Loews: Short- to -medium term outlook for offshore drilling market 'bleak'
Loews (L) CEO Jim Tisch says company believes having a diversified portfolio offers the best way to deliver superior returns, but notes that operating in diverse industries means units can face vastly different market environments. Says offshore drilling in protracted downcycle. Says still ample runway for value creation at CNA (CNA), says company working to address expense ratio. Says Diamond Offshore (DO) operating in an industry that continues to face one of the sharpest downturns in its history. Says short- to medium-term outlook for offshore drilling market "bleak," unclear when it will recover. Comments taken from the Q2 earnings conference call. Loews is up about 1% in morning trading, CNA Financial is up 4.6% and Diamond Offshore is fractionally higher. L CNA DO