Ambac: Financial Winners & Losers
( Ambac and other stock prices brought current in this update.)
Ambac Financial shares rallied as much as 50% earlier in the day, touching a new 52-week high of $3.39 and extending a three-day rally. On Friday, Ambac reported fourth-quarter net income of $558.1 million, or $1.93 a share, which swung from a year-ago loss of $2.34 billion, or $8.14 a share. Results included a $472 million tax benefit.
However, shares of Ambac pulled back and turned lower, falling 21.8% to $1.76, after JPMorgan analyst Andrew Wessel maintained his stance that the common equity "has no value.""We believe any investment in
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