday it is mobilizing approximately 4,500 people – power line technicians, vegetation workers, damage assessors and support personnel – to respond to power outages as Idalia reaches Florida. Duke’s stock on the session was off 0.4%.
Generac Holdings (NYSE:), which often rises ahead of major storms as investors bet on increased demand for the company’s home standby generators, was up 4.1% at $119.7, on course for a 4th straight session of gains.
INSURERS
Home and property insurance firms are likely to see claims rise as Idalia sweeps through the state.
Shares of insurers in the crosshairs were trading lower: Universal Insurance Holdings (NYSE:) was down nearly 4%; Allstate Corporation (NYSE:) lost 0.29%, and American International Group (NYSE:) fell 0.26%.
RETAILERS / BUILDING MATERIALS SUPPLIERS
As homeowners look to repair and rebuild in Idalia’s aftermath, home improvement retailers and construction supplies firms may see an uptick in demand.
Home Depot (NYSE:) was up 0.7%, while Lowe’s Companies (NYSE:) was lower by 0.46%.
Owens Corning (NYSE:) Inc’s shares are rising 1.4% and Beacon Roofing Supply (NASDAQ:) Inc’s stock is climbing nearly 2% on the session.
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