LocateStock.com Daily High Five For Tuesday July 29, 2008

Jersey City, NJ – July 29, 2008

The LocateStock.com HIGH FIVE for Tuesday, July 29^th are:

                       
5 – Wachovia Corp. – NYSE:WB

4 – Freddie Mac – NYSE:FRE

3 – Bank of America – NYSE:BAC

2 – Lehman Brothers – NYSE:LEH

1 – Fannie Mae – NYSE:FNM

Wachovia Corporation, (NYSE:WB) a financial holding company, provides commercial and retail banking services, and other financial services in the United States and internationally. Its deposit products include savings, NOW, money market, and interest-bearing checking accounts, as well as noninterest-bearing deposits and other consumer time deposits.

* Reports are saying that Wall Street likes what it's hearing so far from Wachovia's new Chief Executive Bob Steel. Last week, Steel made his earnings debut and unveiled the first steps in a rehabilitation plan for the troubled bank, including a dividend cut and 10,750 job cuts to cope with an $8.9 billion loss. But analysts liked his approach and say he answered questions as fully as he could without over-promising. Wachovia shares started the week off down 87 cents or 6.00% to $13.63 on Monday.

Freddie Mac (NYSE:FRE) engages in mortgage purchasing, credit guarantee, and portfolio investment activities in the United States. It purchases single-family and multi-family residential mortgages, and mortgage-related securities from lenders in the primary mortgage market that originate mortgages for homebuyers, including mortgage banking companies, commercial banks, savings banks, community banks, credit unions, state and local housing finance agencies, and savings and loan associations.

* Freddie shares started Monday off in the red after Congress approved a housing-rescue bill over the weekend. On Saturday, the Senate passed housing rescue legislation aimed at helping struggling homeowners avoid foreclosure and providing financial support to troubled mortgage giants Fannie and Freddie. Shares of FRE fell 55 cents or 6.65% to $7.72 after closing last week mostly lower.

Bank of America Corporation, (NYSE:BAC) a financial holding company, provides a range of banking and nonbanking financial services and products in the United States and internationally. The company's Global Consumer and Small Business Banking segment offers savings accounts, money market savings accounts, certificate of deposits, individual retirement accounts, regular and interest-checking accounts, and debit cards; U.S. Consumer and Business Card, unsecured lending, and international card; consumer real estate products, including mortgage products for home purchase and refinancing, reverse mortgage products, and home equity products; and insurance services.

* Bank of America shares edged lower Monday after a Stifel Nicolaus analyst cut his full-year profit estimate on the bank, citing concern over continued deterioration in the company's consumer loan portfolio. The analyst cut his full-year profit forecast to $2.40 per share from $2.72 per share. Shares of BAC fell 1.52 or 5.14% to $28.06 on Monday.

 

Lehman Brothers Holdings, Inc., (NYSE:LEH) through its subsidiaries, provides various financial services to corporations, governments and municipalities, institutions, and high-net-worth individuals worldwide. The company operates in three segments: Capital Markets, Investment Banking, and Investment Management.

 

* Merrill had a hand in sending Lehman's stock down on Monday after an analyst suggested that Lehman may write down an additional $2.5 billion in the third quarter and record a loss for the period. Lehman has struggled through the second quarter as negative headlines and management changes pushed the value of the stock down to record levels. The analyst cut his price target to $25. LEH plunged $1.78 or 10.44% to $15.27 on Monday.

 

Fannie Mae (NYSE:FNM) provides funds to mortgage lenders through the purchase of mortgage assets, and issues and guarantees mortgage-related securities that facilitate the flow of funds into the mortgage market in the United States. It operates in three segments: Single-Family Credit Guaranty, Housing and Community Development, and Capital Markets.

 

* Fannie shares started Monday off in the red after Congress approved a housing-rescue bill over the weekend. On Saturday, the Senate passed housing rescue legislation aimed at helping struggling homeowners avoid foreclosure and providing financial support to troubled mortgage giants Fannie and Freddie. Shares of FNM plunged $1.24 or 10.74% to $10.31 after falling 18% last week.

 

The daily HIGH FIVE stocks are determined by the company's proprietary, internal algorithmic calculators. The result is five securities that are the most sought after to borrow, and have proven to be the hottest­ stocks to short that day.

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SOURCE:        Locate Stock, LLC