Fannie, Freddie: Financial Winners and Losers
(
Updated with final stock prices throughout
.)
NEW YORK (
) --
Fannie Mae
(FNM)
was among the top performers of the financial sector on a quiet Friday after the company said it has regained compliance with the
New York Stock Exchange's
minimum price standard for continued listing of its common stock
Fannie Mae
said it regained compliance with the listing standards after its closing share price on Aug. 31 and its average closing price for the 30 days of trading that ended Aug. 31 were both at least $1.
The NYSE notified Fannie on Nov. 12 that it had failed to satisfy one of the NYSE's standards for continued listing of its common stock because the average closing price of its common stock during the 30 preceding trading days had been less than $1 a share.
Fannie Mae shares jumped 7.3% on heavy volume to close at $1.76.
Freddie Mac
(FRE)
also rose on big volume, adding 5.4% to finish the day at $1.97.
Among other winners of the day,
Deutsche Bank
(DB) - Get Report
gained after reports the bank denied rumors it would increase its holding in
Deutsche Postbank
, in which it has a 30% stake, to speed up its acquisition. Deutsche Bank currently has the option to acquire Postbank outright in a few years under a current deal, according to
Reuters
.
"We hereby deny rumors about our increasing Postbank shares, which have been created out of thin air," a Deutsche Bank spokesman told
Reuters
. Deutsche Bank shares in the U.S. finished up 3.9% at $69.71.
(C) - Get Report
was also trading higher, one day after the bank said its shareholders have approved a plan to increase the number of outstanding shares so it can complete its debt exchange program, giving the U.S. government ownership of 33.6% of outstanding shares. Citigroup rose 1.7% to end at $4.85.
Among other bank stocks,
Bank of America
(BAC) - Get Report
rose 1.5%,
Goldman Sachs
(GS) - Get Report
added 0.8%, and
JPMorgan Chase
(JPM) - Get Report
tacked on 0.6%. Meanwhile,
Wells Fargo
(WFC) - Get Report
traded flat.
-- Written by Robert Holmes in New York
.
