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Even downgrades and bearish notes didn't damp financial stocks Thursday.
MBIA(MBI Quote) and Ambac(ABK Quote) both jumped, despite downgrades by Standard & Poor's, a day after Moody's threatened the same. The companies said they would not raise new capital. Ambac gained 13 cents to $2.62, while MBIA closed up 41 cents to $6.04.
A Goldman Sachs analyst suggested the Charlotte, N.C.-based Wachovia (WB Quote) should cut its dividend in half to raise more capital. The analyst has also cut his second quarter estimates to a loss of 20 cents and lowered the price target to $28. Shares of Wachovia slipped in early trading, but closed up a penny to $21.59. ...
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