SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : Short Selling, Dark Side, Bubble Busting Laboratory
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: orkrious who wrote (61)4/20/2005 11:44:13 AM
From: ild  Read Replies (1) of 361
 
Ambac Shares Sink, Insurer Halts Forecast
Wednesday April 20, 11:34 am ET

NEW YORK (Reuters) - Shares of bond insurer Ambac Financial Group Inc. (NYSE:ABK - News) on Wednesday fell more than 14 percent after the company said it will no longer provide earnings estimates because markets are too unpredictable.
ADVERTISEMENT


The company, which also reported a rise in quarterly net income, abandoned its full-year growth forecast, saying the 12 percent to 14 percent range is not achievable and revised its 2005 view to a range of 4 percent to 8 percent growth.

The company cited slower growth of earned premiums and other credit enhancement fees for the lowered outlook.

The New York company reported first-quarter net income of $185.5 million, or $1.66 a share, compared with $171.6 million, or $1.55 per share, a year earlier.

Excluding investment gains and accelerated earnings, the company earned $1.44 per share.

Wall Street analysts had expected profits of $1.63 per share, according to Reuters Estimates.

Ambac said it will provide updates on market activity, competition, and the business environment.

Its shares fell $10.86, or 14.6 percent, to $63.75 on the New York Stock Exchange.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News