Stock Market Investment Alert - (NYSE:ABK) Swings to Profit, Shares Blasts

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Ambac Financial Group, Inc. (NYSE:ABK) climbed 45% to $1.61 after said on Wednesday that it swung to a profit of $2.19 billion, or $7.58 a share, from a loss of $2.43 billion, or $8.45 a share, a year ago. Total revenue rose to a positive $2.69 billion, from a negative $2.32 billion last year. "The third quarter 2009 results reflect significant unrealized mark-to-market gains in the credit derivatives portfolio and gains resulting from reinsurance cancellations during the quarter. In 2008, Ambac's third quarter results reflected a significant negative net change in fair value of credit derivatives," the company said in a press release Wednesday.

Ambac Financial Group, Inc. is a primarily a holding company. The Company, through its subsidiaries, provides financial guarantees and financial services to clients in both the public and private sectors worldwide. Ambac’s activities are divided into two business segments. The Financial Guarantee segment provides financial guarantees (including credit derivatives) for public finance, structured finance and other obligations.

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