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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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Chasing Value: MBIA earnings, stock and litigation up originally appeared on BloggingStocks on Mon, 11 Aug 2008 14:41:00 EST. Please see our terms for use of feeds.

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