GNW is lagging today most likely because low interest rates hurt life insurers. The recent bump to 12 came on the belief that interest rates would be headed up soon. With yesterday's fed news and today's job report, that now looks farther off - thus, it was bad news for GNW.
I personally believe that the fed is trying to carefully control how fast interest rates increase to keep things stable. One area regulators are apparently particularly worried about is the mortgage REIT space. Back in April, the FSOC actually cited mREITS as posing a systemic risk due to their reliance on repo funding that could quickly disappear in a crisis. When tapering appeared to be imminent, mREIT stock prices plunged, and the selling of mbs by mREITs drove interest rates up. With yesterday's news, mREITs have stabilized - unfortunately, at the expense of life insurers.
Well, the interest rates were not higher when the market opened. GNW opened at 12.64 and is down now in such strong day. It is mainly manipulation. Someone is busy buying options and I think GNW is headed higher in near future.