Ambac shares drop, Assured Guaranty shares jump

NEW YORK Fri Feb 29, 2008 8:13am EST

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NEW YORK (Reuters) - Shares of Ambac Financial Group Inc ABK.N fell 8.5 percent to $10.80 in trading before the opening bell on Friday, after CNBC reported the bailout for the bond insurer has hit a significant snag.

Meanwhile, shares of Assured Guaranty Ltd (AGO.N) surged about 16 percent to $26.40 after billionaire investor Wilbur Ross agreed to buy up to $1 billion in shares of the bond insurer.

(Reporting by Kristina Cooke, editing by Walker Simon)