MBIA Fails Ambac’s Trend (MBI, ABK)

Posted in after-hours 
November 9th, 2009

MBIA Inc. (NYSE: MBI) turns out that being in a bad bond insurance business is not good like it was for rival Ambac (ABK) last week.  It posted a lower third-quarter loss, due to a benefit from narrowing credit spreads, of $727.8 million, or -$3.50 EPS.  The company further noted that its incurred losses in insurance were above expectations and the same housing related performance trends drove its asset losses and impairments.

MBIA shares are trading down 14% at $4.10 after the close and the NYSE after-hours session has this as the most active of the decliners with over 60 8,000 shares as of 4:31 PM EST.  This traded over 10 million shares in regular hours versus 8.8 million shares on average.


Comments are closed