Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of insurer Ambac Financial (NYSE: ABK) jumped more than 10% in intraday trading.

So what: Shares of Ambac were toasted earlier in the week when the company said it might file for bankruptcy protection. Earnings from mortgage insurer Radian Group (NYSE: RDN) seemed to breathe life into the entire sector a day later, though, and Ambac gained back some ground. Today, the shares are continuing to ride the upswing, no doubt helped by the Fed's policy announcement.

Now what: Seriously, folks, who's still buying this? Don't expect any government intervention -- it's Ambac the holding company that might file for bankruptcy, not the actual insurer. One question that remains is whether it might be a prepackaged bankruptcy or a Chapter 11. Either way, I believe the common shares will soon only be good for small art projects and amateur origami.

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