Maybe related to the "good" earnings late last week, followed by a short-squeeze? 50% fall intraday though, that was crazy...
The drop corresponds to the JPM comments at 11:00 Eastern this morning that they view the common as worthless.
Right, they were just waiting for some clown at JPM to open their yap. They said nothing that the street didnt already know. SCAM. How many mofo's blew up their accounts trading ABK at 4x margin? I knew it was a bag , but they didn't, in fact when it broke 3, I posted live that it was AMBAG. Not here, you don't need my help and even if you did you don't deserve it. Tell me when ABK is back to 3
moron Cramscam touted his idiot followers AT THE TOP today. Quck 50% loss for tscum ' He posted Give Me Some of That 'Worthless' Ambac 04/13/2010 11:49 AM I hate Ambac Financial (ABK - commentary - Trade Now). I believe the current stub of equity is worthless. The claims are too big and the cash too small. But so what. Ouch. That's painful to write. Especially, when you consider the Columnist Conversation tune of Tim Collins, and the excellent work by Andrew Wessel at JP Morgan backing up that analysis. But it doesn't matter. You could argue that none of these insurers are technically solvent: Radian (RDN - commentary - Trade Now), PMI (PMI - commentary - Trade Now), MGIC Investment (MTG - commentary - Trade Now), MBIA (MBI - commentary - Trade Now). It hasn't meant a thing. MGIC has rallied 400% during its extended period of "worthlessness." I want some of that worthlessness. Radian's up 600% during its "worthless" period. I would have liked a piece of that worthlessness. How about grabbing a hunk of the 800% rally in the "worthless" PMI? Wouldn't that have been delicious? Do you hold your nose and buy ABK because of those rallies? I believe, oddly, yes. Now, there is simply no percentage in admitting you would ever recommend a worthless security. But this is a game of performance, not a game of valuation. There are plenty of genuinely worthless stocks that have gone up huge. There are tons of cases where gigantically worthless stocks -- almost every dotcom circa 1999-2000 -- gave you great returns. The purists out there have spurned these points. I could care less about purity. I could care less that someone might be able to say Cramer likes worthlessness. But the !@#$% animal spirits have it going, and a worthless stock can be worth something if it moves up that much and starts offering equity or bonds against it. Again, I hate these situations. But they are real. They are happening. They have happened. And this is one of them that I feel is destined to happen again. Sorry.
This is how Ambac trades. Completely retarded moves that are out of line with what it should be making followed by another retarded move the other way because all the previous news was a load of crap. Ambac should pull the GM move and come out and say "Don't trade us, JPM Analyst is right, we're worthless".
I did But I had a stop at 2.74 (bought at 1.61 intraday yesterday) made a bundle It may be junk stock...but that sector has been on fire, one junk company after another....so i'll gladly snatch my 100% + profits in 24 hours. Similarly, I rode PMI from 2.20 to 7.10 in a very short span. RDN did the same thing before PMI...however, I had no stake in that one...but did learn a thing or two.
Rofl. So Cramer's investment strategy for his retail mom & pop clients is to buy worthless securities on the hope that a greater fool will pay more in future? The irresponsibility is mind-boggling.
Wait are you serious?! You go around touting this shit, but you're one huge joke. So calling it "AMBAG" when it "broke 3" you essentially think you called the top huh? Alright...........