The Phoenix Cos. on Tuesday posted a wide second-quarter loss, driven by severance costs and tax issues, sending shares down sharply.The company lost $111.2 million, or 96 cents per share, reversing a profit of $6.2 million, or 5 cents per share in the year ago period. It posted an operating loss of $16.1 million, or 14 cents per share.
http://StockEinstein.com offers free daily stock alerts on companies ready to run. Scroll to the bottom of this page to signup for free stock alerts and visit our site.
Revenue fell 11 percent to $525.7 million from $590.1 million last year.The results included $68.8 million in realized losses, including credit-related impairments and losses related to investments and hedging. A loss from discontinued operations totaled $26.3 million.During the quarter, Phoenix said a number of its distributors slowed or stopped selling its products because of downgrades from ratings agencies. Life insurance sales fell to $9.2 million during the quarter, from $68.9 million last year. Annuity deposits of $16 million compared with $176 million in the prior-year period.
StockEinstein.com has a dedicated team uncovering stocks ready to break and run. We apply time tested criteria and when one of these stocks meets or exceeds our benchmarks, our subscribers are immediately notified directly to their in-box.
This is a free service available only to our subscribers. Scroll to the bottom of this page to signup for free stock alerts and visit our site.
During 2009 our alerts have resulted in an average price gain of 80%+.
Disclaimer: Full disclaimer at http://StockEinstein.com/disclaimer.php
IMPORTANT: Never invest in any stock featured in any press release, email or website unless you can afford the loss of your entire investment. Stocks and particularly penny stocks have the possibility for dramatic gains, and also losses. Neither StockEinstein, nor any of its affiliates are registered investment advisors or broker dealers.
