Insurance companies are in focus on Wall Street after Monday's monster tornado in Oklahoma. The record year for thunderstorm and tornado losses was 2011 when tornadoes struck Tuscaloosa, Alabama and Joplin, Missouri. In fact, the five worst years for tornadoes were 2008 to 2012. The Insurance Information Institute tells the Washington Post it appears extreme weather incidents are becoming more frequent.
And an analyst at BMO Capital Markets says the losses from Monday's storm system could exceed Joplin and Tuscaloosa.
In the meantime, not much of a summer break for auto workers. Ford is cutting back on summer shutdowns, idling North American assembly plants for only a week instead of two, to ramp up demand for F-Series pickups and Fusion sedans. General Motors isn't idling plants at all according to AP. And Chrysler is only planning two-week breaks at fewer than half of its North American assembly plants.
Twitter is becoming the social media destination of choice for teenagers. They say Facebook has too many adults, too much drama, and too much teen angst and inane details about people's lives. Citing Pew research, AP says teens are spending less time on Facebook, and more on Twitter, Instagram and Tumblr instead.