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Ambac Financial Group, Inc. (ABK) soared over 40 % today on more than 55 million shares after the company announced third quarter 2009 net income of $2,188.3 million, or net income of $7.58 per diluted share. This compares to third quarter 2008 net loss of $2,431.2 million, or net loss of $8.45 on a per share basis. 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.
RehabCare Group Inc. (RHB) rallied more than 30% to $25.50 after Tuesday’s news that it will buy hospital operator Triumph Healthcare for about $570 million, expanding the company's hospital portfolio. RehabCare runs rehabilitation programs in a range of facilities, including hospitals, nursing facilities, and outpatient centers. Triumph, based in Houston, operates long-term acute care hospitals. It had revenue of $439.7 million for the 12-month period ending Sept. 30. The buyout is expected to close on or about Dec. 1. The held onto most of its gains and is currently trading at $24.36 on over seven times the average trading volume.
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