Fannie Mae Rallies After Detailing Plans to Raise Capital, Reassuring Investors
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[May 06, 2008]

Fannie Mae Rallies After Detailing Plans to Raise Capital, Reassuring Investors

(Midnight Trader Via Acquire Media NewsEdge) Boston, May 06, 2008 (MidnightTrader via COMTEX News Network) --

Fannie Mae (FNM) shares are rallying and helping to lift financial stocks after the company detailed plans to raise capital and reassured investors about its soundness.

The stock also got a lift from Moody's Investors Service, which re-affirmed Fannie's "Aaa" senior debt rating.

The company said this afternoon it would begin two offerings totaling $4 billion on its way to raising $6 billion in new capital. It intends public offerings of common stock, non-cumulative mandatory convertible preferred stock and non-cumulative, non-convertible preferred stock.



Price: 30.03, Change: +1.74, Percent Change: +6.15

Copyright (C) 2008 MidnightTrader.com. All rights reserved.
Unauthorized reproduction is strictly prohibited.

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