|Over a month ago|
Genworth, Oceanwide extend merger agreement » 07:3112/2312/23/19
Genworth Financial and…
Genworth Financial and China Oceanwide Holdings Group announced they have agreed to a 13th waiver and agreement of each party's right to terminate the previously announced merger agreement. The 13th waiver and agreement extends the previous deadline of December 31, 2019 to no later than March 31, 2020.
Genworth completes Genworth MI Canada stake sale to Brookfield Business Partners » 10:5512/1212/12/19
Genworth Financial (GNW)…
Genworth Financial (GNW) announced the closing of the sale of its majority stake in Genworth MI Canada Inc. to Brookfield Business Partners (BBU). As previously disclosed, the purchase price was C$48.86 per share, reflecting a total transaction value of approximately C$2.4B. The purchase price was subject to certain adjustments, including Genworth Canada's payment of a special dividend in October 2019 to Genworth. The net cash proceeds, including the aggregate amount of the special dividend paid in October 2019 and adjustments for foreign exchange, fees and expenses, were approximately $1.8B. In connection with but prior to the closing, Genworth completed an internal reorganization whereby Genworth contributed 100% of its ownership interest in Genworth Mortgage Holdings, Inc. to Genworth Holdings, Inc. As a result of this contribution, Genworth Holdings now owns 100% of GMHI, which owns 100% of the issued and outstanding voting securities of Genworth's U.S. mortgage insurance companies, including Genworth Mortgage Insurance Corporation.
Genworth rises 9.1% » 09:4712/1012/10/19
Genworth is up 9.1%, or…
Genworth is up 9.1%, or 38c to $4.54.
Fly Intel: Pre-market Movers » 09:0612/1012/10/19
NFLX, NLOK, INTC, GNW, AZO, SFIX, MDB, DBI, CONN, CHWY, CNST
HIGHER: Genworth (GNW),…
HIGHER: Genworth (GNW), up 9% after announcing that Brookfield Business Partners (BBU) has received approval under the Insurance Companies Act to purchase Genworth's majority interest in Genworth MI Canada. With all regulatory approvals required for the completion of this transaction now obtained, the parties expect to complete the Genworth Canada transaction on December 12... NortonLifeLock (NLOK), up 3% after the Wall Street Journal reported the company has drawn deal interest from several companies including McAfee, which is owned by Intel (INTC). UP AFTER EARNINGS: AutoZone (AZO), up 5%... Stitch Fix (SFIX), up 10%... MongoDB (MDB), up 8%. DOWN AFTER EARNINGS: Designer Brands (DBI), down 17%... Conn's (CONN), down 26%... Chewy (CHWY), down 1%. ALSO LOWER: Netflix (NFLX), down 2% after Needham analyst Laura Martin downgraded shares to Underperform from Hold without a price target. She projects Netflix will lose 4M U.S. subscribers in 2020 at its premium priced tier of $9-$16 per month, Martin tells investors... Constellation Pharmaceuticals (CNST), down 5% after offering of 4.75M shares of common stock.
Canadian regulators clear sale of Genworth's stake in Genworth MI Canada » 16:5912/0912/09/19
Genworth Financial (GNW)…
Genworth Financial (GNW) and Brookfield Business Partners (BBU) announced that Brookfield Business Partners together with its institutional partners has received approval under the Insurance Companies Act to purchase Genworth's majority interest in Genworth MI Canada Inc. All regulatory approvals required for the completion of this transaction have now been obtained. The parties expect to complete the Genworth Canada transaction on December 12, 2019.
Genworth reports Q3 adjusted EPS 24c, consensus 30c » 17:1310/2910/29/19
Reports Q3 revenue…
Reports Q3 revenue $2.02B, one estimate $2.19B. "Genworth has significant expertise in implementing security protocols that satisfy data security concerns as a result of the successful implementation of our Enhanced Data Security Program," said Tom McInerney, president and CEO of Genworth Financial. "We are confident in our ability to satisfy the Canadian government's requirements in order to move forward with the sale of Genworth Canada, which is the best path forward to ultimately close the transaction with Oceanwide. The Oceanwide Transaction continues to represent the best value for Genworth's shareholders."
Genworth options imply 12.6% move in share price post-earnings » 15:3410/2910/29/19
Pre-earnings options volume in Genworth is normal with calls leading puts 5:2. Implied volatility suggests the market is anticipating a move near 12.6%, or 54c, after results are released. Median move over the past eight quarters is 1.4%.
|Over a quarter ago|
Notable open interest changes for October 23rd » 08:5510/2310/23/19
SNAP, MSFT, GNW, FB
Tuesday's total option volume of 17.7 million contracts resulted in net open interest growth of 3.31 million calls and 3.32 million puts. Snap Inc. (SNAP), Microsoft (MSFT), Genworth (GNW) and Facebook (FB) saw the greatest growth. Top five new positions opened include 50k Genworth (GNW) Jan-20 3 puts, 50k Genworth (GNW) Jan-20 5 calls, 43k GameStop (GME) Jan-20 7 puts, 28k NIO (NIO) May-20 1 puts and 25k Microsoft (MSFT) 10/25 weekly 150 calls.
Genworth receives feedback from Canadian regulators regarding transaction » 07:5110/2210/22/19
Genworth Financial announced it received feedback from Canadian regulators with respect to the transaction pursuant to which Brookfield Business Partners has agreed to purchase Genworth's majority interest in Genworth MI Canada. As previously disclosed, discussions with the Canadian regulators with respect to the acquisition of Genworth by China Oceanwide Holdings Group and its affiliates were focused on national security matters, including data protection and the safeguarding of our customers' information. The Canadian regulators continue to focus on those same matters in connection with their review of the pending sale of Genworth Canada to Brookfield Business Partners under the Insurance Companies Act. In particular, they are focused on the continued protection of Canadian customer data during the period after the closing of the Proposed Transaction when Genworth will be providing certain transition services to Genworth Canada before it transitions away from Genworth's information technology platforms. Genworth and Brookfield Business Partners have received all other required approvals to complete the sale of Genworth Canada and continue to target a closing of the Proposed Transaction by the end of 2019.
Fitch says GE's insurance business 'below average' in terms of reserves » 06:0408/2108/21/19
GE, GNW, UNM
Many insurers remain…
Many insurers remain under-reserved against the losses associated with long-term care insurance, according to new analysis by Fitch Ratings. "Exposure to the long-term care market remains a plague," says Anthony Beato, Director of Insurance at Fitch Ratings. "It continues to be a risky product despite the adoption of more conservative reserving philosophies that more closely align to its volatile liabilities." Fitch's analysis identifies four insurers with very high exposure to the LTC market and below average reserve adequacy. They include Genworth Financial (GNW), General Electric (GE), UNUM Group (UNM) and Senior Health Insurance Co. of PA. AEGON Americas has moderate exposure but below average reserve adequacy, Fitch said in a statement. Reference Link