UPDATE: Loews Reports Downbeat Q2 Profit

Loews Corp L reported a decline in its second quarter profit on Monday. Loews reported its quarterly profit at $252 million, or $0.62 per share, down from $366 million, or $0.87 per share, in the year-ago period. However, analysts were expecting earnings of $0.74 per share. Loews' total revenue surged to $3.54 billion from $3.49 billion. Loews shares dropped 0.40% to close at $39.87 on Friday.