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Generac Holdings (NYSE:GNRC) rose about 4% on Monday as Tropical Storm Idalia was poised to intensify into a hurricane and reach Florida’s Gulf Coat by Wednesday.
The maker of backup generators in the past has posted gains as regions throughout North America face blackouts and power disruptions because of extreme weather.
Florida is preparing for its first major storm of this year’s Atlantic hurricane season. Idalia may intensify into a major Category 3 hurricane before making landfall in Florida, according to the National Hurricane Center.
Florida Gov. Ron DeSantis declared a state of emergency for more than 45 counties in the state. The storm is forecast to reach southern Georgia and the eastern Carolinas later this week.
Idalia isn’t estimated to be as strong as Hurricane Ian, which last year killed at least 140 people as it swept through Florida and the Carolinas.
