Movers: Freddie Mac, Countrywide, Nordstrom, HP, Target
Freddie Mac (FRE) posts $3.29 third quarter loss per share, vs. $1.17 loss a year ago. It notes the loss reflects a higher provision for credit losses and on mark-to-market items, significant deterioration of mortgage credit as a result of continued weakness in the housing market. It says in order to manage to the 30% mandatory target capital surplus and respond to regulatory concerns, it plans to take several actions: it engaged Goldman Sachs and Lehman Brothers as financial advisors; it is seriously considering reducing its fourth quarter dividend by 50%.
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