Business

After the Bell: Hurricane Ian costs; rough September; grocery prices; Nike deals

INDIANAPOLIS (WISH) — Hurricane Ian could be Florida’s costliest storm ever estimating around $47 billion in insured losses.

Research firm Corelogic says that’s 22 to 32 billion for wind damage, and an additional six to 15 billion in flood damage. Hurricane Andrew hit South Florida back in 1992 and ended up costing $26.5 billion in flood damage. Hurricane Katrina in 2005 still stands as the Nation’s most expensive storm, causing $108 billion dollars in damage. Both totals would be higher, adjusted for Today’s inflation.

Worst month for stocks

September has traditionally been a rough month on Wall Street. Well, it’s been the worst September for stocks since 2008, the last financial crisis.

Historically, after rough Septembers, Octobers are usually months of recovery and wall street ends on a positive note.

Grocery prices on the climb

Milk, bread, and eggs prices are gonna stay high for a while. Grocery prices climbed 13.5% in August from the year before. That’s the highest annual increase since 1979. Throw in extreme weather, like Hurricane Ian, along with higher prices for labor and packaging, and prices won’t budge for a while.

Nike deals?

Nike says it’s inventory levels soared 65% in North America a year ago. Translation- it has too much stuff.

The sporting brand plans to discount that extra inventory to move it out. Nike stock fell 11% Friday. Investors don’t like hearing about too much inventory/ For the rest of us, might be a great time to pick up a pair of sneaks.