AMBAC Financial Group Inc. (Pink Sheets: ABKFQ) is bankrupt and is now a Pink Sheet listed stock.  The stock trades as ABKFQ rather than ABK.  Hearings start Monday NOV. 15 for the bankruptcy process and many creditors and mortgage investors in the line of creditors may have an unusual fight ahead of themselves.  If you are a common shareholder, you can probably count on using those share certificates as fuel for a fire or ground pulp as a food filler if things ever get too tough.

Apple Inc. (NASDAQ: AAPL) was one of the NASDAQ’s high-flyers to get its wings clipped on Friday.  An SEC Filing from Capital Growth Management showed that esteemed portfolio manager Ken Heebner had cuts CGM’s stake by some 90% or so now that its shares have rocketed so much higher.  Shares were down 2.7% at $308.03 Friday.

BHP Billiton plc (NYSE: BHP) will have an interesting day on Tuesday.  Its shareholders at a meeting get a chance to question management about its failed attempt to acquire Potash Corp. of Saskatchewan.  Shares may have slid from above $92 to under $87 this last week, but shares had been at highs despite the merger blockage.

On Wednesday comes a key shareholder vote on The Blackstone Group LP (NYSE: BX) acquisition of Dynegy Inc. (NYSE: DYN); While ISS and others have backed the deal, Carl Icahn and others with close to 20% of the votes are opposing the deal.

Boston Scientific Corporation (NYSE: BSX) will webcast its Investor Day meeting on Friday NOV. 19 at 8:00 AM to 1:30 PM EST.  As the perpetual ‘stuck like Chuck’ dead turnaround, it is a sure thing that it will have a feisty investor crowd.

Caesars Entertainment (NYSE: CZR) is set to come public this week (again).  This is really Harrah’s, which private equity groups TPG and Apollo bought at the private equity peak in a leveraged buyout the size of nearly $30 billion after all debt had been assumed.  More than 30 million shares are expected in a range of $15 to $17 per share.

Dell Inc. (NASDAQ: DELL) is due with earnings after the close on Thursday NOV. 18; full earnings preview available.

Reuters reports that Ebay’s (EBAY) outlook knocked its shares down.

Reuteres writes that Merrill Lynch (MER) will sell its Bloomberg stake for $4.5 billion.

Reuters reports new numbers show soaring inflation and falling confidence among homebuilders.

Reuters writes that PC shipments slowed in Q2.

The Wall Street Journal reports that Congress is fighting over a plan to help Fannie Mae (FNM) and Freddie Mac (FRE).

The Wall Street Journal reports that China’s GDP growth rate fell to 10.1% in the second quarter.

The Wall Street Journal reports that Microsoft (MSFT) has stepped up its talks with Time Warner (TWX) about buying AOL.

The Wall Street Journal reports that PC growth was fairly strong overseas.

The Wall Street Journal reports that car sales forecasters see a hard 2009.

The New York Times writes that the shares of AMR (AMR) and Delta (DAL) rose, despite quarterly losses.

The New York Times reports that Amazon (AMZN) will launch a new online movie and TV store.

The FT reports that Deutsche Telekom (DT) and SK Telecom may still be looking at taking minority positions in Sprint (S).

Bloomberg reports that housing starts probably dropped to a 17-year low last month.

Douglas A. McIntyre

Reuters writes that the CEO of JP Morgan (JPM) said Wall St. losses where not due to accounting practices.

Reuters writes that the Fed may extend its low-cost lending to brokerages.

Reuters reports that Google’s (GOOG) YouTube ad revenue is running well below expectations.

Reuters reports that Alcoa’s (AA) results fell but beat Wall St.expectations.

The Wall Street Journal reports that the government is looking into whether Credit Suisse brokers lied about the value of auction rate securities.

The Wall Street Journal reports that Steve & Barry’s will file for Chapter 11.

The Wall Street Journal writes that the SEC found credit rating firms put profits ahead of quality controls.

The Wall Street Journal reports that a measure of national advertising revised growth down to 2% this year.

The Wall Street Journal reports that VMWare (VMW) pushed out its famous CEO.

The Wall Street Journal writes that Siemens (SI) will cut nearly 17,000 jobs.

The New York Times writes that the Fed sees the credit turmoil moving well into next year.

The New York Times reports that GM’s cash cushion does not seem adequate with its big drop in sales.

Douglas A. McIntyre