Movers: Ambac, Delta, Yahoo, Big Lots, Smithfield Foods, Maidenform
Ambac Financial Group (ABK) shares drop after being halted on news that the company will try to sell $1 billion in common stock and $500 million worth of equity units -- notes that must be converted to common stock in May 2011. Ambac's is trying to raise $1.5 billion in fresh capital to defend the key AAA rating at subsidiary Ambac Assurance. This morning, CNBC's Charles Gasparino reported that a consortium of banks looking to bail out ABK were working to finish the deal today.
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