Shares of MBIA(MBI - Cramer's Take - Stockpickr) were rising Monday, even after the company posted a $2.4 billion first-quarter loss as it continues to struggle under the weight of credit derivative losses.
The Armonk, N.Y.-based firm logged $3.6 billion in unrealized losses on credit default swaps that resulted in a quarterly loss of $13.03 per share, vs. a profit of $1.46 a share in the year-ago quarter.
Despite the results, MBIA shares were on the rise Monday, moving up 6.2% to $10.01. CEO Jay Brown stressed in a company statement that even though results were disappointing, they were consistent with the severe credit market conditions.
