FAF was off $2.78 (over 13% to close at a new 52 week low of $18.29. It was down over 20% before a late afternoon "rally".
The entire Title segment got destroyed as Fidelity announced a huge 3rd quarter loss after setting aside $261.6 million in reserves. They also cut their dividend in half, announced 1,000 job cuts, and an across the board 10% pay cut.
Shares of other title insurers fell Thursday to their lowest levels since at least 2000.
The carnage- Land America down $3.23, or 26.3 percent, to $9.07, and Stewart Information Services Corp down $3.34, or 18.3 percent, to $14.96.
FNF closed down 58 cents, or 6.4 percent, at $8.44.
The market was down for most of the day (traded in 550 range) before a late afternoon rally and closed up 172 points.
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