MBI - MBIA shares surge on prospects of rescue package Puerto Rico progress

MBIA (MBI) climbs 24% after Vadim Perelman, a partner at Tel Aviv-based Foundation Partners, plugs the monoline insurer on Twitter, pointing out that the U.S.'s $1.9T coronavirus aid package significantly reduces the probability for muni defaults.Also points out that the plan of adjustment on Puerto Rico "is coming out today... things are moving."MBI reaches a 52-week high of $10.08 in trading today on volume of 4.56M vs. its three-month average daily volume of 552.7K. MBI's highest intraday price in the past 10 years was $16.15 on May 9, 2013.Assured Guaranty and MBIA both gained last month when the Financial Oversight and Management Board for Puerto Rico came to an agreement with certain bondholders in a step to resolve $35B of debt and non-debt claims.

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MBIA shares surge on prospects of rescue package, Puerto Rico progress