ABK-Short Squeeze?
ABK went up over 40 % yesterday and looks like it is about to explode again today. ABK had over 85 Milion in volume Wed. and shows around 15% Short interest.
I got in @ .75 and expect at least a pop back up to $1.5 within 2 weeks. They had BTE results for Earnings and were beaten downd by the 2011 BK warning because of liquidity issues.
apparently they misstated their financial results ... i would be cautious
http://finance.yahoo.com/news/Ambac-....html?x=0&.v=4That was according to Cramers The Street.com which helped to start this in the first place. They mentioned in their 10K that they "may" do a prepackaged BK in 2Q 2011 if they continue to have they same liquidity issues but they had mentioned this in previous reports. The Street.com took this and ran with it after their surprise positive Earnings report that The Street claimed was due to Mark to Market Accounting. I see the Street and Motley Fool as tools for someone to influence others for the gain of their own interests.
That is why I take what these types of "advise" with a grain of salt. When I first started investing I listened to "experts" like Mr. Cramer, The Fool, and the Street, now I take a contrarion point of view as they usually talk out of both sides of their mouth. ABK is a risky stock to be in but I think the potential short term upside gain may be worth it. At this point i am up over 30 % but I still think its going much higher. I hope this doesn't end up like my last play VG which burned me for a 20% Loss. I still think that ABK retraces back up to the $1.50 range soon but thats JMHO. A $846 Million surplus when Thestreet.com claimed they were about to be taken into Receivership!
ABK is now @$1.04 up 3% on a day where the Dow is down 160 plus.