LocateStock.com Daily High Five For Thursday April 24, 2008

Jersey City, NJ – April 24, 2008

The LocateStock.com HIGH FIVE for Thursday, April 24^th are:

5 – Circuit City – NYSE:CC

4 – DryShips – NASDAQ:DRYS

3 – Lehman Brothers – NYSE:LEH

2 – Ambac – NYSE:ABK

1 – MBIA – NYSE:MBI

 

Circuit City Stores, Inc. (NYSE:CC) operates as a specialty retailer of consumer electronics, home office products, entertainment software, and related services. It sells brand-name consumer electronics, personal computers, entertainment software, and related services in Circuit City stores in the United States and via Web sites, www.circuitcity.com and www.firedog.com.

 

* An activist shareholder on Wednesday urged Circuit City Stores Inc. to allow Blockbuster Inc. to examine its finances and start good-faith negotiations on the movie-rental chain's bid for the struggling electronics retailer. Wattles Capital Management, which owns about 6.5% of Circuit City's stock, said in a letter to Circuit City that the company should provide access to Blockbuster and discuss its buyout proposal along with other possible bids. Shares of CC fell an additional 11 cents or 2.33% to $4.62 after losing more than 2.5% a day earlier.

DryShips, Inc. (NASDAQ:DRYS) engages in the ownership and operation of drybulk carriers worldwide. The company's fleet carries various drybulk commodities, including coal, iron ore, and grains, bauxite, phosphate, fertilizers, and steel products.

* Shares of Greek drybulk shipper DryShips rose Tuesday, after the company said it will launch a tender offer for the minority of Norwegian offshore drilling services company Ocean Rig ASA it does not own. DryShips said early Tuesday it bought 33.3 million shares in Ocean Rig ASA for 45 Norwegian Kroner ($8.97) per share, bringing the company's stake to 54.3 percent. The stake also includes a 4.4% slice purchase by DryShips Chairman and Chief Executive George Economou. DRYS up $1.42 or 1.71% to $84.41.

 

Lehman Brothers Holdings, Inc., (NYSE:LEH) through its subsidiaries, provides various financial services to corporations, governments and municipalities, institutions, and high-net-worth individuals worldwide. The company operates in three segments: Capital Markets, Investment Banking, and Investment Management.

* Investment bank Lehman Brothers Holdings said on Wednesday it bought money manager David J. Greene and Co. for an undisclosed sum. The 70-year old family-owned and run money manager will bring roughly $2 billion in assets under management to Lehman's already $277 billion strong asset management division, the company said in a statement. Shares of LEH fell 88 cents or 1.97% to $43.69 and is down about 4% so far this week.

Ambac Financial Group, Inc., (NYSE:ABK) through its subsidiaries, provides financial guarantee products and other financial services to clients in the public and private sectors worldwide. It operates in two segments: Financial Guarantee and Financial Services.

* Ambac on Wednesday confessed enormous losses in the first quarter, as the bond insurer's struggle over the growing damage in the credit derivative market continues. The New York-based firm reported an eye-popping net loss of $1.6 billion, or $11.69 per share, vs. a profit of $213 million, or $2.02 a diluted share, in the year-ago period. Excluding certain marks, gains and losses and other factors not included in analysts' forecasts, Ambac's operating loss was $6.93 a share, vs. a $2 profit in the year-ago period. Analysts had been expecting a loss of $1.51, according to Thomson Financial. Shares of ABK lost $2.57 or 42.62% to $3.46 after setting a new low of $3.08 intraday.

MBIA, Inc., (NYSE:MBI) through its subsidiaries, provides financial guarantee insurance and credit protection products, as well as investment management services to public finance and structured finance issuers and investors, and capital market participants worldwide. It operates through two segments, Insurance and Investment Management Services.

* Ambac Financial reported a first-quarter net loss of $1.66 billion on Wednesday as the bond insurer continued to struggle with the effects of the mortgage meltdown and broader credit crunch. Ambac shares slumped more than 40% and touched a record low of $3.47 after the results. Rival bond insurer MBIA also saw its stock drop $4.49 or 33.81% to $8.79.

The daily HIGH FIVE stocks are determined by the company's proprietary, internal algorithmic calculators. The result is five securities that are the most sought after to borrow, and have proven to be the hottest­ stocks to short that day.

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SOURCE:        Locate Stock, LLC