The insiders are buying - still going down.
Blackrock does DD and buys more - still going down.
Book value is 12 times SP - still going down.
But the market is going down - still going down but 5 times faster.
If I weren't down $125K I'd be LMAO!
RICHMOND, Va. (AP) - Henrico County-based insurance company Genworth Financial Inc. has announced it would eliminate 330 positions in a cost-cutting move.
Media outlets report that the latest job cuts were disclosed Friday, after Genworth announced Thursday that it was suspending sales of its traditional life coverage and fixed annuity products in the first quarter of this year.
Genworth spokeswoman Julie Westerman says 70 of the cut positions are in the Richmond area and 200 are in Lynchburg. Some employees outside Virginia will also be affected.
The company says the job cuts, combined with other measures, would save the company between $80 million and $90 million a year.
Genworth President and CEO Tom McInerny said in a statement the company would "support" employees who lost their job and treat them with "the utmost respect."
Think about this. If the annual meeting is forthcoming, do you think the officers & directors, to try to keep their jobs, would be sellers or buyers? I am not sure insider buying is a technical indicator I would put my money on. If I was knocking down millions and the barbarians were at the gate, I too would try to play company ball. But hey, we all have opinions.
Genworth to cut about 270 employees in Virginia, including 70 in Richmond area
BY JOHN REID BLACKWELL Richmond Times-Dispatch
Genworth Financial Inc.'s decision to indefinitely suspend sales of traditional life insurance and annuity policies will result in about 270 job cuts in the company's Virginia operations
Lynchburg, VA - One of Lynchburg's largest employers is making changes. Genworth announced that it is planning to restructure and will lay off 200 employees in Lynchburg.
From WSET v
Other institutional investors also recently added to or reduced their stakes in the company.
Well why didn't you post those that REDUCED their stakes.?
You know what I would do if I believed all of that? I would take out a mortgage on the house, borrow money to the max, even from the in-laws and buy as many call options on margin as I possibly could. I wouldn't be wasting time pumping on this board.
So that's the reason the stock is tanking. Thanks for the info!