Ambac Gets S&P Break (ABK, MBI)

Posted in pre-market 
December 3rd, 2009

Ambac Financial Group Inc. (NYSE: ABK) is soaring this morning in pre-market trading on an S&P upgrade.  The rating was raised to a still dismal “CC.”  Still, anything is better than nothing, particularly when we listed this one as a brand which is likely to disappear in 2010.  Shares are up 18% at $0.96 on about 800,000 shares as of 8:26 AM EST.

We would also watch MBIA Inc. (NYSE: MBI) on this for a secondary or tertiary move.  Its shares are up 3.8% at $3.75 in sympathy, but on thinner volume.

JON C. OGG

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