Lincoln National (LNC) Rises After Comments On Liquidity
After being slammed 38% yesterday, shares of Lincoln National Corp. (NYSE: LNC) are up 15% today after issuing reassuring comments on its liquidity, including plans to repay a $500 million debt maturity in full and on schedule on April 6, 2009. Lincoln also noted that while they withdrew their application for the FDIC's TLGP, they have not withdrawn the application to participate in the TARP. The TLGP news was a major driving factor of yesterday's slide.
Other insurance stocks, which reacted negatively to yesterday's news, are up today:
- Hartford Financial (NYSE: HIG) down 4%, but well off the lows. (HIG was downgraded by Moody's)
- Prudential Financial, Inc. (NYSE: PRU) up 7.5%
- MetLife, Inc. (NYSE: MET) up 6%
- Principal Financial Group Inc. (NYSE: PFG) up 3%
- Genworth Financial Inc. (NYSE: GNW) up 7%
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