Financial stocks fall, Fannie, Freddie delist from NYSE |
| MarketWatch - Jun 16, 2010 |
U.S. financial stocks retreated with the broader market on Wednesday as mixed signals on the U.S. economy and continuing worries about the health of some European economies dampened the previous session's enthusiasm.
The Financial Select Sector SPDR, which tracks the S&P 500's financial firms, fell about 0.3%.
In another sign of the firms' financial disintegration, Freddie Macand Fannie Mae, the giant mortgage finance companies operating in government conservatorship, said Wednesday they are delisting their common and preferred stocks from the New York Stock Exchange.
The firms' shares will trade on the over-the-counter bulletin board market. Fannie Mae shares fell 29% to 66 cents, while Freddie Mac shares fell 21%, to 96 cents.
Freddie said in a press release that, "this notice was made pursuant to a directive by the Federal Housing Finance Agency, Freddie Mac's conservator, requiring Freddie Mac to delist its common and preferred securities from the NYSE."
Read Full Article from MarketWatch
- Posted: 2010-06-16 10:10:35
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