Shares of MBIA Inc. (MBI) rose 13.61 percent to $11.79 in early Thursday trading. Strength being attributed to yesterday’s announcement by JPMorgan (JPM) and Barclay’s Bank Plc (BCS) who said they would withdraw from a lawsuit over the bond insurer’s decision to split its insurance division in two.
Volume has exploded in the name with more than 7.6 million shares already trading hands compared to a daily average volume of 4.9 million.
MBIA’s stock opened at $10.39 on Thursday. The equity has a 52 week range of $3.96 to $13.17. The stock’s 50-day moving average is $10.70 and its 200-day moving average is $8.97.
At last check, MBI was trading up 14.19% (23% gain over past two trading sessions).