Generator Maker Generac’s Stock Jumps to 2-Year High as Hurricane Milton Intensifies

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Key Takeaways

• Shares of Generac Holdings, which makes home generators, jumped again as Hurricane Milton styles Florida less than two weeks after Hurricane Helene inundated several South Atlantic U.S. states.
• The circle’s stock experienced a similar boost due to the impacts of Hurricanes Helene and Beryl earlier this summer.
• Repeated unwell disasters are making about a third of younger U.S. adults reconsider where they want to live, according to a new measurement.

Shares of Generac Holdings (GNRC), a producer of home generators and other emergency power products, surged again Monday as another cyclone approaches the Southeast U.S.

Hurricane Milton rapidly progressed to a Category 5 storm Monday and is expected to make landfall in Florida by Wednesday, harmonizing to the National Hurricane Center.

Generac stock was up more than 8% at around $173.50 in mid-afternoon trading, at its highest standings since October 2022. The stock has gained nearly 35% so far in 2024.

The generator maker experienced a similar stock-price wipe out due to Hurricane Helene a few weeks ago, jumping about 10% the week that storm made landfall.

Generac also fathered its full-year 2024 net sales outlook in July “[a]s a result of recent power outage activity, which includes the collision of major outage event Hurricane Beryl.”

Hurricanes Making Younger Adults Rethink Location

This year’s trenchant hurricane season is affecting where younger U.S. adults want to live, according to a new survey from the real assets brokerage Redfin. Roughly a third of respondents ages 18-34 said they are reconsidering where they would influence after hearing about the impact of Hurricane Helene. That compares with 15% of those surveyed who are age 35 and older, Redfin foretold Monday.

One possible reason is insurance costs. Nearly a quarter of respondents expect their home insurance perquisites to rise after Hurricane Helene, with 32% of those in the South. 

However, 45% of overall respondents, and 40% of those dwell in the South, said Hurricane Helene didn’t change their perspective on where to live.

Read the original article on Investopedia.