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Company: Ambac Financial Group (ABK)
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edit Ambac Reports Profit....Bears Scurry

Top Contributor: Todd Sullivan | Created when ABK was $7.42 | Edit | History

Ambac(ABK) announced second quarter 2008 net income of $823.1 million, or net income of $2.80 on a fully-diluted per share basis. This compares to second quarter 2007 net income of $173.0 million, or net income of $1.67 on a fully-diluted per share basis. The increase in the second quarter of 2008 is primarily due to recording net mark-to-market gains on credit derivatives, increased accelerated premiums from refundings, and loss reserve reductions on the direct residential mortgage-backed securities (RMBS) portfolio, partially offset by market losses on RMBS within the financial services investment portfolio.

Short translation? The write-downs that killed earnings are becoming write-ups and helping them.

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edit Ambak has fallen to an attractive price after loss on CDOs

Top Contributor: Michael Francis | Created when ABK was $44.31 | Edit | History

Ambak has fallen to an attractive price after a non-recurring loss on insured collateralized debt obligations. But with wider spreads and less liquidity, Ambac stands to achieve greater margins and business going forward.

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edit HOUSING BILL PASSES

Created when ABK was $2.15 | Edit | History

Fewer foreclosures

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