This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Ambac, SciClone: Volume Movers

Stocks in this article: ABK SCLN

BOSTON ( TheStreet) -- Ambac Financial (ABK) was one of several stocks trading below $5 and moving on above-average volume Tuesday after the bond insurer said it is pursuing a prepackaged bankruptcy.

Ambac Financial said in a filing with the Securities and Exchange Commission that it is "currently pursuing raising additional capital and is also pursuing a restructuring of its outstanding debt through a prepackaged bankruptcy proceeding."

In a previous regulatory filing, Ambac said it may consider a prepackaged bankruptcy or would may seek bankruptcy protection without coming to an agreement with creditors over a reorganization plan.

The announcement came as Ambac said it had a second-quarter oss of $57.6 million, or 20 cents a share, narrowing from a year-ago loss of $2.37 billion, or $8.24 a share.

Shares of Ambac Financial plunged by 18.8 cents, or 20.8%, to 71.5 cents. Volume topped 23.82 million shares, compared to the average daily share volume of 11.94 million.

Elsewhere, SciClone Pharmaceuticals (SCLN - Get Report) tumbled by $1.14, or 32.5%, to $2.37 after the company said that the SEC has initiated a formal, non-public investigation. In addition, theDepartment of Justice has requested a meeting with the company regarding its compliance with the Foreign Corrupt Practices Act (FCPA). SciClone said it intends to fully cooperate with the SEC and the DOJ in these matter.

The SEC probe announcement came as SciClone posted a second-quarter profit of 11 cents a share, down from 16 cents a share in the year-ago quarter. The company forecasted full-year earnings of 31 cents to 35 cents a share, below the Thomson Reuters average estimate of 36 cents a share. Trading volume topped 1.18 million shares, compared to the average daily share volume of 280,000.

Penwest Pharmaceuticals (PPCO) shares jumped by 24 cents, or 5.2%, to $4.97 after Endo Pharmaceuticals (ENDP) will acquire all outstanding shares of Penwest for $5 per share in a $144 million cash deal. The transaction will be completed in September, the companies said. Volume topped 2.62 million shares, compared to the average daily share volume of 279,000.

Almaden Minerals (AAU) rallied by 28 cents, or 24.3%, to $1.43 after the mineral exploration company announced results from the first drilling on the Ixtaca zone within the company's Tuligtic project in Puebla State, Mexico.

Almaden said the first drilled hole intersected multiple quartz-carbonate-sulphide vein zones over its entire length, which Almaden Chairman J.D. Poliquin called "an exciting new gold-silver prospect in a brand new district." Volume topped 1.02 million shares, compared to the average daily share volume of 89,000.

-- Written by Robert Holmes in Boston.

Check out all of Tuesday's high-volume, under-$5 stocks at the Dollar Store. View the Dollar Store portfolio on StockPickr.

Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs