Why Genworth Financial (GNW) Stock is Soaring Today
NEW YORK (TheStreet) -- Shares of Genworth Financial (GNW) - Get Report are spiking 18.92% to $4.08 on heavy trading volume Monday afternoon, continuing to advance after reporting better-than-expected earnings for the 2016 first quarter on Friday.
The Richmond, VA-based provider of mortgage insurance products posted earnings of 21 cents per share, topping analysts' expectations of 14 cents per share.
Revenue for the period was $1.8 billion, below analysts' expectations of $2.15 billion.
"We are pleased with the continued strong performance of our MI businesses and improved results in our U.S. life insurance businesses during the quarter," President and CEO Tom McInerney said in a statement.
"We also enhanced our strategic and financial flexibility by proactively reducing holding company debt, successfully completing a bond consent solicitation and making progress on our U.S. life insurance restructuring plan," he added.
About 15.77 million of the company's shares were traded so far today vs. the average volume of 7.66 million shares per day.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, poor profit margins and generally disappointing historical performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: GNW
