Shares of Genworth Financial (GNX) jumped almost 7% on Wednesday, making it TheStreet’s Move of the Day. The company posted a quarterly loss on the heels of a $478 million charge stemming from long-term care products purchased prior to 1996. The company reported a net loss of $760 million, that’s a $1.53 per share, during the fourth quarter, which was a lot worse than the $208 million profit Genworth posted for the same quarter last year. Genworth Financial President and CEO Tom McInerney said in a statement: ‘I am disappointed by the continued challenges in our older LTC blocks and how it is overshadowing otherwise strong performance and momentum in other businesses, however we have taken steps on many fronts to deal with these challenges in order to strengthen and rebuild the future.’ TheStreet’s Scott Gamm reports from New York.
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