(Adds job cut information, recasts lead) NEW YORK, Jan 26 (Reuters) - Shares of Allstate Corp. rose nearly 4 percent on Thursday after analysts said investors were overreacting to reports of heavy competition in auto insurance, and the company separately said it was cutting 700 jobs. Allstate's shares had fallen 3.4 percent on Tuesday and Wednesday, as investors fretted over the outlook for auto insurance and Allstate's possible fourth-quarter hurricane losses. In recent conference ...
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