Ambac Rallying on Approval (ABK)

Posted in pre-market 
September 3rd, 2008

Ambac Financial Group, Inc. (NYSE: ABK) is trading higher after its Ambac Assurance Corp. has received clearance from the Wisconsin Department of Insurance to reactivate its Connie Lee Insurance Co. unit.  The company now can begin offering financial guaranty coverage of municipal bonds and other products in the state.

Ambac also reported a $2.47 billion unrealized loss in the fair value of credit derivatives in July.

Shares are trading up 12% at $7.94 in recent pre-market activity as of 8:51 AM EST on more than 1 million shares.  The average daily volume is 27.5 million shares.  Its 52-week trading range is $1.04 to $73.20.

Jon C. Ogg
September 3, 2008

Comments are closed

-->