Goldman Sachs analyst Yaron Kinar started Travelers with a Sell rating and $124 price target. The analyst sees the company's liability portfolio experiencing underwriting compression due to rising inflationary trends and weak pricing. Kinar does not believe consensus estimates and valuations appropriately reflect the earnings erosion and rising volatility in the company's commercial liability business.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here

Travelers is down -7.1%, or -$15.91 to $207.21.

Travelers is down -6.3%, or -$14.09 to $209.03.

Check out this morning's top movers from around Wall Street, compiled by The Fly.  HIGHER - Alcoa (AA)... To see the rest of the story go to thefly.com. See Story Here

Reports Q1 revenue $11.23B, consensus $10.51B. Reports Q1 adjusted book value per share of $125.53. "We are very pleased to report excellent top- and bottom-line results for the first quarter," said Alan Schnitzer, chairman and CEO. "Core income for the quarter was $1.1 billion, or $4.69 per diluted share, generating core return on equity of 15.4%. Strong core income was driven by record net earned premiums of $10.1 billion, up 14% compared to the prior year period, and an excellent combined ratio of 93.9%. The combined ratio improved 1.5 points, notwithstanding elevated catastrophe activity, primarily in the central and eastern regions of the United States. The underlying combined ratio improved 2.9 points to an outstanding 87.7%, driven by strong underlying results in each of our three segments. Our high-quality investment portfolio generated after-tax net investment income of $698 million for the quarter, driven by strong and reliable returns from our growing fixed income portfolio and higher returns from our non-fixed income portfolio. During the quarter, we returned $620 million of capital to shareholders, including $388 million of share repurchases. In recognition of our strong financial position and confidence in the outlook for our business, I am pleased to share that our Board of Directors declared a 5% increase in our quarterly cash dividend to $1.05 per share, marking 20 consecutive years of dividend increases with a compound annual growth rate of 8% over that period."