NEW YORK (
was one of several stocks trading near $5 poised to move on above-average volume Tuesday after the bond insurer said it commuted $16.4 billion in debt securities.
said late Monday it has commuted all of its remaining $16.4 billion of exposure to collateralized debt obligations of asset-backed securities. Ambac agreed to pay $2.6 billion in cash and $2 billion in newly issued surplus notes to counterparties on collateralized debt obligations based on asset-backed securities.
Ambac also said that approximately $1.4 billion in other asset-backed securities for cash payments of $96.5 million. The bond insurer said it expects to commute other securities in the next 12 months for approximately $115 million of cash and $60 million of surplus notes from Ambac Assurance Corp.
Shares of Ambac Financial surged by 18 cents, or 17.5%, to $1.21 in the premarket session. The three-month average daily volume for Ambac is 55.42 million, according to Yahoo! Finance.
jumped by 32 cents, or 10.6%, to $3.35 in the premarket session after the Food and Drug Administration accepted the company's marketing application for its experimental pain drug DM-1796 for the management of postherpetic neuralgia, which triggered a $10 million milestone payment from its licensee.
The 50-day average daily volume for DepoMed is 328,000, according to the
gained 41 cents, or 5.1%, to $8.42 in the premarket session after the company said late Monday signed a production agreement with
to supply lithium ion battery systems for electric vehicles.
The 50-day average daily volume for A123 Systems is 2.6 million.
-- Written by Robert Holmes in Boston
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