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.

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