Movers: Fannie Mae, Cisco Systems, Disney, Yahoo, Anadarko Petroleum
Fannie Mae (FNM) closes up 2.52 to 30.81 after its first quarter conference call seems to calm investors. Its CEO reportedly says balance sheet is strong. Earlier, Fannie Mae posted $2.57 first quarter loss, vs. $0.85 EPS a year ago; results were hurt by increases in mortgage delinquencies, defaults and foreclosures, home price declines. Has substantially increased loss reserves to reflect credit losses that it believes have been incurred. Says combined loss reserves were $5.2 billion as of Mar. 31, vs. $930 million a year ago. It plans to cut its dividend and raise $6 billion in new capital through public securities offerings.
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