Allstate may be held back due to the end of the CNBC interview
As the CNBC interview with CEO Wilson was announced as "Up next", trading of Allstate came to a near standstill. As could be expected, the fear of not so much what the CEO might say but "how" he might say it was in the air.
The interview was an oppertunity for Mr. Wilson to cheer on (as he did) Allstate. He was asked about the performance of the company and shareholder dissatisfaction that was causing rumblings of calls for either a turn-around of the company's performance or a change of it's management.
Mr. Wilson gave a complete and logical explanation for the weather being his view as to why Allstate had a bad year with "Weather Related Damage". He was not completely clear on the meaning of his actual broad comment about needing to fix the homeowner's business in general and he added that the auto business was doing well. Mr. Wilson with his biggest smile of all during the interview, ended the interview by generally putting forth that the Allstate board of director's is well informed themselves of the situation at Allstate. And with his smile he explained that is why he is not concerned about what any financial news media may write and why his job is not in jeopardy.
After the interview, the stock's trading momentem that had existed previous to the interview failed to return. The stock sort of sat on the fence as if not knowing what to do for a while longer, eventually trading down within minutes.
The interview that began as and was becoming a chance to calm the waters, was blown into squall by the way the CEO appeared to come off as the arrogant leader of a management team backed by an unconcerned board of directors.