Loews says looking for right deal at good price Loews (L) says looking for right deal at good price. Says repurchases an important way Loews creates value for shareholders. Says cash can be a drag on short-term returns, but having flexibility to be opportunistic "has served shareholders well over long-term." Says offshore drilling a cyclical business, Diamond (DO) managed accordingly. Says "no doubt" that Diamond will withstand cyclical downturn. Says "not aware" of any distressed assets for sale at prices company would be willing to pay, but says Diamond "will be ready." Says "pleased" with CNA's (CNA) steady progress. Says CNA will be focused on improving underwriting performance. Expects Boardwalk (BWP) will draw down $300M subordinated debt facility from Loews later this year. Says "trouble is opportunity" re: drilling market. Comments made on the Q1 earnings conference call. Loews is fractionally higher in late-morning trading at $41.75.