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Crain's New York Business
JAN-01
Stock Watch: Insurer's stock loses its assurance; Weak earnings bring MONY's price down; firm bets on acquisition.
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Stock Watch: Insurer's stock loses its assurance; Weak earnings bring MONY's price down; firm bets on acquisition.
Publication: Crain's New York Business Publication Date: 29-JAN-01 Author: wipperfurth, heike
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COPYRIGHT 2001 Crain Communications, Inc.
Earlier this month, the MONY Group Inc. warned that it expects to report a steep drop in its fourth-quarter earnings and that this year's profits might come in way below expectations. The market didn't prize its honesty-the old-line life insurer's stock price quickly plunged 33% to $35 a share and has barely recovered, closing last Friday at $36.38. Thomas Gallagher, an analyst at Wasserstein Perella Securities, reduced...
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