"Lot of action in SCA in after hours yesterday and today's pre-market with some news yesterday. Can you share your thoughts and update on this from you."
SCA is in the same business as ABK. This morning, ABK reported earnings:
Ambac Financial 2Q earnings more than quadrupleCan it be as simple as a sympathy pop? Beats me. But, with SCA trading premarket at $3.00 and my adjusted basis in SCA at $1.14, I am a happy camper.
Ambac Financial Group 2nd-qtr earnings more than quadruple on accounting-related gains
NEW YORK (AP) -- Ambac Financial Group Inc. on Wednesday reported an operating loss during the second quarter because of expected losses on insurance contracts, but at the same time posted a net profit because of how it must account for special non-cash gains from the same complex portfolio.
Looking again at the Weekly SCA chart, it would seem that the closest likely resistance is the 50 wk SMA which is at 5.42.
What happens at 5.42? Hope to find out soon.
Along with SCA and ABK, I also own MBI. All are based on the same analysis from my original SCA Blog.
Both MBI and SCA are scheduled to report earnings in the next few days:
NEW YORK (MarketWatch) -- Ambac Financial Group and MBIA Inc. are riding a wave of optimism that they finally may be moving past their financial difficulties, with their stocks rallying in recent days.
So, three pigs in a poke seems to be one of the better trades of the year for the Blog. What does that tell us about trading? The same thing it tells us about baseball. That if you put the ball into play, anything can happen. [Baseball metaphor, see Archives]