Ambac (ABK) shares surged Wednesday morning after the company reported a third quarter profit of $2.19 billion. Of the $2.19 billion profit, most of the gains were due to the reversal of unrealized losses that had previously been written down during the peak of the credit crisis. Investors were encouraged by the earnings report as shares of Ambac climbed by more than thirty five percent in morning trading.
Shares of RehabCare (RHB) gained more than thirty percent following the news that it would be buying hospital operator Triumph Healthcare for $570 million. The purchase will add twenty hospitals across seven states to RehabCare's portfolio and is expected to close by December 1st. Following the announcement, investment firm Thomas Weisel upgraded the company from Market Weight to Overweight.
Investors cheered on the Bank of Ireland's (IRE) earnings Wednesday morning as third quarter profits came in at 162 million euros ex-items. The bank had a healthy gain on the repurchase of its own Tier 1 debt, but it also had a 1.79 billion euro impairment charge against its loan portfolio. Including these items, the bank would have lost 979 million euros in the quarter. Investors looked past these items as shares gained more than twenty one percent this morning.
And shares of Agilysys (NASDAQ:AGYS) were showing healthy gains after the company reported stronger than expected earnings this morning. The IT provider earned twelve cents per share in the quarter, despite revenue falling nine percent from the same quarter last year. The company cited cost-cutting initiatives for the better than expected profits in the quarter as selling, general and administrative expenses fell by more than twenty percent. In morning trading, shares of Agilysys gained more than thirty percent following the strong earnings report.
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