Genworth Surges on Huge Book Value Discount (GNW)

Posted in pre-market 
October 30th, 2009

Genworth Financial Inc. (NYSE: GNW) already rose some 17% yesterday and closed at $10.18, but shares rose by at least another 14.7% on very active trading. The troubled financial company posted $0.24 EPS vs a -$0.02 estimate. Revenues rose 10% to $2.39 billion, but under the $2.52B estimate.  Book value per share grew 10% sequentially to $25.42 per share over the improvement in the markets.  Shares are rocketing still this morning. At 8:50 AM EST we have seen almost 500,000 shares trade hands and the stock is up 14.4% at $11.65.  The 52-week trading range is $0.99 to $19.99 and the average volume is over 23 million shares. JON OGG

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