Ambac Financial (ABK) NewsBite - ABK Falls on Rating Review

Friday, September 19, 2008 11:44 AM EDT

Ambac Financial (NYSE: ABK) opened at $8.31. So far today, the stock has hit a low of $6.01 and a high of $8.59. ABK is now trading at $6.44, down $0.23 (-3.45%). Over the last 52 weeks the stock has ranged from a low of $1.04 to a high of $73.20. Shares of ABK are declining this morning after Moody's Investors Service said late last night it has placed ABK's Aa3 insurance rating under review for possible downgrade. Technical indicators for the stock are neutral and S&P gives ABK a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on ABK the stock seems like it could be a candidate for an October out-of-the-money bear-call credit spread above the 7.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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