Group 1: Cardinal Health - Cardinal Health's share prices have surged nearly 74% year to date, with significant gains following a strong quarterly earnings report [3][4] - Fiscal first-quarter 2026 revenue reached $64 billion, a 22% increase from the previous year, exceeding analyst expectations [3][5] - Adjusted earnings per share (EPS) of $2.55 surpassed Wall Street's forecasts, with estimates predicting EPS growth of 19% and 12.6% for the current and next fiscal years, respectively [5] Group 2: Loews - Loews shares have increased by 24% year to date, reflecting a turnaround from weak returns in the 2010s [6][8] - The company, controlled by the Tisch family, focuses on increasing intrinsic value per share and is actively repurchasing shares [9] - Loews owns significant stakes in CNA Financial and has interests in energy pipelines, hotels, and packaging, making it an attractive option for conservative investors seeking steady returns [8][9] Group 3: SanDisk - SanDisk's shares have surged over sixfold since splitting from Western Digital in February, with a 70% increase in the past month [10][11] - The company benefits from a NAND shortage, with robust demand for memory chips driven by artificial intelligence infrastructure [10] - SanDisk has raised NAND flash contract prices by 50%, and the market currently values its shares at a forward price-to-earnings (P/E) ratio of around 19, indicating potential for continued growth [10][12]

Core Insights - The article discusses the importance of enabling Javascript and cookies in browsers to ensure proper functionality and access to content [1] Group 1 - The article emphasizes that users may face access issues if they have an ad-blocker enabled, suggesting the need to disable it for a better experience [1]

Financial Performance - Net income attributable to Loews Corporation for Q3 2025 was $504 million, or $2.43 per share, compared to $401 million, or $1.82 per share in Q3 2024, representing a 25.7% increase in net income [142]. - For the nine months ended September 30, 2025, net income attributable to Loews Corporation was $1,265 million, or $6.03 per share, compared to $1,227 million, or $5.54 per share in the same period of 2024, reflecting a 3.1% increase [142]. - Net income attributable to Loews Corporation for Q3 2025 was $371 million, compared to $259 million in Q3 2024, representing a 43.2% increase [156]. - Core income for Q3 2025 was $409 million, up from $293 million in Q3 2024, reflecting a 39.6% year-over-year growth [156]. - For the nine months ended September 30, 2025, net income attributable to Loews Corporation was $897 million, compared to $860 million for the same period in 2024, a 4.3% increase [157]. - Core income for the nine months ended September 30, 2025, was $1.025 billion, up from $974 million in 2024, marking a 5.2% increase [157]. Insurance Operations - CNA Financial's insurance premiums for Q3 2025 were $2,783 million, up from $2,593 million in Q3 2024, marking a 7.3% increase [146]. - The total revenues for CNA Financial in Q3 2025 were $3,817 million, compared to $3,618 million in Q3 2024, reflecting a 5.5% increase [146]. - The underwriting gain for Q3 2025 was $194 million, compared to a gain of $68 million in Q3 2024, indicating a significant improvement [159]. - The combined ratio for Q3 2025 was 92.8%, improving from 97.2% in Q3 2024, demonstrating enhanced underwriting performance [159]. - The loss ratio for Q3 2025 was 63.4%, compared to 66.7% in Q3 2024, indicating improved loss management [159]. - Gross written premiums for Q3 2025 totaled $3.591 billion, slightly down from $3.595 billion in Q3 2024 [159]. - New business written in Q3 2025 amounted to $549 million, compared to $547 million in Q3 2024, showing stable growth [159]. Investment Income - Net investment income for CNA Financial in Q3 2025 was $638 million, compared to $626 million in Q3 2024, indicating a 1.9% increase [146]. - For the nine months ended September 30, 2025, CNA's net investment income was $1,904 million, compared to $1,853 million in the same period of 2024, a 2.8% increase [146]. - Net investment income for the nine months ended September 30, 2025, was $1,172 million, an increase from $1,090 million in the comparable 2024 period [176]. - CNA's total fixed income securities net investment income was $1.624 billion for the nine months ended September 30, 2025, compared to $1.555 billion in 2024 [244]. - CNA's net investment income increased by $12 million and $51 million for the three and nine months ended September 30, 2025, compared to the same periods in 2024 [244]. Capital Expenditures and Projects - Boardwalk Pipelines has growth projects expected to increase capacity by 4.2 billion cubic feet per day at a cost of approximately $3.0 billion, scheduled for completion through 2029 [192]. - The Kosciusko Junction Project is expected to increase capacity by 1.2 Bcf/d and has an expected in-service date in the first half of 2029 [194]. - The Texas Gateway Project is expected to increase capacity by approximately 1.5 Bcf/d with an expected in-service date in the second half of 2029 [202]. - The Eunice – Iowa project is expected to increase capacity by approximately 0.1 Bcf/d with an expected in-service date in the first half of 2027 [198]. - The Ohio Power Plant Project is expected to increase delivery capacity by approximately 0.3 Bcf/d with an expected in-service date in the first half of 2028 [200]. - Boardwalk Pipelines' capital expenditures were $222 million for the nine months ended September 30, 2025, compared to $292 million in 2024 [234]. Cash Flow and Dividends - CNA's cash provided by operating activities was $1.9 billion for the nine months ended September 30, 2025, unchanged from 2024, driven by increased premiums collected and higher cash from investment earnings [227]. - CNA paid cash dividends of $3.38 per share during the nine months ended September 30, 2025, including a special cash dividend of $2.00 per share [228]. - Continental Casualty Company paid dividends of $755 million and $635 million during the nine months ended September 30, 2025 and 2024, respectively [229]. - Interest expenses for the nine months ended September 30, 2025, decreased by $18 million to $54 million, attributed to the pre-financing of a debt maturity [213]. - The Parent Company's cash and investments totaled $3.6 billion as of September 30, 2025, an increase from $3.3 billion at the end of 2024 [224]. Operational Challenges and Adjustments - The corporate segment reported a net income of $42 million for Q3 2025, down from $73 million in Q3 2024, primarily due to lower investment income [142]. - For the nine months ended September 30, 2025, core results decreased by $66 million, primarily due to a $106 million after-tax charge related to unfavorable net prior year loss reserve development [185]. - Long-term care reserves increased by $7 million and $15 million for the three months ended September 30, 2025 and 2024, respectively, due to cash flow assumption updates [184]. - The enactment of the One Big Beautiful Bill Act (OBBBA) on July 4, 2025, has not materially impacted the company's results of operations or financial condition [258]. - Forward-looking statements in the report are subject to various risks and uncertainties that could cause actual results to differ materially from projections [259]. - The company emphasizes that certain accounting estimates may be adjusted in the future based on new information and changing circumstances [255].

Financial Performance - Loews Corporation reported net income of $504 million, or $2.43 per share, for Q3 2025, up from $401 million, or $1.82 per share, in Q3 2024, representing a 25.7% increase in net income year-over-year[3] - CNA Financial's net income attributable to Loews increased by 43% year-over-year to $371 million, driven by improved underwriting results and higher net investment income[4] - Boardwalk Pipelines' net income improved by 22% year-over-year to $94 million, supported by higher re-contracting rates and completed growth projects[4] - Loews Corporation reported total revenues of $4,671 million for the three months ended September 30, 2025, an increase of 4.6% from $4,466 million in the same period of 2024[18] - Net income attributable to Loews Corporation for the three months ended September 30, 2025, was $504 million, up 25.7% from $401 million in the same period of 2024[18] - CNA's core income for the three months ended September 30, 2025, was $409 million, a 39.6% increase compared to $293 million in Q3 2024[20] Shareholder Returns - Loews Corporation repurchased 0.6 million shares of its common stock during Q3 2025 for a total cost of $56 million[4] - Loews Corporation's weighted average number of shares decreased to 207.71 million in Q3 2025 from 219.94 million in Q3 2024, reflecting a reduction in share count[18] Insurance Operations - Net earned premiums for CNA grew by 8%, while net written premiums increased by 3% due to new business[8] - Total insurance premiums for Loews Corporation increased to $2,783 million in Q3 2025, up 7.3% from $2,593 million in Q3 2024[18] - The loss ratio for CNA Financial Corporation improved to 63.4% in Q3 2025 from 66.7% in Q3 2024, indicating better underwriting performance[21] - The combined ratio for CNA Financial Corporation improved to 92.8% in Q3 2025 from 97.2% in Q3 2024, indicating enhanced operational efficiency[21] - Property and Casualty combined ratio improved by 4.4 points to 92.8% in Q3 2025, compared to 97.2% in Q3 2024, largely due to lower catastrophe losses[8] EBITDA and Growth - Boardwalk Pipelines reported EBITDA of $267 million for the three months ended September 30, 2025, compared to $249 million in the same period of 2024, reflecting a 7.2% increase[22] - Loews Hotels & Co achieved Adjusted EBITDA of $69 million for the three months ended September 30, 2025, up from $64 million in Q3 2024[24] Book Value - Book value per share increased to $88.39 as of September 30, 2025, from $79.49 as of December 31, 2024, reflecting a 11.9% increase[4] Project Announcements - Boardwalk Pipelines announced a precedent agreement for its Texas Gateway Project, which will add 1.5 Bcf/d of capacity at an estimated cost of $3.0 billion[4] Segment Performance - Corporate segment results decreased year-over-year due to lower investment income from the parent company's trading portfolio[4] - Loews Hotels' net income improved year-over-year primarily due to higher equity income from Universal Orlando Resort joint ventures[4]

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Financial Performance - Q3 2025 - Loews Corporation's net income increased to $504 million, or $2.43 per share, compared to $401 million, or $1.82 per share, in Q3 2024[13] - The company repurchased 0.9 million shares at a cost of $85 million since June 30, 2025[13] - Book value per share increased to $88.39 as of September 30, 2025, from $79.49 as of December 31, 2024[13] - Dividends from subsidiaries totaled $189 million in Q3 2025[13] - The company held $3.6 billion in cash and investments at the parent company level as of September 30, 2025[8, 13] Subsidiary Highlights - CNA's net income attributable to Loews increased 43% year-over-year due to improved Property and Casualty underwriting results[17] - Boardwalk's net income improved 22% year-over-year due to increased transportation revenues[17] - Boardwalk executed a precedent agreement for its Texas Gateway Project, which would add 1.5 Bcf/d of capacity[17] - Loews Hotels' results improved year-over-year due to new properties and higher average daily rates and occupancy in Orlando[17] CNA Financial Highlights - CNA's net written premiums increased to $2.437 billion in Q3 2025 from $2.360 billion in Q3 2024[29] - CNA's invested assets (fair value) increased to $50.536 billion as of September 30, 2025, from $47.482 billion as of December 31, 2024[29] Boardwalk Pipeline Highlights - Boardwalk's operating revenue increased to $541 million in Q3 2025 from $474 million in Q3 2024[32] - Boardwalk's net income attributable to Loews increased to $94 million in Q3 2025 from $77 million in Q3 2024[32]

Core Insights - Loews Corporation reported a net income of $504 million, or $2.43 per share, for Q3 2025, an increase from $401 million, or $1.82 per share, in Q3 2024 [1][3][8] - The company’s total revenues for Q3 2025 were $4.671 billion, compared to $4.466 billion in Q3 2024, reflecting a year-over-year growth [1][14] - Book value per share increased to $88.39 as of September 30, 2025, from $79.49 as of December 31, 2024 [3][8] CNA Financial - CNA Financial's net income attributable to Loews increased by 43% year-over-year to $371 million, driven by improved underwriting results and higher net investment income [3][4] - The Property and Casualty combined ratio improved to 92.8% in Q3 2025 from 97.2% in Q3 2024, largely due to lower catastrophe losses [4][22] - Net earned premiums grew by 8%, while net written premiums increased by 3% due to new business [4][19] Boardwalk Pipelines - Boardwalk Pipelines reported a net income of $94 million for Q3 2025, up 22% from $77 million in Q3 2024, attributed to higher re-contracting rates and completed growth projects [3][9] - The company executed a precedent agreement for its Texas Gateway Project, which will add 1.5 Bcf/d of capacity, bringing total announced growth projects to 4.2 Bcf/d at an estimated cost of $3.0 billion [3][9] - Boardwalk's revenue backlog as of September 30, 2025, was $15.6 billion, with $5.7 billion associated with growth projects under precedent agreements [9] Loews Hotels & Co - Loews Hotels reported a net loss of $3 million in Q3 2025, an improvement from a loss of $8 million in Q3 2024, primarily due to higher equity income from Universal Orlando Resort joint ventures [3][9] - Adjusted EBITDA for Loews Hotels increased by 8% to $69 million in Q3 2025, driven by new properties and improved performance at existing locations [9][24] Corporate Segment - The corporate segment reported a net income of $42 million in Q3 2025, down from $73 million in Q3 2024, mainly due to lower investment income from the parent company's trading portfolio [3][9] - The parent company had $3.6 billion in cash and investments and $1.8 billion in debt as of September 30, 2025 [3][9]

Group 1 - Loews Corporation will report its third quarter 2025 financial results on November 3, 2025 [1] - The company will also post earnings remarks on its website, which will include commentary from CEO Ben Tisch and CFO Jane Wang [1] - The news release and earnings remarks will be available online at the Loews Corporation website [1] Group 2 - Loews Corporation is a diversified company with businesses in the insurance, energy, hospitality, and packaging industries [2] - For more information about the company, the website www.loews.com can be visited [2]

Core Viewpoint - Loews Corporation is a diversified company with significant operations in insurance, energy, hospitality, and plastics, showcasing its ability to compete across multiple industries [1][3]. Company Overview - Loews Corporation has a market capitalization of approximately $20.1 billion, categorizing it as a large-cap company [2][3]. - The company operates in various sectors, including overseeing natural gas transport, managing a chain of 25 hotels, and manufacturing plastics and resins [2]. Stock Performance - Loews stock (L) experienced a 1.7% decline from its September peak of $98.33 but has gained 9.5% over the past three months, closely trailing the Dow Jones Industrial Average's 9.8% increase during the same period [4]. - Over the past 52 weeks, L shares surged by 22%, outperforming the Dow Jones, which rose by 10.2% in the same timeframe [5]. - The stock has consistently traded above its 50-day and 200-day moving averages, indicating strong investor confidence and bullish momentum [6]. Financial Results - In Q2 2025, Loews reported revenue of $4.6 billion, reflecting a 6.7% year-over-year increase, with earnings per share (EPS) of $1.87, a 12% rise from the previous year [7]. Challenges - Despite positive financial results, CNA Financial, a key subsidiary, reported higher-than-expected catastrophe losses, raising concerns about profitability and underwriting risks [8]. - Insider selling by directors, including Walter L. Harris and Charles M. Diker, has also negatively impacted market sentiment [8].

Group 1 - Loews, AFLAC, and Marketaxess Holdings will trade ex-dividend on 8/20/25, with respective dividends of $0.0625, $0.58, and $0.76 to be paid on 9/2/25 and 9/3/25 [1][2] - The expected price adjustments for the stocks are approximately 0.07% lower for Loews, 0.55% lower for AFLAC, and 0.40% lower for Marketaxess Holdings when they open for trading [2] - Marketaxess Holdings is a contender for the "Dividend Aristocrats" index, having over 16 years of dividend increases [3] Group 2 - The estimated annualized yields based on the most recent dividends are 0.26% for Loews, 2.20% for AFLAC, and 1.60% for Marketaxess Holdings [10] - In Monday trading, Loews shares decreased by about 0.6%, while AFLAC shares increased by about 0.1%, and Marketaxess Holdings shares rose by about 1.3% [11]