From the status quo of Allstate stock, the plans of the corporation has not inspired an increase in buying........
Another sign that this major change in direction for the corporation is not a future slam dunk success....
For the short term, the firings will lead to a spike in profit....but for the long term the future success of Allstate is much less clear.....
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The markets don’t care about layoffs they’re more concerned with Allstate being able to compete, plain and simple. Their pricing is not competitive and State Farm is introducing an 11% reduction in auto rates. Meanwhile Allstate is eliminating its Covid 15% reduction in rates. Judging from these situations Wilson better figure something out sooner or later or even his stock price is going to crumble.
Good call
As a stock holder, I placed a halt of my stock purchases of Allstate last month.