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Loews tumbles on subprime  

Loews Corp (LTR.N) said on Monday fourth-quarter profit fell 31 percent, hurt by subprime investment losses and weaker-than-expected results in its insurance, tobacco and drilling businesses.

Net income at New York-based Loews, a conglomerate run by the billionaire Tisch family, fell to $512 million from $746 million a year earlier. . . .

Lorillard earnings fell 6 percent to $206 million, hurt by litigation costs. Profit attributable to Carolina shareholders was $128 million, or $1.18 per share.

Excluding items, profit was $1.30 per share, 7 cents below the average analyst forecast, Reuters Estimates said. Net sales at Lorillard rose 2 percent to $957 million as higher prices offset a 4.3 percent drop in domestic shipments.

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