Tuesday, June 23, 2009
Manulife Down Sharply As Markets Drop, OSC Launches Probe
Shares of Manulife Financial Corp. (MFC) are down sharply Monday after the insurance company made a series of surprise announcements late Friday that could cut its earnings outlook. A steep drop on the Toronto Stock Exchange is contributing to the sell-off... In Toronto, Manulife is off C$2.93, or 12.6%, to C$20.32 on 9.7 million shares.
"They've had a quadruple whammy," said Barry Schwartz, vice-president and portfolio manager at Baskin Financial Services... Not only did Manulife announce late last week that its highly regarded chief financial officer, Peter Rubenovich, would retire shortly, it also said it was under investigation...
WSJ: Manulife Down Sharply As Markets Drop, OSC Launches Probe (Subscription required)
"They've had a quadruple whammy," said Barry Schwartz, vice-president and portfolio manager at Baskin Financial Services... Not only did Manulife announce late last week that its highly regarded chief financial officer, Peter Rubenovich, would retire shortly, it also said it was under investigation...
WSJ: Manulife Down Sharply As Markets Drop, OSC Launches Probe (Subscription required)
Permalink posted by markw @ 4:45 AM 
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