SeaBright Reported Heavy Losses Yesterday

SeaBright Holdings SBX reported a loss per share of $0.86 yesterday, which was way over the $0.17 that Oppenheimer estimated. The disappointing results were most likely having to do with the company's presence in California, which has been reported to be very weak. Oppenheimer maintains its "neutral" rating and despite yesterday's results, still remains at "perform". SeaBright Holdings closed yesterday at $9.85.