Stocks Rise; Freddie Mac Reports Record Loss, Seeks Funding, Shares Plunge 28%
Stocks are staging something of a recovery on Tuesday, after yesterday’s drubbing. Today’s advance comes despite more credit related losses being reported, with Freddie Mac announcing a record loss.
Freddie Mac
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PowerRating) reported a $2 billion loss for the third quarter and said it is seeking new capital (read more). FRE shares are currently lower by 28%. Fannie Mae
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PowerRating), the other colossal GSE, recently reported a $1.4 billion loss.
New York & Company
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PowerRating) reported a loss for Q3, lowered guidance for Q4, and cut its full-year outlook (read more).
More bad news emerged from the housing market as applications for building permits fell to a 14-year low.
The U.S. dollar fell to a record low versus the Euro.
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