Ambac (ABK -18.2%) shares pull a stunning reversal as JPMorgan Chase (JPM) analysts say they...

|About: Ambac Financial (AMBC)|By:, SA News Editor

Ambac (ABK -18.2%) shares pull a stunning reversal as JPMorgan Chase (JPM) analysts say they have "no value." To pay claims from mortgage guarantees, it will issue a $2B secured note and additional surplus notes that will rank ahead of common shareholders and be “materially dilutive,” the analysts say.