Business Services Industry
Insurer UnumProvident's Stock Plunges as Company Says it Must Boost Reserves.
Knight Ridder/Tribune Business News, April, 2003
By Mike Pare, Chattanooga Times/Free Press, Tenn. Knight Ridder/Tribune Business News
Apr. 26--UnumProvident Corp.'s interim chief executive said Friday he had hoped investors would greet the company's restructuring plan better, but he thinks the stock price will rebound from a sharp drop.
"I had hoped the market had built this in," said Thomas R. Watjen, the company's vice chairman who became CEO amid a decrease in investor confidence last month.
The company's stock plunged Friday almost 27 percent to close at $9.12 on heavy trading volume of over 10 million shares, about five times more than usual.
UnumProvident announced Friday it is having to boost its reserves for its group long-term income protection plans by $454...
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