Ambac Financial Group, Inc.
Late Thursday, Ambac Financial Group, Inc. (ABK: sentiment, chart, options) said that it is considering different steps to address its listing deficiency on the New York Stock Exchange (NYSE). The insurance company received a notice from the NYSE on Dec. 8, warning that ABK's average 30-day closing price of 94 cents was a violation of listing requirements (the average minimum threshold over a 30-day period is $1). ABK has six months to address the deficiency before delisting from the exchange becomes a threat.
In pre-market trading, ABK remains firmly below the $1 level, with the shares trading near 81 cents. The stock has tumbled more than 39% in 2009, sitting out a nine-month rally in the broader equities market.
During the short term, options-related resistance could exacerbate ABK's technical troubles. The stock's December 1 strike is home to peak call open interest of 7,200 contracts, which could exert options-related resistance as expiration draws closer.
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