On top of the stock going down Allstates credit is too!
"The downgrade reflects Allstate’s continued weak underwriting performance given elevated catastrophe losses, persistently high loss costs for the personal auto business, and the increased exposure — measured by premiums — consuming higher levels of capital."
https://www.ft.com/content/17248ad1-d5f7-4322-8b60-5ce898cf7bdf
Will impact borrowing costs, as they can't issue additional shares which would dilute existing holders and hurt future EPS if share count increases. Generally creates a future headwind and drag on EPS and stock price. Add it to the list of problems. Good job TW. Anybody miss Glenn yet?
The untalented in over their heads senior leaders of this company made their beds and they can now lie in it. Unfortunately a lot more good people are soon going to be losing their jobs over their failure of leadership and inability to run the business right.
Ruh roh, shaggy.
Allstate isn't (unfortunately) "in this position". Allstate leadership put the company in this position with their mismanagement. Leadership took conscious steps that led to this result, and they'll keep spiraling because the momentum of mismanagement is unstoppable at this point.
This is quite sad actually, to see Allstate in this position 😢
next up Sell orders of stock from Wall Street analysts.
Should be a nice acceleration of the downward spiral to Sears: The Sequel.
“It has been a bumpy ride but we have executed well.””
——Tommy “the hair” Wilson
Even the handlers are running out of BS to say…
Waiting for them to start using the term “fake news” to describe the stock price..😂😂😂
Waiting for the next weak and laughable defense by a pod handler…
Probably will say, it means nothing because it is only a change from A to B…
Come on handlers….earn your money..:spin this failure!!!
😂😂😂😂