Abk

watch ABK for a trade here

in at 6.72

 

out at 7.02

 

got some before the close for a swing trade. i think we might be going back to 10

 

Noticeable volume increase after 3.40pm, stock moving down.

Stocktwits says:

$ABK bankruptcy chatter

 

now the real question is whether we should be shorting it now and picking up the may/11 50 cent call, for 13 cents?

 

http://www.bloomberg.com/news/2010-...-for-u-s-bankruptcy-protection-this-week.html

"Ambac Financial Corp ... may file for bankruptcy in Manhattan as early as this week"


http://www.zerohedge.com/article/ambac-bankruptcy-filing-imminent

* AMBAC HOLDING SEEKS TO RESTRUCTURE MORE THAN $1 BILLION IN DEBT
* AMBAC HOLDING SAID TO PLAN FILING FOR BANKRUPTCY THIS WEEK

 

That trade idea could work, but for me 13 cents is too expensive.

 

For how long do options still trade under same symbols?

 

Bond insurer Ambac files for bankruptcy

http://finance.yahoo.com/news/Bond-...2k-?x=0&sec=topStories&pos=main&asset=&ccode=

Ambac Financial Group Inc, which was the second-largest U.S. bond insurer before suffering huge losses on risky mortgages, filed for Chapter 11 bankruptcy on Monday.

The company, which filed in Manhattan bankruptcy court, said it had liabilities of $1.68 billion. The company's shares plummeted in after-hours trading to 20 cents, down from 52 cents at their close on the New York Stock Exchange.