Here's Why MBIA Stock Is Soaring Today
Insurance company MBIA (NYSE: MBI) reported its third-quarter earnings on Tuesday, Nov. 7 after the close, and it's safe to say that investors liked what they saw. As of 11 a.m. EST on the morning following the announcement, shares are up by more than 32%.
At first glance, the numbers may not look too impressive. The company reported a net loss of $2.17 per share for the quarter, down from a profit of $0.23 a year ago, mainly because of issues related to Puerto Rican debt.
According to Bill Fallon, MBIA's CEO, "The damage caused to Puerto Rico's infrastructure by Hurricane Maria will require significant time and effort to repair and remediate, which led us to withdraw two of our adversary complaints and further increase our Puerto Rico loss reserves."
Source: Fool.com
