汪翔
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信用卡公司转运了吗
这两天，ABK公司的股价高歌猛进，从50美分，转眼就是3美元有余了。在金融危机之后，美国政府救助银行“无条件”，而银行在获得来自纳税人的钱之后，却要求更高和更苛刻的条件，来和纳税人做生意。通过大幅提高各种各样的这费那用，信用卡公司也开始赚钱了。ABK就是一个好例子：因为它突然赚钱（而不是亏钱）了，所以，这家曾经的百元股票，又被投资者从垃圾堆里面找出来，当做奢侈品在营销了。
不过，作为投资者，你还是得仔细读读该公司之所以能够扭亏为盈的原因：主要来自税收方面的回补，和成本节省。如果公司不是因为业务运行开始变得健康，那么，这种盈利可能会是昙花一现。如果真的如此，那么，你可能就不应该长期持有了，见好就收才是上策。
在金融危机看来不会再回头的时候，是不是还有大便宜可捡？很多人在到处转悠，希望自己有好运气。PALM一度上不少人好运来临，虽然更多的人是在流泪。
附录：Ambac Jumps 70% After Reporting Profit
4/9/10 | Dow Jones |
Ambac Financial Group Inc. (ABK) shares surged 70% on heavy volume Friday, after the bond insurer said it swung to a fourth-quarter net profit.
Ambac said late Thursday that quarterly net income was $558.1 million, or $1.93 a share. That compares with a net loss of $2.34 billion or $8.14 a share in the same period a year earlier.
The improvement was mainly driven by a $472 million tax benefit, the company said, as well as by lower expenses from losses in its main financial-guarantee business.
Total net loss and loss expenses were $385.4 million in the fourth quarter of 2009, down from $916.4 million in the final quarter of 2008, Ambac reported.
Ambac, one of the world's largest bond insurers, has been hit hard by losses from mortgage-related guarantees it sold during the housing-market boom of the last decade. When the real-estate market collapsed, Ambac was left paying big claims on those guarantees.
Last month, the regulator of Ambac's main bond-insurance subsidiary, Wisconsin's Office of the Commissioner of Insurance, seized a big chunk of its business to protect hundreds of billions of dollars in guarantees on municipal bonds.
Ambac also has been settling some of its obligations at large discounts, partly because counterparties worry that the bond insurer is too financially precarious to pay anywhere near 100 cents on the dollar on its guarantees.
"The transfer of structured finance obligations to the state regulator and the subsequent payment at a discounted rate is a de-facto default," said Egan-Jones Ratings, a rating agency that's paid by investors rather than issuers, on Friday. "However, credit quality of the remaining corpus is enhanced."
Egan-Jones affirmed its rating on Ambac at BB+, but noted this rating only applies to the business units that aren't seized by the Wisconsin regulator.
Shares of Ambac dropped after the seizure was announced, and recently traded near 50 cents. The company's stock traded close to $100 before the financial crisis.
On Friday, the stock surged 70% to $1.09 as almost 140 million shares changed hands. The average weekly trading volume is 72 million shares, according to FactSet data.
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