MBIA (NYSE: MBI) Says N.Y. Regulator Hasn’t Approved Payment On Surplus Note

Shawshank,VA 7/10/12 (StreetBeat) -- MBIA Inc. (NYSE:MBI), the bond insurer that split its business in 2009, said the New York State Department of Financial Services hasn’t decided whether it will allow a unit that backed soured mortgage debt to make a debt interest payment.

Payments on the 14 percent surplus notes maturing in 2033 are scheduled for July 16, MBIA said in a regulatory filing today. No payments are due from the MBIA Insurance Corp. unit if the regulator doesn’t approve them, the Armonk, New York-based insurer said.

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Some LargeCap Stocks to Keep an Eye on Today

Among the companies whose shares are expected to see active trade in Wednesday's session are Cisco Systems Inc., Macy's Inc. and Polo Ralph Lauren Corp.

Cisco (NYSE: CSCO) is expected to report fiscal first-quarter earnings of 40 cents a share, according to analysts surveyed by FactSet Research.

Macy's (NYSE: M) is forecast to post earnings of 3 cents a share in the third quarter.

Polo Ralph Lauren (NYSE:RL) is estimated to report a profit of $1.67 a share in the fiscal second quarter.

Computer Sciences Corp. (NYSE: CSC) is expected to report earnings of $1.18 a share in the fiscal second quarter.

After Tuesday's closing bell, International Game Technology (NYSE: IGT) reported it swung to a fiscal fourth quarter profit but not enough to satisfy Wall Street estimates.

Watch List

Allstate Corp. (NYSE: ALL) announced a $1 billion share buyback program.

General Growth Properties Inc. said it emerged from bankruptcy and will launch an initial public offering.

Invesco Ltd. (NYSE: IVZ) said that it was launching a secondary offering of shares owned by a Morgan Stanley (NYSE: MS) affiliate.

Lions Gate Entertainment Corp. (NYSE: LGF) swung to a second-quarter loss of 22 cents a share on debt charges.

MBIA Inc. (NYSE: MBI) said it narrowed its third-quarter loss as it paid off claims on mortgage-backed securities.

Prudential Financial Inc. (NYSE: PRU) said it restored its annual dividend to 2007 levels.

Tesla Motors Inc. (NASDAQ: TSLA) said its third-quarter loss widened, but narrowed on a per-share basis since the electric car maker went public, as sales slipped.