Stocks Close Mixed; MSFT Fined, FNM Reports Huge Loss
The major averages closed mixed on Wednesday, after the EU hit Microsoft with a big fine and Fannie Mae reported another huge loss. The Dow gained +9.36, the Nasdaq Composite +8.79, while the S&P 500 lost -1.27.
The EU fined Microsoft
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PowerRating) $1.35 billion on Wednesday for antitrust violations (read more).
Fannie Mae
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PowerRating) reported a $3.6 billion fourth quarter loss (read more). Freddie Mac
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PowerRating) reports tomorrow.
Nortel Networks
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PowerRating), the networking solutions supplier, beat earnings eastimates by $0.01. However, a large tax-related loss, and full year 2008 guidance, contributed to the greater than 13% decline in the company’s share price.
Luxury home builder, Toll Brothers
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PowerRating), reported a larger than expected loss, but its shares rose more than 3%.
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