MBIA Surges to New 52-Week High

Shares of MBIA Inc. (MBI) are trading up 6.35% at $13.06 per share during the Tuesday morning trading session. The stock broke out to the upside earlier, rallying as high as 9.20% to $13.43. Volume has exploded with more than 11 million MBI shares already trading hands compared to a daily average volume of 5.5 million. The security continues to push back up toward the highs as buyers try to hold the current move back above the stock’s 52-wkh $13.17 level. The company did not release any news today, so today’s move doesn’t (at least for the moment) appear to be driven by fundamentals.

MBIA Inc’s stock opened at $12.43 on Tuesday. The stock’s 50-day moving average is $10.78 and its 200-day moving average is $9.24. The median Wall Street price target on the stock is $12.00 with a high target of $15.00. The company has a market cap of $2.59 billion and a price-to-earnings ratio of (0.72).

At last check, MBI was up $1.14, or 9.16%, to $13.41.

MBIA Inc. provides financial guarantee insurance and related reinsurance, advisory, and portfolio services, as well as investment management services to public finance and structured finance markets.

Mortgage insurer related names that have been gaining over the past 30 minutes in electronic trading include : MGIC Investment Corp. (MTG) ; Radian Group Inc. (RDN) and Genworth Financial Inc. (GNW).

Update: Bloomberg is reporting that New York appeals court has dismissed case against MBIA’s restructuring. Stock halted.

Update2 : MBI trading now. Ticker up 18%, currently printing the tape at $14.45 per share.

About Ron Haruni 1033 Articles
Ron is the Co-Founder & Editor in Chief of Wall Street Pit. Web Site: Wall Street Pit

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