The S&P 500’s top losers on January 30 were:
MetLife, which provides insurance for life, auto, home, dental, and vision, was the S&P 500’s top loser on January 30. After trading with strength for four consecutive trading weeks, MetLife started this week on a weaker note. Carrying forward the weakness, MetLife opened lower on Tuesday and declined to four-month low price levels.
The selling pressure in MetLife increased this week following the announcement of the company’s plan to strengthen its reserves. Management announced that money is being set aside to support policies for pension and annuity clients. The announcement resulted in an inquiry from the Securities and Exchange Commission and New York state regulators. Management also announced a downward revision of the 2017 net income by $195 million and postponed the earnings release from this week to February 13.
On January 30, MetLife declined 8.6% and closed the day at $49.73. MetLife is part of the S&P 500 Financials sector, which declined 1.2% on Tuesday.
Next, we’ll discuss how Harley-Davidson performed on January 30.