Friday's Winners and Losers: MBIA

Meanwhile, bond insurers MBIA (MBI Quote) and Ambac (ABK Quote), already prominent victims of the ongoing credit crisis, took more hits after The Wall Street Journal reported that Warren Buffett is launching a competing bond insurer through his Berkshire Hathaway (BRKA Quote) firm.

According to the Journal, the new entity aims to allow local governments to borrow more cheaply, and is planned to start up in New York today.

MBIA lately surrendered $3.31, or 14.9%, to $18.96; Ambac was off 13.3% at $25.27. Berkshire traded up 1.9% to $140,400.

And shares of Centerline (CHC Quote) plummeted 25% after the asset manager said it will take charges of between $45 million and $55 million resulting from securitizing its $2.8 billion affordable-housing-bond portfolio with Freddie Mac (FRE Quote). That should chop at least 14 cents per share off Centerline's cash available for distribution to between $1.70 and $1.75.

The firm also slashed its quarterly dividend by 64% to 15 cents a share, and set its 2008 adjusted-earnings guidance at between $1 and $1.10 a share. The sole analyst's estimate is calling for $1.90, according to Thomson Financial. Shares were falling $2.57 to $7.70.

Trying to navigate the approval process, Theravance(THRX Quote) said Thursday after the close that an FDA panel will meet to review its new-drug application for skin-infection drug Telavancin.

The company said it recently learned that the agency's Anti-Infective Drugs Advisory Committee will soon meet to discuss the once-daily injection, which is intended to treat infections caused by Gram-positive bacteria, including resistant pathogens like MRSA. Shares gave up $2.52, or 12%, to $18.82 on Friday.

Mylan(MYL Quote) said Friday that it received approval from the U.S. Food and Drug Administration for its generic over the counter (OTC) version of Pfizer's zyrtec, or cetirizine hydrochloride tablets. Pfizer's Zyrtec harnessed U.S. sales of approximately $1.4 billion for the year ending Sept. 30.

Mylan's shares rose 19 cents, or 1.4%, to $13.99.