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Stock Market & Financial Investment News

News Breaks
July 31, 2014
19:35 EDTGNWGenworth provides additional disclosure on long term care insurance
Genworth Financial announced on July 29 that it is conducting a comprehensive review of its long term care insurance claim reserves. Many of the company's investors have asked for additional information about the last in-depth review of the claims reserve, which was conducted in 2012. The company cannot predict how the results of the current review will compare with the results of its review in 2012. As a result of the 2012 claims review, the company established refinements to its claim reserves to reflect how a claim transitions by diagnosis and care facility, trends in benefit utilization, and refinements to claim terminations. The impact to GAAP claim reserves as a result of the new methodology was an increase to reserves of approximately $166M as of September 30, 2012. Separately, the company also made changes to claim reserves to appropriately reflect waiver of premium benefit, shared policies where both lives are on claim, reinsurance on incurred but not reported claims, and the valuation interest rate. The impact to GAAP claim reserves as a result of these changes was a decrease to reserves of approximately $165M as of September 30, 2012. The net impact to GAAP claim reserves as a result of the 2012 claims review was a net increase to reserves of approximately $1M as of September 30, 2012. The primary areas of focus in the current review are an analysis of potential causes of the meaningful increases in adverse claims experience in Q2 and an assessment of the assumptions and methodology underlying the associated reserves, including morbidity, mortality, interest rates and claim terminations. The company intends to complete this review before the release of financial results for Q3. The company continues to believe that the existing assumptions and methodology provide the most reliable best estimate. However, given the review underway that will consider both long-term and recent experience, the company will likely change some of its assumptions, which could increase our long term care insurance claim reserves, and any increase may or may not be material.
News For GNW From The Last 14 Days
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November 20, 2014
06:39 EDTGNWStocks with implied volatility below IV index mean; GNW NFLX
Stocks with implied volatility below IV index mean; Genworth (GNW) 53, Netflix (NFLX) 31 according to iVolatility.
November 18, 2014
10:54 EDTGNWStocks with call strike movement; GNW NE
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November 17, 2014
11:35 EDTGNWStocks with call strike movement; GNW FLSR
Genworth (GNW) March 11 call option implied volatility increased 6% to 53, First Solar (FSLR) March 55 call option implied volatility increased 12% to 51 according to IVolatility.
November 14, 2014
17:27 EDTGNWPaulson & Co. gives quarterly update on stakes
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November 13, 2014
10:01 EDTGNWOn The Fly: Analyst Upgrade Summary
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05:42 EDTGNWGenworth upgraded to Outperform from Market Perform at Raymond James
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04:14 EDTGNWGenworth upgraded to Outperform from Market Perform at Raymond James
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November 12, 2014
10:51 EDTGNWOptions with increasing implied volatility: GNW ZTS
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November 11, 2014
10:50 EDTGNWOptions with increasing implied volatility: GNW TWC
November 10, 2014
10:04 EDTGNWOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Abercrombie & Fitch (ANF) downgraded at Oppenheimer... American Eagle (AEO) downgraded to Neutral from Buy at B. Riley... BP (BP) downgraded to Neutral from Overweight at JPMorgan... Callon Petroleum (CPE) downgraded to Neutral from Buy at SunTrust... EP Energy (EPE) downgraded to Hold from Buy at Deutsche Bank... Eaton Vance (EV) downgraded at Sterne Agee... Ecopetrol (EC) downgraded to Underperform from Sector Perform at RBC Capital... General Mills (GIS) downgraded to Sector Perform from Outperform at RBC Capital... Genworth (GNW) downgraded to Market Perform from Outperform at Keefe Bruyette... MasTec (MTZ) downgraded to Hold from Buy at BB&T... Ocean Rig UDW (ORIG) downgraded to Neutral from Buy at Guggenheim... Performant Financial (PFMT) downgraded at Morgan Stanley... Petrobras (PBR) downgraded to Market Perform from Outperform at Cowen... R.R. Donnelley (RRD) downgraded to Hold from Buy at Benchmark Co.... Rex Energy (REXX) downgraded to Market Perform from Outperform at BMO Capital... Salix (SLXP) downgraded to Neutral from Buy at Mizuho... Siemens (SIEGY) downgraded to Neutral from Overweight at JPMorgan... Solazyme (SZYM) downgraded to Equal Weight from Overweight at Morgan Stanley... Stonegate Mortgage (SGM) downgraded to Market Perform at FBR Capital... Syngenta (SYT) downgraded to Neutral from Overweight at HSBC... ViaSat (VSAT) downgraded to Hold from Buy at Needham... Vistaprint (VPRT) downgraded to Neutral from Buy at SunTrust... Walter Investment (WAC) downgraded at Sterne Agee... WesBanco (WSBC) downgraded to Market Perform from Outperform at Keefe Bruyette... Whiting USA Trust II (WHZ) downgraded to Underperform at Raymond James... Wipro (WIT) downgraded to Sell from Buy at UBS... XOMA (XOMA) downgraded to Neutral from Buy at Ladenburg... Yanzhou Coal (YZC) downgraded to Sell from Hold at Deutsche Bank.
07:46 EDTGNWGenworth will not have to raise equity, says UBS
UBS said although the share price of Genworth indicates it may have to raise equity, the firm does not think it will. UBS cited several drivers including the company's ability to reflect price increase assumptions into its LTC balance sheet, its current excess RBC and the decision to not pay dividends out of its Life unit, and its sufficient holding company liquidity. UBS maintains its Buy rating on Genworth shares but lowered its price target to $14 from $18.
06:36 EDTGNWGenworth downgraded to Market Perform from Outperform at Keefe Bruyette
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05:47 EDTGNWStocks with implied volatility movement; BABA GNW
Stocks with implied volatility movement; Alibaba (BABA) 42, Genworth (GNW) 65 according to iVolatility.

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