Price Tankers: Ambac & MBIA (ABK, MBI)

Posted in General 
November 5th, 2008

Ambac Financial Group, Inc. (NYSE: ABK) is being butchered this morning.  The bond insurer posted a monster loss of some $2.43 billion after items in the Q3 period.  This is trading down 25% at $2.54 on almost 14 million shares after only 14 minutes since the stock market opened.  This stock trades an average of 36 million shares and that number is likely to be hit in an hour or slightly longer as day traders and investors are buying and selling this one left and right.  The 52-week trading range is $1.04 to $34.42, but this was $100.00 before the wheels came off the cart last year.

MBIA (NYSE: MBI) is also being hit hard over losses.  But with a higher share price it is far less active than Ambac.  Its shares are down 18% at $8.57, and its 52-week trading range is $3.62 to $45.40.  This still has not traded 2 million shares and its average daily volume is 12.5 million shares.

JON OGG
November 5, 2008

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