|Company Name||MBIA Inc.|
On August 6, 2019, post-market, MBIA reported a consolidated GAAP net loss of $170 million, or $2.02 per share, for second quarter 2019, compared to a consolidated GAAP net loss of $146 million, or $1.64 per share, for the second quarter of 2018. According to the Company, the loss “was mainly driven by loss and loss adjustment expense primarily related to our insurance on Puerto Rico bonds” and that “[f]air value losses on interest rate swaps resulting from lower interest rates also contributed”.
On this news, MBIA’s stock price fell $0.69 per share, or over 7%, to close at $8.66 per share on August 7, 2019, thereby injuring investors.
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