Several Stocks Getting Bruised as Irene Approaches

Hurricane Irene is bearing down on the U.S. East Coast, expected to bring with it rain, wind, and damage.

The Weather Channel has the threat level from eastern North Carolina to New England at "extreme," otherwise known as, "get out of Dodge."

Though markets are bouncing following Friday's Jackson Hole speech from Fed Chief Ben Bernanke, the following stocks may be depressed for a while, as potential costs associated with the hurricane are already in the tens of billions of dollars:

• The Travelers Companies (NYSE: TRV), currently down 1.6 percent;
  
  
• Allstate Corp. (NYSE: ALL), down 1.4 percent;
  
  
• Dominion Resources (NYSE: D) down 1.2 percent;
  
  
• Chubb Corp. (NYSE: CB), down 1.5 percent;
  
  
• Progressive (NYSE: PGR), down 1.7 percent;
  
  
• Entergy (NYSE: ETR) down 1.1 percent;
  
  
• Constellation Energy (NYSE: CEG) down 1.2 percent;
  
  
• ACE Limited (ACE); and
  
  
• The Hanover Insurance Group (NYSE: THG), down 1.1 percent.

Also, reinsurers may see some downside, including:

• Everest Re Group Ltd. (NYSE: RE);
  
  
• PartnerRe Ltd. (NYSE: PRE).

One Stifel Nicolaus analyst is saying both Home Depot (NYSE: HD) and Lowe's (NYSE: LOW) should benefit from the storm as reconstruction will likely be inevitable. Home Depot shares are currently up 0.7 percent while Lowe's shares are down very modestly.

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