Allianz Shares Sink After Bill Gross Leaves PIMCO

Bill Gross is leaving PIMCO and joining Janus Capital.

PIMCO is a subsidiary of Allianz, the German financial services and insurance conglomerate.

Following the news, shares of Janus exploded higher, gaining as much as 40% in pre-market trade and opening up 37% at the bell on Friday.

Allianz shares trading in Frankfurt went the opposite direction, falling more than 5%. Meanwhile, US-listed shares of Allianz, were down more than 6% after the market open.

Here’s the ugly chart of German-listed Allianz shares.

And the amazing chart of Janus shares.

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