Florida is bracing for another hurricane to make landfall this week, less than two weeks after Hurricane Helene.

Here's a look at the forecast and stocks to watch.

Hurricane Milton Intensifies: Less than two weeks after Hurricane Helene hit Florida, Hurricane Milton is intensifying into a potential Category 4 or Category 5 storm, set to make landfall in the state on Wednesday.

CNN reported that the storm has grown in size and is now considered a Category 3 hurricane. According to the report, the storm's growing size could affect a larger area of Florida than the last hurricane.

Milton is expected to hit the Gulf Coast of Florida, with the state already declaring a state of emergency and working on evacuations. Hillsborough County, which includes Tampa, is among the areas expected to call for evacuations Monday.

Several school districts in the state closed school Monday.

Florida Division of Emergency Management director Kevin Guthrie said Sunday the storm could result in the state's largest evacuation since 2017.

"I urge Floridians to finalize your storm preparations now, enact your plan," Guthrie said Sunday.

Florida Gov. Ron DeSantis cautioned residents on the potential for more power outages in the state than with Helene.

The timing of Milton could create a double whammy for the state of Florida and surrounding regions that are still recovering from Helene.

"You get hit with a major hurricane, what's going to happen to that debris? It's going to increase the damage dramatically," DeSantis said.

The existing and additional debris could also make pathways tough for emergency personnel.

Read Also: Hurricane Helene Adds To ‘Most Active Quarter’ For Power Outages, Driving Back-Up Generator Demand

Stocks to Watch: While Florida theme parks mostly avoided closures from Helene, the newest hurricane in the region could significantly impact the sector.

Orange County, home to Orlando, is one of the counties in a state of emergency ahead of Hurricane Milton’s landfall.

Disney World has closed for several hurricanes in the past, most recently for Hurricane Ian in 2022. The theme park was able to escape Helene with minimal impact on some outdoor activities and night entertainment events that were canceled.

Universal Studios in Orlando, which is owned by Comcast Corporation (NASDAQ:CMCSA), could also face closures and cancellations due to the storm's current path.

Power companies like Duke Energy (NYSE:DUK) and Southern Company (NYSE:SO) are among utilities that could see large numbers of customer outages. The companies could face increased labor costs and additional costs to repair infrastructure after the storm.

While theme park stocks could see a negative impact from Hurricane Milton, several other stocks and sectors could benefit from the storm and the pending damage.

Generac Holdings (NYSE:GNRC) is another company that could benefit from the hurricanes as demand for generators increases. On Monday, Generac shares hit new 52-week highs in anticipation of Hurricane Milton.

When Hurricane Helene initially struck, insurance companies expected minimal impact. However, as damage estimates rise, concerns grow. After a relatively mild hurricane season, the successive blows from Helene and Milton could pose challenges for insurers offering home, hurricane, and flood coverage.

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Image created using artificial intelligence via Midjourney.