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Stock Market & Financial Investment News

News Breaks
November 23, 2012
12:09 EDTBBY, GNWStocks with call strike movement; BBY GNW
Best Buy (BBY) January 13 call volatility decreased 1% to 91,Genworth (GNW) January 7 call option implied volatility increased 2% to 62 according to iVolatility.
News For BBY;GNW From The Last 14 Days
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April 20, 2015
10:02 EDTGNWPRA Group names Deborah Cassidy as Chief Information Officer
PRA Group (PRAA) announced the appointment of Deborah G. Cassidy as a new member of PRA Group's executive management team. Cassidy will serve as chief information officer for the company. Most recently, Cassidy was senior vice president and business chief information officer for Genworth Financial (GNW).
April 17, 2015
18:03 EDTGNWGenworth says needs additional $500M-$700M to comply with PMIERs
Genworth Financial responded to the final Private Mortgage Insurer Eligibility Requirements, which were published by the Government Sponsored Enterprises, Fannie Mae and Freddie Mac, in conjunction with the Federal Housing Finance Agency. PMIERs will be used by the GSEs to approve private mortgage insurers that provide mortgage insurance on loans acquired by them. Based on its interpretation of the final PMIERs, the company still estimates $500M-$700M of additional capital will be required to be fully compliant by the effective date. This estimate is based on a number of factors including the company's view of market size and dynamics, planned internal restructuring within U.S. Mortgage Insurance and current affiliate asset valuation. The estimate does not reflect the announcement of changes to GSE fees, the impact of which the company is still evaluating. The final PMIERs lowered the level of required capital from that contained in the draft requirements, primarily benefiting legacy books of business, and also lowering the benefit from captive reinsurance treaties. Additionally, this estimate reflects reductions in affiliate asset valuation due to changes in market value, currency fluctuations and the finalization of the PMIERs. The company still intends to comply with the final PMIERs by the effective date, which is now December 31, 2015. Although the company continues to pursue reinsurance transactions, the lower capital requirements on legacy books of business impact the evaluation of the mix of appropriate sources of capital, which include both reinsurance and holding company cash. As previously disclosed, the company is reviewing a broad range of strategic options that it believes will improve its ability to reduce debt levels, increase capital buffers and improve/grow earnings.
April 15, 2015
10:36 EDTGNWBofA/Merrill U.S. credit analysts hold an analyst/industry conference call
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April 13, 2015
16:07 EDTBBYBest Buy chairman retiring June 9, CEO Joly to take on chairman role
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April 12, 2015
14:23 EDTGNWPE firm JC Flowers said to eye Genworth division, Sky News says
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April 9, 2015
09:18 EDTBBYBofA/Merrill retail analysts hold an analyst/industry conference call
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April 6, 2015
08:31 EDTGNWGenworth sale of Life and Annuity business would be positive, says UBS
UBS said the reported potential sale of Genworth's Life and Annuity insurance company would be done at a discount, but the unit should attract potential buyers. The firm sees its sale as positive, given the unit's lack of near-term free cash flow and low ratings. UBS continues to see long-term value in Genworth, citing its debt reduction and growing cash position, and reiterated its Buy rating and $11 price target on the shares.

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