Great-West Life Co. (TSE:GWO) in a tailspin - down 3.1% in first hour of trading

[jt05mi]

...and counting

**UPDATES
10:24 AM - (-3.36%)
10:39 AM - (-3.64%)
03:15 PM - (-3.68%)
CLOSE - (-3.86%)

Wow, this can't all be stemming from the predator VP...what else is up?

http://www.lfpress.com/news/london/2012/07/19/20003796.html

[ccyk]

I hate insurance companies. it is just so difficult to put fair market valuation on its assets and debt. not transparent at all. market is also rigged. I'd never touch it.

[charliebrown]

Well, if you're looking for news, Europe and Asian markets blew up overnite...most stocks/indexes are down 2-5% (except for buyouts like Nexen, and recapitalizations like YLO)

[brunes]

I hate insurance companies. it is just so difficult to put fair market valuation on its assets and debt. not transparent at all. market is also rigged. I'd never touch it.

While I don't fully disagree - there are some good buys in insurance right now, due to them being oversold (due to thinking like yours). SLF I think is very oversold and I have been buying a bunch of it. Wait until people get a whiff of interest rates rising and these things are going to take off like rockets, and you have a nice solid dividend while you wait for that.

[Johnny0c]

I doubt its directly from that, SLF is down about 4.66% probably going to grab some shares now.

[charliebrown]

While I don't fully disagree - there are some good buys in insurance right now, due to them being oversold (due to thinking like yours). SLF I think is very oversold and I have been buying a bunch of it. Wait until people get a whiff of interest rates rising and these things are going to take off like rockets, and you have a nice solid dividend while you wait for that.

I agree -- but SLF went all the way down to $18 last Dec -- I think i'll wait a little longer before buying in again considering that long-term rates are even lower now than before

[S5]

Well, if you're looking for news, Europe and Asian markets blew up overnite...most stocks/indexes are down 2-5% (except for buyouts like Nexen, and recapitalizations like YLO)

Seriously, no idea why GWO was singled out by OP. It's down less than SLF or MFC. Perhaps the OP only pays attention to stocks he owns?

[ccyk]

While I don't fully disagree - there are some good buys in insurance right now, due to them being oversold (due to thinking like yours). SLF I think is very oversold and I have been buying a bunch of it. Wait until people get a whiff of interest rates rising and these things are going to take off like rockets, and you have a nice solid dividend while you wait for that.

no, i wont touch it high or low. I just can't tell how many toxic assets and debts insurance co hold.

like whats the % of european debt it hold? it is going to be worthless in a few months.

[jt05mi]

Seriously, no idea why GWO was singled out by OP. It's down less than SLF or MFC. Perhaps the OP only pays attention to stocks he owns?

It was just a noticeable stock in ones I have been following. I was planning on buying GWO, so I have been watching it for the past few months.

[Jungle]

This has been common lately for the insurance companies to swing like this. I've seen MFC swing around 5% a day and I don't really watch the stock.

[jt05mi]

UPDATE*

down another 0.52% to 21.04

(yes I know SLF is also down 1.4% today)