Financial Winners & Losers: Freddie Mac

Ambac Financial(ABK Quote) shares jumped 17.6% to $5.56 after the bond insurer reported a surprisingly profitable second quarter. The company delivered profits of $823 million or $2.80 per diluted share, although if certain gains were excluded it was actually a loss of $1.53 a share.

Blackstone Group(BX Quote) turned in a lowered profit for its second quarter, but still managed to beat estimates. Profits fell to $99.9 million, a far cry from the $735.6 million it earned last year. But the company blames accounting rules that make it adjust its assets as if they were being sold today and with the weak markets that puts the figures very low. The stock climbed 4.2% to $18.93.

Fidelity National(FIS Quote) shares raked in a 17.7% gain after the financial information services company reported that profits fell from the previous year, but that revenue rose from last year. Fidelity also raised its earnings outlook. The stock jumped $3.35 to $22.32.