• Most Popular
  • Most Shared

Before the Bell-MBIA, Ambac shares drop as rating cut

Fri Jun 20, 2008 9:13am EDT

Stocks

   

(Adds Ambac shares falling)

NEW YORK, June 20 (Reuters) - Shares of MBIA Inc (MBI.N) and Ambac Financial Group Inc (ABK.N) fell before the opening bell on Friday after ratings agency Moody's Investors Service stripped the top-notch "Aaa" rating on the insurance arms of both companies late on Thursday.

Ambac shares were down 6.4 percent at $1.90 and MBIA shares fell 10.4 percent to $5.78. (Reporting by Ellis Mnyandu; Editing by Chizu Nomiyama)



More from Reuters

Photo

New home sales hit seven-month low

WASHINGTON (Reuters) - Consumer spending rose for a second straight month in November as incomes recorded their biggest gain in six months, but a surprise drop in new home sales was a reminder that the economic recovery would be bumpy.

» More Top News
A glass of water taken from a residential well after the start of natural gas drilling in Dimock, Pennsylvania, March 7, 2009. Dimock is one of hundreds of sites in Pennsylvania where energy companies are now racing to tap the massive Marcellus Shale natural gas formation. REUTERS/Tim Shaffer

Not in my watershed: NYC

The biggest U.S. city wants the state to ban one of the most promising sources of U.S. energy -- and also one of the most contentious.  Full Article 

Green Business
Cannabis sativa plant is seen in Buenos Aires, August 21, 2009. REUTERS/Enrique Marcarian
Bernd Dubusmann:

Obama, drugs, common sense

American attitudes towards drug prohibition – and above all, punitive laws on marijuana – are changing too fast for policymakers and legislators to ignore.  Commentary 

U.S.