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MetLife Lowers Forecast; Shares Sink
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MetLife (MET Quote) cut its third-quarter earnings guidance late Tuesday, saying the downturn in the equity markets is hurting fee revenue in the variable annuity business and that variable investment income is declining.
Shares of the insurer were dropping $6.35, or 17.2%, to $30.52 Wednesday morning. MetLife's stock has now fallen nearly 50% in 2008.
The New York-based company said it expects third-quarter income from continuing operations to be in a range of $1 billion to $1.15 billion, or $1.38 to $1.58 a share. MetLife will report its full third-quarter results on Oct. 29. ...
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