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SunPower Corporation Message Board

fantasy_fb2002 19 posts  |  Last Activity: Apr 2, 2015 11:22 AM Member since: Nov 21, 2007
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  • Genworth Said to Seek Buyers for GLAIC Life, Annuity Unit
    11:07 AM EDT
    April 2, 2015

    Genworth Financial Inc., the insurer weighing a breakup after steep losses on policies covering long-term medical care, is seeking buyers for a life and annuity unit, according to people familiar with the matter.
    The firm is working with Goldman Sachs Group Inc. on a sale of Genworth Life and Annuity Insurance Co., or GLAIC, said the people, who asked not to be identified because the matter isn’t public.

    Genworth will consider selling GLAIC in parts if it can’t find a buyer for the entire unit, two of the people said.
    In a sale, GLAIC would fetch a discount to its year-end capital and surplus of about $2.1 billion, one person said. Capital and surplus represents the difference between the value of an insurer’s assets and liabilities.
    Genworth rose 3.6 percent to $7.59 a share as of 11:09 a.m. in New York, giving the company a market value of about $3.8 billion.
    Al Orendorff, a spokesman for Richmond, Virginia-based Genworth declined to comment, as did Leslie Shribman, a spokeswoman for Goldman Sachs.

    Genworth announced a strategic review in February, after losing about $1.6 billion in the second half of 2014 because it didn’t have enough money set aside to cover payouts on long-term care policies, which help incapacitated people pay for nursing homes and health-care aides. It’s also selling a European unit that helps people pay bills if they can’t work.
    Breakup Calls

    GLAIC, which sells annuities, individual life insurance and employee-provided insurance, earned about $200 million last year, according to its 2014 annual statement. GLAIC is the second-largest of Genworth’s four main life insurance subsidiaries, with about $24 billion of assets and more than $20 billion in liabilities at year-end.
    People buy annuities to ensure they have a steady source of income after they retire. Axa SA, CNA Financial Corp., Hartford Financial Services Group Inc. and other insurers in recent yea

  • Reply to

    Error

    by finstats Mar 2, 2015 7:31 PM
    fantasy_fb2002 fantasy_fb2002 Mar 3, 2015 2:52 PM Flag

    Maybe they're talking about the news organizations with their misleading headlines and articles...making it seem like it's a brand new never before seen/heard of news before yesterday.

    The organizations probably know they screwed up today but it's too late and they're going to just not do anything to make themselves look bad and incompetent...no research before releasing the articles.

  • Reply to

    Error

    by finstats Mar 2, 2015 7:31 PM
    fantasy_fb2002 fantasy_fb2002 Mar 3, 2015 10:19 AM Flag

    Do you think that all the organizations that mislead/lied to the public/investors will put out an apology & correction? Emailed WSJ the pertinent info/quote but not sure if they will admit to their "error".

  • Reply to

    expect profit taking

    by sorbetfuel Feb 23, 2015 5:20 PM
    fantasy_fb2002 fantasy_fb2002 Feb 23, 2015 5:58 PM Flag

    Good point. Hopefully $40 near term...next couple of months & $45+ by the end of 2015.

    Congrats & good luck!

  • Reply to

    Idiot Libs Obsessed With Fox News

    by libs_r_morons Feb 23, 2015 2:42 PM
    fantasy_fb2002 fantasy_fb2002 Feb 23, 2015 2:56 PM Flag

    The Truth Hurts...Liberals Hate Unbiased News Reports like they have on Fox News...Libs prefer Censored & Biased.

  • Now we know why GNW was down big yesterday...on the leaked news about the S&P rating cut/affirm (see info below). Thought it couldn't be the Australian news since that came out really early on Tuesday morning & GNW finished up $0.15 after the news that day.

    S&P Cuts Genworth Financial (GNW), U.S. Subsidiaries Two Notches to 'BBB-'
    February 19, 2015 9:57 AM EST

    Standard & Poor's Ratings Services said today that it lowered its counterparty credit and financial strength ratings on Genworth Financial Inc.'s (NYSE: GNW) U.S. life insurance subsidiaries--Genworth Life Insurance Co., Genworth Life & Annuity Insurance Co., and Genworth Life Insurance Co. of New York--to 'BBB-' from 'BBB+'. At the same time, Standard & Poor's lowered its counterparty credit ratings on Genworth Financial Inc. and Genworth Holdings Inc. to 'BB-' from 'BB+'. The outlook on all of these companies is negative.

    In addition, Standard & Poor's took the following actions on Genworth's various other subsidiaries:

    We affirmed our 'A+' counterparty credit and financial strength ratings on Genworth Financial Mortgage Insurance Co. Canada and our 'BBB+' counterparty credit rating on Canadian holding company Genworth MI Canada Inc. We revised the outlook on these companies to stable from negative.
    We affirmed our 'A+' counterparty credit and financial strength ratings on Genworth Financial Mortgage Insurance Pty Ltd. and Genworth Financial Mortgage Insurance Pty Ltd. (NZ Branch), (Genworth Australia), the active Australian lenders' mortgage insurance (LMI) business. We also affirmed our 'A-' rating on Australian LMI run-off subsidiary Genworth Financial Mortgage Indemnity Ltd. We revised our outlook on Genworth Australia to developing from negative, and we revised our outlook on Genworth Financial Mortgage Indemnity Ltd. to developing from stable.

    Full article:
    http://www.streetinsider.com/Credit+Ratings/S%26P+Cuts+Genworth+Financial+%28GNW%29%2C+U.S.+Subsidiaries+Two+Notches+to+BBB-/10290814.html

  • Reply to

    about the rev "shortfall"

    by toast22342000 Feb 18, 2015 6:04 PM
    fantasy_fb2002 fantasy_fb2002 Feb 18, 2015 6:30 PM Flag

    Very nice info & write up. I'm a bit surprised that SUNE is not up fairly big on it's report but maybe SCTY is affecting SUNE's afterhours action. Maybe SUNE will be trading positive tomorrow after their conference call.

  • It's amazing how fast & far SUNE has already come over the last year & the incredible growth it continues to have going forward. This has to be a $50+ stock in the next year or so imo.

    Congrats & good luck!

  • Reply to

    HUGE Rev Miss

    by dereksun2002 Feb 18, 2015 4:25 PM
    fantasy_fb2002 fantasy_fb2002 Feb 18, 2015 4:38 PM Flag

    Guidance is usually what analysts & investors think is most important, so we'll have to wait until we know more but overall the report looks great & SunEdison future looks amazing imo.

  • fantasy_fb2002 fantasy_fb2002 Feb 18, 2015 10:48 AM Flag

    What Zack hit piece...Zack has been a strong sell with consent negative comments on GNW since it was trading around $1 per share. Thanks and good luck.

  • Reply to

    NOT GOOD FOR GNW

    by earl43935 Feb 18, 2015 6:36 AM
    fantasy_fb2002 fantasy_fb2002 Feb 18, 2015 10:43 AM Flag

    The Australian news came out really early Tuesday morning & GNW was up +$0.15 that day. Not sure what is affecting the price this (Wed) morning. Notice other insurers are currenlty down at the moment too but not nearly as much.

  • Reply to

    Have you seen the Obama healthcare ad?

    by garroty Feb 16, 2015 1:37 PM
    fantasy_fb2002 fantasy_fb2002 Feb 16, 2015 1:51 PM Flag

    Please post a link if possible. Thanks in advance.

  • fantasy_fb2002 by fantasy_fb2002 Feb 16, 2015 1:29 PM Flag

    Why not resign since he hacks at Golf almost every other day instead of doing any work for America????

  • Reply to

    Obama is the creator of so many jobs!

    by phil_mccrackkin Feb 16, 2015 10:53 AM
    fantasy_fb2002 fantasy_fb2002 Feb 16, 2015 1:28 PM Flag

    They say factually that all of the jobs are part time (many illegal) immigration type of workers. This is unacceptable to the US poor & middle class!!!

  • fantasy_fb2002 fantasy_fb2002 Feb 16, 2015 1:26 PM Flag

    Presidents & CEO of major companies unlike Obama a local community organizer...LMAO!! Why you playing games??? We know you & most people don't like Obama as a person/leader or leader...only like him because he's a Liberal/Democrat.

  • fantasy_fb2002 fantasy_fb2002 Feb 16, 2015 1:23 PM Flag

    Idiot Obama & Joe "Stooges" Biden are 2 of the dumbest people in the world... They both keep sticking their feet in their mouths. They are like a comedy team except they're not trying to be funny! Obama makes Carter look competent LMAO!

  • We all wish we had global warming temps like South FL year around!

  • fantasy_fb2002 fantasy_fb2002 Feb 16, 2015 1:17 PM Flag

    A Few Known College Dropouts:

    Bill Gates
    Steve Jobs
    Frank Lloyd Wright
    Buckminster Fuller
    James Cameron
    Mark Zuckerberg
    Tom Hanks
    Harrison Ford
    Lady Gaga
    Tiger Woods
    Scott Walker

  • fantasy_fb2002 fantasy_fb2002 Feb 16, 2015 1:16 PM Flag

    A Few Known College Dropouts:

    Bill Gates
    Steve Jobs
    Frank Lloyd Wright
    Buckminster Fuller
    James Cameron
    Mark Zuckerberg
    Tom Hanks
    Harrison Ford
    Lady Gaga
    Tiger Woods
    Scott Walker

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