A Drop In Genworth’s Financial Stocks
Stocks of Genworth Financial shut down more than 16% after dropping as high as 22% previously in the dealing session. The wealth manager received a setback after being cited in a report quoted by Barron’s that recognized a minority of stocks with main U.S. debt publicity. Sandler O’Neill and Partners mentioned five life insurance companies having major U.S. debt publicity which includes Genworth. This will see lesser book value of its Treasury holdings weakening. Other companies mentioned in the report included Aflac and Prudential Financial. Sandler says that it is too early to imply of the downgrade on book values but declines will surely occur.
Excerpt:
“Shares of Genworth Financial (NYSE: GNW ) closed down more than 16% after falling as much as 22% earlier in the trading session. The wealth manager took a beating after being mentioned in a report cited by Barron’s that identified a handful of stocks with major U.S, debt exposure.”
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