Here’s Why Ambac Financial Stock Is Down 16% Today
Insurance company Ambac Financial (NASDAQ: AMBC), which provides products such as bond insurance, reported a third-quarter adjusted loss of $149.8 million, or $3.30 per share, down from a profit of $70.4 million a year ago. This missed expectations by a mile, as analysts had been expecting a profit of $1.05 for the quarter.
This caused Ambac's adjusted book value to fall by $3.79 per share to $24.56.
On the positive side of things, Ambac said that its corporate restructuring was completed, which will reduce the company's compensation expenses by 20%.
Source: Fool.com