U.S. Insurance Stocks On The Move, Down
Excerpted From Bloomberg News
November 11, 2008
Nov. 11 (Bloomberg) -- The following companies had unusual price changes in U.S. trading. Stock symbols are in parentheses, and share prices are as of 4 p.m. in New York.
Life insurers retreated after Goldman Sachs Group Inc. reduced its rating on the industry to "cautious'' from "neutral,'' saying the companies may need to raise more capital after equity and debt markets declined.
Lincoln National Corp. (LNC:US) fell 15 percent to $16.31. Prudential Financial Inc. (PRU:US) lost 11 percent to $27.61. Principal Financial Group Inc. (PFG:US) slid 15 percent to $20.63. Hartford Financial Services Group Inc. (HIG:US) declined 23 percent to $11.24. MetLife Inc. (MET:US) decreased 7.7 percent to $30.55.
Genworth Financial Inc. (GNW:US) fell the most in the S&P 500, plunging 54 percent to $1.24. The insurer spun off by General Electric Co. (GE:US) said it's no longer eligible to participate in a federal program that buys short-term debt because its credit ratings were cut.
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