Tropical Storm Helene Set To Become Hurricane: Generac, Duke Energy Stocks React As Florida Braces

Tropical Storm Helene is forecasted to turn into a hurricane as it makes landfall over Florida on Thursday.

The storm was located about 60 miles northeast of Cozumel, Mexico, Wednesday morning, moving northwest at 9 mph with maximum sustained winds of 70 mph, according to the National Weather Service (NWS).

The storm is expected to strengthen into a hurricane as it passes over the Gulf of Mexico’s eastern coast later Wednesday and into Thursday and reaches the Big Bend of Florida late Thursday.

The NWS has already issued a tropical storm warning for all of the Florida Keys, the state’s west coast from Flamingo to Anclote River, including Tampa Bay, and the Florida east coast from Flamingo northward to Altamaha Sound, Georgia. 

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Helene is forecasted to produce 5 to 10 inches of rain, with isolated totals of 15 inches over the southeastern U.S. This will likely result in considerable urban and flash flooding and significant river flooding. It may also cause landslides in steep terrain areas in the southern Appalachians.

Helene is also expected to bring 4 to 8 inches of rain to Cuba, the Cayman Islands and the northern Yucatan Peninsula before reaching the U.S.

Price Action: The approaching storm has impacted stocks of generator producers, retailers, and utility companies with a presence or a subsidiary in Florida.

Generators

• Generac Holdings Inc. (NYSE:GNRC) slipped 0.45% to $150.16
• Cummins Inc. (NYSE:CMI) declined 0.55% to $321.78
• Honda Motor Co. Ltd. (NYSE:HMC) rose 0.27% to $32.83

Retailers

• Walmart Inc. (NYSE:WMT) gained 0.56% to $81.12
• Target Corporation (NYSE:TGT) slipped 0.4% to $155.56
• The Home Depot, Inc. (NYSE:HD) fell 0.67% to $397.99

Utilities

• Emera Incorporated (TSX:EMA) gained 0.55% to $52.83
• Duke Energy Corporation (NYSE:DUK) slipped 0.12% to $115.85

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Image created using artificial intelligence via Midjourney.