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After a rather nasty stock slide in earnings, share price and reputation MBIA Inc. (NYSE: MBI), the holding company for MBIA Insurance, has finally reported good news for its depressed investors; for the second quarter of 2008 the company's net income was $1.7 billion, or $7.14 per share, an improvement, compared with $211.8 million, or $1.61 per share for the corresponding period of 2007(see more earnings news).MBIA is generating revenue from existing business but new business has been harder to come by since Moody's and Standard & Poors both downgraded the company from a financial rating of AAA to AA.
Since I recommended the stock on July 29, 2008 it is up 74% rising from $4.92 to the close last Friday of $8.57. It is trading mid-day at $8.80. I will update after todays close.
In other news the company has also announced a law suit against Bill Ackman who shorted the stock and made many public claims that MBIA was destined to become insolvent. MBIA (MBI) And Ackman: Killing The Messenger.
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