Atlas Energy, Inc. (NASDAQ: ATLS) is this morning’s biggest price mover, gaining more than 35% premarket  after its acquisition by Chevron was confirmed.

Ambac Financial Group, Inc. (NYSE: ABK) Has filed for chapter 11. While this has been expected for a while, the stock has still dropped 55% this morning to $0.23.

JA Solar Holdings Co., Ltd. (NASDAQ: JASO) is making moderate gains (up 6% to $10.00) after announcing several new lucrative contracts in a meeting yesterday.

Level 3 Communications (NASDAQ: LVLT) is up more than 10% to $1 just a day after NASDAQ warned the company that they would be delisted if LVLT’s share price didn’t increase. The main reason for this is that the communications company is expected to win a crucial CDN contract with Netflix (NASDAQ: NFLX).

Limelight Networks, inc. (NASDAQ: LLNW) is big this morning, increasing 16% to $7.61, relative to a range of $3.22 – $7.48.

Priceline.com Incorporated (NASDAQ: PCLN) is making significant gains this morning after positive 3Q earnings yesterday.

Ambac did agree to a non-binding term sheet that will serve as a basis for further negotiations with the ad-hoc committee, which may allow it to emerge from bankruptcy more expeditiously.

As of June 30, 2010, Ambac had debt outstanding amounting to $1,622 million and its outstanding debt securities are accelerated as a result of the bankruptcy filing.

Ambac has been one of our top brands to disappear in 2010.  Technically, bankruptcy does not definitely mean the brand will disappear, but the bankruptcy will mean it is a new company under new management.  You can never say never, but generally the common shareholders get wiped out in these bankruptcies that renegotiate the debt.  Debtholders rather than the former common holders become the new common holders and they main remain creditors as well.

Ambac shares are down 60% at $0.21 in very active pre-market trading.

JON C.OGG

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Douglas A. McIntyre

Ambac Financial Group, Inc. (NYSE: ABK) missed an interest payment and warned that bankruptcy filing is near; shares are getting crushed by 43% at $0.47 in very active trading.

Angiotech Pharmaceuticals Inc. (NASDAQ: ANPI) is down after word of a recapitalization.  Shares are down 27% at $0.37, a new 52-week low as the prior range was $0.40 to $1.45.

Avanir Pharmaceuticals (NASDAQ: AVNR) is soaring after its drug called Nuedexta won FDA approval for uncontrolled laughing and crying.  Shares are up a whopping 123% at $5.40 and that is above the old 52-week range of $1.31 to $3.73.

Biodel Inc. (NASDAQ: BIOD) is visiting bio-hell.  The FDA issued a Complete response letter over its Linjeta application for type-1 and type-2 diabetes.  Shares are down 52% at $1.75 and the 900,000+ shares traded in the pre-market is already above an average day’s volume of 872,000 shares. Mark a 52-week low here as the prior range was $3.22 to $6.25.

EXCO Resources Inc. (NYSE: XCO) is surging after its CEO made a $4.36 billion offer to take the independent oil and gas company private.  Shares are up 38% at $20.49 on more than 7 million shares.  The prior 52-week range was $13.25 to $22.52.

Fortinet Inc. (NASDAQ: FTNT) is surging on reports that IBM is making an acquisition offer for the company.  Shares are up 26% at $38.00 in thin volume trading; the 52-week range is $14.72 to $31.65.

SIRIUS XM Radio Inc. (NASDAQ: SIRI) was an options-watch stock for the week ahead of earnings, but shares are hitting new 52-week highs after Seeking Alpha wrote that it will join the NASDAQ 100 in December.  Shares are up 3.3% at $1.55 on over 1 million shares, while the prior 52-week range is $0.56 to $1.50.

VIVUS Inc. (NASDAQ: VVUS) is playing a bit of a give-back after Friday’s ‘bad news that was good news’ from the FDA denial.  Shares are down 4.5% at $7.40.

YRC Worldwide Inc. (NASDAQ: YRCW) is trading higher after the Teamsters approved a third round of concessions.  Shares are up 20% at $4.41 versus a split-adjusted 52-week range of $2.50 to $106.25.

Also, here is the unusual options activity from Friday that are trades which will carry over into this week and beyond.

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JON C. OGG

The decision was reached on Friday on its 7.50% debentures due May 1, 2023 and the interest payment was scheduled to be made this morning (NOV. 1).

Ambac has 30 days to pay the interest, otherwise there is a default and the holders of the notes will be able to accelerate the maturity of the notes.

As of June 30, 2010, Ambac had total indebtedness of $1,622 million. More importantly, the next scheduled payment of interest is November 15, 2010.

The troubled insurer noted that it has has been unable to raise additional capital as an alternative to seeking bankruptcy protection.  Ambac is now seeking to restructure its outstanding debt through a prepackaged bankruptcy proceeding.  Here is the biggie and the issue that would likely create a goose-egg for holders of the common stock: “If the Company is unable to reach agreement on a prepackaged bankruptcy in the near term, it intends to file for bankruptcy under Chapter 11 of the United States Bankruptcy Code prior to the end of the year. Such filing may be with or without agreement with major creditor groups concerning a plan of reorganization. The filing for bankruptcy protection would accelerate the maturity of all of the Company’s indebtedness.”

Ambac also listed that it has an estimated $7.0 billion net operating loss tax carry forward, although that asset could greatly change in a change of control.

Some companies are able to pull rabbits out of the hat and keep surviving.  While Ambac’s fate has not sealed, holders of common stock need to be reminded that it is the debt holders rather than the common stock holders who usually have a say in the bankruptcy process.  It is also usually the debt holders who emerge as the new owners after a Chapter 11 process.  Bankruptcy does not always wipe out the common holders.  That is just usually the case.

Ambac had recently gained some interest before selling off in hopes that it could take back money from some banks who were involved in mortgage fraud in the current foreclosure and mortgage fraud mess you have seen over the most recent weeks.  Shares closed at $0.83 on Friday, but the stock is down 43% at $0.47 this morning on almost 4 million shares with more than an hour remaining before the stock market even opens.  The 52-week range is $0.40 to $3.39, and the stock was exponentially higher back before the mortgage mess and before the financial meltdown.

JON C. OGG

Ambac Financial Group, Inc. (NYSE: ABK) is at it again, but keep in mind that the stock has been very volatile and often moves away from the initial trend in the last few days.  Shares are indicated up 4% at $1.02.

Amylin Pharmaceuticals, Inc. (NASDAQ: AMLN) is trying to recover a tad after yesterday’s implosion that took away about half of its value.  Shares closed at $11.03 and the stock is indicated up around $11.20 in early indications.

Cirrus Logic Inc. (NASDAQ: CRUS) met estimates but it looks like guidance is soft; shares are down 3.5% at $15.75 in the early indications.

eBay Inc. (NASDAQ: EBAY) is surging after last night’s earnings beat, in part due to a large buyback coming.  Shares are up 7% at $27.34 in early trading versus a 52-week range of $19.06 to $28.37.

Kellogg Company (NYSE: K) has lowered expectations for the year due to weaker than expected performance and likely due to higher commodity costs.  Shares are indicated down by about 35 at $48.58 and the 52-week trading range is $47.28 to $56.00.

Netflix, Inc. (NASDAQ: NFLX) is up over 9% at $163.20 in active trading after beating earnings and exceeding subscriber additions.  The 52-week range here is $47.56 to $174.40 and we have so far seen at least two analyst upgrades.

Netlist Inc. (NASDAQ: NLST) is up after yesterday’s patent award news around the cloud.  Shares closed at $3.41 and are up 11% at $3.79.

Nokia Corporation (NYSE: NOK) is up after beating earnings expectations and on further job cuts.  Shares are indicated up almost 7% around $11.55 to $11.60.

The Children’s Place Retail Stores, Inc. (NASDAQ: PLCE) is getting hit after it lowered guidance.  Shares are down close to 10% and just above $46.00 after closing at $51.88 yesterday.

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JON C. OGG

Ambac Financial Group, Inc. (NYSE: ABK) is seeing a bit of a pop this morning after yesterday’s late-afternoon stock surge after BofA is being sued for mortgage put-backs.  Shares went from about $0.90 to $1.14 yesterday and the stock is up almost 3% this morning at $1.17.  Be advised that yesterday’s $1.15 was the highest level seen yet since the mortgage and foreclosure scandals hit last week.

Amylin Pharmaceuticals, Inc. (NASDAQ: AMLN) is down by almost half; partners Eli Lilly & Co. (NYSE: LLY) is down 4% at $35.88 and Alkermes, Inc. (NASDAQ: ALKS) is down 25% at $10.75.  FULL NEWS at BioHealthInvestor.com.

Bank of America Corporation (NYSE: BAC) is down on further mortgage loss concerns via put-back clauses and after an analyst downgrade this morning.  Shares are down 1.7% at $11.60, and that will mark a 52-week low versus the prior year range of $11.71 to $19.86.

Cell Therapeutics, Inc. (NASDAQ: CTIC) is down 7.7% at $0.41 after it raised $21 million via the sale of preferred stock and warrants.

Cree Inc. (NASDAQ: CREE) managed impressive growth year over year but that is slowing rapidly and the guidance was soft again.  Shares are down 9.5% at $47.99 and the 52-week trading range is $40.50 to $83.38.

Dearborn Bancorp Inc. (NASDAQ: DEAR) is yet again proving to be extremely volatile after earnings.  The Michigan-based regional bank is trading up 40% at $2.45 on relatively thin volume.

FSI International Inc. (NASDAQ: FSII) is down after forecasting a revenue shortfall for the quarter.  Shares are down 12% at $2.70 versus a 52-week trading range of $1.00 to $5.17.

Intuitive Surgical, Inc. (NASDAQ: ISRG) reported a 34% profit gain but shares are down on revenue and guidance.  The stock is down 5% at $265.00 on over 13,000 shares.

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JON C. OGG

Ambac Financial Group, Inc. (NYSE: ABK) is down again playing gain ‘give-back’ after last week’s huge run-up on hopes that the foreclosure moratorium and foreclosure sale moratoriums might mean that Ambac and insurers will have lower losses or be able to recoup funds.  Shares are down 3% at $0.89.

Apple Inc. (NASDAQ: AAPL) is down after beating earnings but having far less margins; the stock is down 3.6% around $306.60 on over a million shares.  Keep in mind that the initial reaction after the halt was lifted was a drop of 7%.

ARM Holdings, plc (NASDAQ: ARMH) is down marginally with Apple as a related play.  Shares are down about 3.25% at $18.49.

Cardiac Science Corporation (NASDAQ: CSCX) is being acquired by Opto Circuit for $2.30 per share.  Shares are up 8.1% at $2.27 this morning.  Keep in mind that the 52-week range is $0.90 to $4.02.

Cell Therapeutics, Inc. (NASDAQ: CTIC), a penny stock, is up almost 10% at $0.45 after a positive opinion from the Pediatric Committee of the European Medicines Agency paves the way to submit for marketing approval.

Coldwater Creek, Inc. (NASDAQ: CWTR) is getting dunked in the cold water after it warned about lower sales.  Shares are down a sharp 32% at $3.64 on over 400,000 shares.

Infinera Corporation (NASDAQ: INFN) is tanking this morning after beating earnings but giving a soft Q4 outlook.  Shares are down about 28% around $8.88 on more than 400,000 shares.

Microsoft Corporation (NASDAQ: MSFT) is down in general with tech but chief architect Ray Ozzie is now out of the company.  Shares are down 2.4% at $25.82 in pre-market trading.

OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI) is down 16% at $15.75 (versus 52-week range of $11.83 to $35.33).  The company has proposed a common stock and warrant sale to raise capital.

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JON C. OGG

AGA Medical Holdings, Inc. (NASDAQ: AGAM) is surging after St. Jude Medical acquired the company for $1.4 billion or $20.80 per share versus a $14.71 close Friday and 52-week range of $11.61 to $18.95.  As with many deals, there is a premium to the premium merger in hopes of a better deal.  Shares are up 41% at $20.75 this morning.

Apple Inc. (NASDAQ: AAPL) is up this morning before tonight’s earnings report.  We have a full analyst outlay ahead of the numbers.  Shares are up 1.5% at $319.60 or so this morning.

Ambac Financial Group, Inc. (NYSE: ABK) is not seeing another big gap-up after last week’s mortgage/foreclosure-related win as the banks got hit.  Shares are down 1% at $1.04 on 350,000 shares.

Fluor Corporation (NYSE: FLR) is taking a hit after a $163 million charge in part to a offshore wind project.  Shares are down 5.1% at $49.21.

ISTA Pharmaceuticals, Inc. (NASDAQ: ISTA) received FDA approval for its BROMDAY eye drop for the treatment of postoperative inflammation and reduction of ocular pain in patients who have undergone cataract extraction.  Shares are up 14% at $5.10 but the shares were up 20% earlier.

Lululemon Athletica Inc. (NASDAQ: LULU) is lower after Barron’s reported that the stock seemed to be overvalued.  Shares are down 2.2% at $45.01.

PetMed Express, Inc. (NASDAQ: PETS) posted $0.22 EPS vs. $0.26 estimates as sales rose 4.1%.  Shares are lower by over 12% at $13.93.

Seagate Technology PLC (NYSE: STX) is trading up again on word that Bain may join buyout talks over the pending Seagate acquisition that is reportedly coming.  Shares are up another 7.5% at $16.70 pre-market and this was a $12.69 stock before the rumors surfaced last week.

Western Digital Corp. (NYSE: WDC) is up in Seagate-hype and after Barron’s noted it as a potential LBO candidate.  Western was up Friday with Seagate as well.  Shares are up 2% at $32.55 and Western Digital was at $29.49 before the rumors came on Seagate.

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JON C. OGG

Apollo Group Inc. (NASDAQ: APOL) is seeing a slight drop after yesterday’s monumental drop.  Shares are down 0.9% at $37.66.

Ambac Financial Group, Inc. (NYSE: ABK) moved again last night after the close and is holding with 6% gains at $1.01 based on continued hopes that the Bank-Mortgage fraud fears will help the insurers recovery lost money.

Discovery Laboratories Inc. (NASDAQ: DSCO) is only a penny stock but is up after it announced the completion of Phase IIa in a study of aerosolized KL4 surfactant in cystic fibrosis.  Shares were up as much as 20% and now ‘only’ 11% at $0.24 because of the penny increments.

General Electric Co. (NYSE: GE) is down 2.3% at $16.76 on active volume in the pre-market after its earnings were deemed to be short.

Google Inc. (NASDAQ: GOOG) is soaring after it beat earnings expectations.  Shares are up close to 10% at $598.00 on active trading.  Baidu, Inc. (NASDAQ: BIDU) is following Google up this morning, and shares are indicated up over 3% at $101.25 in the pre-market.

Mattel, Inc. (NASDAQ: MAT) is trading lower so far after earnings; shares are down over 6% at $22.39 on active volume for the stock before the open.

National Bank of Greece SA (NYSE: NBG) is indicated up after indications are out that the interbank may open up for Greek banks.  Shares were up as much as 6% per ADR here and the stock is now up 4% at $2.35 in the pre-market on active trading.

Seagate Technology plc (NASDAQ: STX) is soaring on word that an indication of interest has been shown to the company in a possible go-private transaction.  Shares are up nearly 19% at $15.08 on very active trading.  Western Digital Corp. (NYSE: WDC) is its key US competitor and its shares are also up 8% at $32.00 in active pre-market trading.

You can join our free daily email distribution list to hear more about dividend trends, analyst upgrades and downgrades, top day trader and active trader alerts, news on Buffett and other investment gurus, IPOs, secondary offerings, private equity, and more.

JON C. OGG