Reporting on the daily appreciation of MBIA Inc. (NYSE: MBI) over the last few weeks has made me feel like a play-by-play announcer. One comment in an earlier post on MBIA raked me over the coals for writing when the stock was up 26%, only a few days after I suggested readers take a look at some crushed financials in Serious Money: Tempting fate with 10 financials. He did this even though on the day he commented it was up by 74%.

I was just reporting the jump but the reader took me to task for bragging when nothing should be judged so quickly, and my previous financial calls were bad. Well, MBIA has now leaped from $4.92 three weeks ago to $11.22 at Friday's close for a gain of 126%. This is BIG news even if it happened quickly -- in particular because it happened quickly.

The reasons may be numerous. Perhaps it is a combination of company stock buybacks and short covering. Perhaps it is the periodic comments in Barron's about the value of the company based on its current book of business and the fact it needs no new business to be profitable. In its last earnings report, MBIA did suprise to the upside substantially. Last Friday was certainly related to the fact that it was taken off the watch-list for the next three months as the ratings agencies supported MBIA's rating of AA.

MBIA has a current price-to-book of 0.26, a P/S ratio of 0.76 and P/CF of 1.57, so maybe it is still worth a look.

Update: Final, closed up to $11.83, $0.61, (+ 5.44%). MBIA stands at $140% gain.

Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm. He writes the columns Chasing Value and Serious Money. Disclosure: I own shares of MBI.