WASHINGTON (MarketWatch) -- Shares of Fannie Mae and Freddie Mac climbed in early trading on Wednesday, as investors digested a move by securities regulators to curb short-selling in the companies and a U.S. plan to help the troubled firms.
Shares of both the government-sponsored mortgage-buyers rose 13% at the opening bell, erasing a portion of the big losses they sustained on Tuesday, when Fannie (FNM:Fannie Mae
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Last: 8.29+1.22+17.28%
10:10am 07/16/2008
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FNM 8.29, +1.22, +17.3%) and fell 28% and Freddie (FRE:Freddie Mac
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Last: 6.21+0.95+18.06%
10:10am 07/16/2008
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FRE 6.21, +0.95, +18.1%) dropped 26%.
Securities and Exchange Commission Chairman Christopher Cox told Senate lawmakers on Tuesday that the SEC would move to curb improper short-selling in the stocks of both companies, as well as 17 financial firms including Lehman Bros. Holdings (LEH:Lehman Brothers Holdings Inc
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Last: 14.27+1.05+7.94%
10:10am 07/16/2008
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LEH 14.27, +1.05, +7.9%) as well as Goldman Sachs Group (GS:Goldman Sachs Group, Inc
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Last: 162.68+4.88+3.09%
10:10am 07/16/2008
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GS 162.68, +4.88, +3.1%) and Morgan Stanley (MS:morgan stanley com new
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Last: 32.37+1.37+4.42%
10:10am 07/16/2008
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MS 32.37, +1.37, +4.4%) . The plan is expected to go into effect on Monday.
Shares of both the government-sponsored mortgage-buyers rose 13% at the opening bell, erasing a portion of the big losses they sustained on Tuesday, when Fannie (FNM:Fannie Mae
News, chart, profile, more
Last: 8.29+1.22+17.28%
10:10am 07/16/2008
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FNM 8.29, +1.22, +17.3%) and fell 28% and Freddie (FRE:Freddie Mac
News, chart, profile, more
Last: 6.21+0.95+18.06%
10:10am 07/16/2008
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Financials
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FRE 6.21, +0.95, +18.1%) dropped 26%.
Securities and Exchange Commission Chairman Christopher Cox told Senate lawmakers on Tuesday that the SEC would move to curb improper short-selling in the stocks of both companies, as well as 17 financial firms including Lehman Bros. Holdings (LEH:Lehman Brothers Holdings Inc
News, chart, profile, more
Last: 14.27+1.05+7.94%
10:10am 07/16/2008
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Sponsored by:
LEH 14.27, +1.05, +7.9%) as well as Goldman Sachs Group (GS:Goldman Sachs Group, Inc
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Last: 162.68+4.88+3.09%
10:10am 07/16/2008
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Sponsored by:
GS 162.68, +4.88, +3.1%) and Morgan Stanley (MS:morgan stanley com new
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Last: 32.37+1.37+4.42%
10:10am 07/16/2008
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Sponsored by:
MS 32.37, +1.37, +4.4%) . The plan is expected to go into effect on Monday.
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