Courtesy of Benzinga.
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
MBIA Inc. (NYSE: MBI) shares were trading lower by $1.46 (17 percent) st $6.86 in Monday’s session. The Street is following the lead of BTIG Research, which before the open downgraded the issue from Buy to Neutral.
The downgrade, coupled with a weak broad market, instigated a sharply lower opening ($7.35 vs. Friday’s close of $8.32). The open turned out to be the high for the day as the issue has dipped under $7, reaching $6.85 and on its lows.
That marks the lowest level for the issue since mid-November 2012 when it bottomed at $6.78.
MBIA is on its way to its second above average volume trading session in a row. On Friday, 18.4 million shares changed hands and so far 7.5 million have traded with four hours remaining. That is in comparison to its 20-day average volume of 3.66 million shares.
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