Ambac ( ABK ) - Elan ( ELN ) Stock Market 8-06-08

This morning we have great earnings coming out of Ambac ( ABK ). This stock is trading over $5 so far in pre market. Ambac's ( ABK ) second-quarter earnings rose sharply, helped by valuation gains on credit derivatives. The New York-based company said net income rose to $823.1 million, or $2.80 a share, from $173 million, or $1.67 a share, a year earlier.

Keep an eyes on ABK...it has resistance at the $5.60 level....if you get a close over this you could be talking about Ambac testing the $8 level in the months to come. There has been a huge buy interest in the past few weeks.

Elan ( ELN ) is up slightly this morning on an upgrade by Lehman Brothers

Check out the rest of the earnings this week at http://blackberrystocks.com