Financial Stocks Updates
Bank of America Corporation, GNW, MET, XLF, CNO, LNC
Financial Stocks were among the top worst performing sector last Tuesday including various insurance companies fell sharply after New York Attorney General Eric Schneiderman named two companies as subpoenaed.
Financial Select Sector SPDR (ETF) (NYSE:XLF), which better shows the performance of financial stocks, slid 0.90% to $15.50.
Shares of Genworth Financial, Inc. (NYSE:GNW) slumped 2.65% and MetLife, Inc. (NYSE:MET) fell 1.48% as those two companies became victim among then ine companies subpoenaed last month as part of New York Attorney General Eric Schneiderman’s probe of the life insurance industry’s handling of so-called abandoned property, as reported by Bloomberg News.
The probe will all about verifying if the insurance companies are following the regulations properly related to determine whether someone has died and benefits are due, the person said.
The subpoenas would need documents and information related to the companies’ procedures around abandoned property.
Other insurance companies, CNO Financial Group, Inc. (NYSE:CNO), and Lincoln National Corporation (NYSE:LNC) also fell.
Among other financial stocks, Bank of America Corporation (NYSE:BAC) fell 0.81% on profit booking after rising 5.50% last week.
More Penny Stock News, IPO Updates and Stock Market Research.
***Sign up above for FREE Financial Stock updates from our eMail list***
No related posts.
Related posts brought to you by Yet Another Related Posts Plugin.
Penny and Small Cap Stock Alerts