Genworth Financial Shares Fall On Downgrade
THE BIG PICTURE: Shares of the insurance and wealth management services provider have surged more than 100 percent since early August and more than 50 percent since mid-November. The gain was fueled in part by optimism that the recovery in the U.S. housing market will improve performance at
THE ANALYSIS: Gallagher said in a note to clients that "there has been disproportionately too much emphasis placed on the housing market recovery and the impact it will have on U.S. mortgage insurance, and not enough focus on the life insurance entities."
He noted that
SHARE ACTION: Shares of the
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