IDD Daily Brief: Monday, Nov 2, 2026 — Loews profit falls 39.3% as HF Sinclair buys back REH shares

> “Berkshire’s ambitions were unreasonably extreme and, even so, it got what it wanted.” — Charlie Munger

The Big Picture

• Loews' profit fell 39.3% on a CNA reserve charge. Third-quarter net income came to $306 million, or $1.50 per share, down from $504 million, or $2.43 per share, as CNA's annual long-term care review and heavier catastrophe losses outweighed a turnaround at Loews Hotels.

• HF Sinclair is buying back an estimated $257 million of stock from the Sinclair family's holding company. The refiner agreed to repurchase 2,350,000 shares from REH Advisors, a sale expected to push the REH parties below the 5% level that guarantees them a board seat.

• Sequoia locked its 7.9% Instacart stake behind the DoorDash deal. Six Sequoia funds holding 18,596,961 Maplebear shares agreed to vote for the merger and not to transfer their shares until the vote.

Since Friday

Most of the news since Friday's Week in Review came from filings made late Friday, plus two early Monday filings from Loews and Deere. Ten stories cleared the IDD newsroom's bar: one earnings report, a large buyback, a CEO succession, a board addition, a deal support agreement and five insider sales.

Earnings

Reported since Friday's issue

• Loews (L): Net income attributable to Loews was $306 million, or $1.50 per share, compared with $504 million, or $2.43 per share, a year earlier, according to the earnings release attached to its 8-K. Revenue rose 1.9% to $4.76 billion. CNA contributed $180 million, down from $371 million, after a $125 million after-tax long-term care reserve charge, and its property and casualty combined ratio rose to 97.0% from 92.8%. Loews Hotels earned $16 million versus a $3 million loss a year earlier. Loews bought back 1.6 million shares for $167 million in the quarter and 0.6 million more for $67 million from Oct. 1 to Oct. 30.

Company News

• HF Sinclair (DINO) agreed on Oct. 29 to repurchase 2,350,000 shares from REH Advisors at $109.37 apiece, an estimated $257 million, the company said in an 8-K. It is the 23rd privately negotiated repurchase between the two, and HF Sinclair expects it to close Nov. 3. If the REH parties are still below 5% ownership on Jan. 13, 2027, their board designee must offer to resign.

• Equity LifeStyle Properties (ELS) named President and COO Patrick Waite its next CEO, effective Jan. 1, 2027, according to its 8-K. Marguerite Nader will step down as CEO at the end of 2026 and stay on the board as Executive Vice Chair. The board also declared a fourth-quarter dividend of $0.5425 per share.