Safeco shares dip on news of lowered stock expectations

Herald staff

SEATTLE — Shares of Safeco Corp. fell nearly 5 percent Monday on news that the company expects operating earnings of 5 cents to 10 cents a share when it reports results Oct. 23 because of unexpectedly high underwriting losses, particularly in its large commercial and home insurance business.

Wall Street’s estimate was 25 cents, and earnings from the year earlier were 43 cents, Dow Jones News Service reported. Safeco earned 7 cents in the first quarter and 10 cents in the second.

The stock closed Monday at $24.50, down $1.25.

  • Ag officials go ‘surfing’: To identify animal feed Web sites that promote horse feed or horse feed supplements for unapproved purposes, or that make false or misleading health claims, the state Department of Agriculture Tuesday will participate in the first nationwide Surf Day.

  • Monday’s prices: Gold sold for $270.00 a troy ounce, silver for $4.93 and platinum $587.30.

  • Sea-Tac expansion starts: Officials Monday ceremoniously kicked off demolition of Sea-Tac airport’s Concourse A. The rebuilt terminal is set to open in 2003 with 14 gates instead of seven as well as a moving sidewalk, restaurants, retail services and an office building.

  • Aerospace firm declines: Pacific Aerospace &amp Electronics, Inc. reported a net loss of $2.3 million or 7 cents a share on revenues of $27.6 million for the first quarter 2000. Officials said in a statement that first quarter sales declined as compared to a year ago, primarily as a result of lower revenue in its U.S. and European Aerospace businesses.
    Talk to us

    > Give us your news tips.

    > Send us a letter to the editor.

    > More Herald contact information.

  • More in Local News

    Traffic idles while waiting for the lights to change along 33rd Avenue West on Tuesday, April 2, 2024 in Lynnwood, Washington. (Olivia Vanni / The Herald)
    Lynnwood seeks solutions to Costco traffic boondoggle

    Let’s take a look at the troublesome intersection of 33rd Avenue W and 30th Place W, as Lynnwood weighs options for better traffic flow.

    A memorial with small gifts surrounded a utility pole with a photograph of Ariel Garcia at the corner of Alpine Drive and Vesper Drive ion Wednesday, April 10, 2024 in Everett, Washington. (Olivia Vanni / The Herald)
    Death of Everett boy, 4, spurs questions over lack of Amber Alert

    Local police and court authorities were reluctant to address some key questions, when asked by a Daily Herald reporter this week.

    The new Amazon fulfillment center under construction along 172nd Street NE in Arlington, just south of Arlington Municipal Airport. (Chuck Taylor / The Herald) 20210708
    Frito-Lay leases massive building at Marysville business park

    The company will move next door to Tesla and occupy a 300,0000-square-foot building at the Marysville business park.

    Mountlake Terrace Mayor Kyko Matsumoto-Wright on Wednesday, April 10, 2024 in Mountlake Terrace, Washington. (Olivia Vanni / The Herald)
    With light rail coming soon, Mountlake Terrace’s moment is nearly here

    The anticipated arrival of the northern Link expansion is another sign of a rapidly changing city.

    Logo for news use featuring the municipality of Snohomish in Snohomish County, Washington. 220118
    1 dead in motorcycle crash on Highway 522 in Maltby

    Authorities didn’t have any immediate details about the crash that fully blocked the highway Friday afternoon.

    Photographs in the 2024 Annual Black and White Photography Contest on display at the Schack Art Center on Thursday, April 18, 2024 in Everett, Washington. (Olivia Vanni / The Herald)
    Black and white photos aren’t old school for teens at Schack Art Center

    The photography contest, in its 29th year, had over 170 entries. See it at the Schack in Everett through May 5.

    A memorial with small gifts surrounded a utility pole with a photograph of Ariel Garcia at the corner of Alpine Drive and Vesper Drive ion Wednesday, April 10, 2024 in Everett, Washington. (Olivia Vanni / The Herald)
    Everett mom charged with first-degree murder in death of son, 4

    On Friday, prosecutors charged Janet Garcia, 27, three weeks after Ariel Garcia went missing from an Everett apartment.

    Dr. Mary Templeton (Photo provided by Lake Stevens School District)
    Lake Stevens selects new school superintendent

    Mary Templeton, who holds the top job in the Washougal School District, will take over from Ken Collins this summer.

    A closed road at the Heather Lake Trail parking lot along the Mountain Loop Highway in Snohomish County, Washington on Wednesday, July 20, 2023. (Annie Barker / The Herald)
    Mountain Loop Highway partially reopens Friday

    Closed since December, part of the route to some of the region’s best hikes remains closed due to construction.

    Emma Dilemma, a makeup artist and bikini barista for the last year and a half, serves a drink to a customer while dressed as Lily Munster Tuesday, Oct. 25, 2022, at XO Espresso on 41st Street in Everett, Washington. (Ryan Berry / The Herald)
    After long legal battle, Everett rewrites bikini barista dress code

    Employees now have to follow the same lewd conduct laws as everyone else, after a judge ruled the old dress code unconstitutional.

    The oldest known meteor shower, Lyrid, will be falling across the skies in mid- to late April 2024. (Photo courtesy of Pixabay)
    Clouds to dampen Lyrid meteor shower views in Western Washington

    Forecasters expect a storm will obstruct peak viewing Sunday. Locals’ best chance at viewing could be on the coast. Or east.

    AquaSox's Travis Kuhn and Emerald's Ryan Jensen an hour after the game between the two teams on Sunday continue standing in salute to the National Anthem at Funko Field on Sunday, Aug. 25, 2019 in Everett, Wash. (Olivia Vanni / The Herald)
    New AquaSox stadium downtown could cost up to $120M

    That’s $40 million more than an earlier estimate. Alternatively, remodeling Funko Field could cost nearly $70 million.

    Support local journalism

    If you value local news, make a gift now to support the trusted journalism you get in The Daily Herald. Donations processed in this system are not tax deductible.