LocateStock.com Daily High Five For Wednesday July 30, 2008

Jersey City, NJ – July 30, 2008

The LocateStock.com HIGH FIVE for Wednesday, July 30^th are:

                       
5 – Fannie Mae – NYSE:FNM

4 – Citigroup – NYSE:C

3 – Lehman Brothers – NYSE:LEH

2 – Bank of America – NYSE:BAC

1 – Merrill Lynch – NYSE:MER

 

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 rose with the broader market on Tuesday after initially starting the week off in the red upon 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 surged $1.29 or 12.51% to $11.60 on Tuesday.

 

Citigroup, Inc., (NYSE:C) together with its subsidiaries, provides a range of financial products and services to consumer and corporate customers in the United States and internationally. The company's Global Consumer Group segment offers various banking, lending, insurance, and investment products and services through its branches, automated teller machines (ATMs), and automated lending machines (ALMs), the Internet, telephone, and mail.

 

* Merrill Lynch's 30 billion worth of mortgage-related assets for 22 cents on the dollar Tuesday is making everyone on Wall Street ask "What will Citigroup do?" Merrill priced the sold assets well below the 36 cents on the dollar mark it had for them as recently as two weeks ago, when it recorded the current value of the portfolio at $11 billion. Citi's valuation of its CDO holdings is closer to 53 cents on the dollar. Shares of Citi rose $1.02 or 5.85% to $18.45 on Tuesday.

 

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.

 

* Shares of Lehman Brothers made up for Monday's loss yesterday amid broader gains in the market and despite news of more credit woes at fellow investment bank Merrill Lynch. Lehman shares rose $1.61 or 10.54% to $16.88 on Tuesday as the broader market posted strong gains amid declining prices for crude oil and a modest improvement in the Conference Board's July consumer confidence index.

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.

* Failed energy trader SemGroup LP is seeking court approval to obtain $250 million in debtor in possession financing from Bank of America as it proceeds with its bankruptcy case, according to court filings made late Monday. Shares of BAC rocketed $4.16 or 14.83% to $32.22 on Tuesday.

 

Merrill Lynch & Co., Inc., (NYSE:MER) together with its subsidiaries, provides investment, financing, insurance, and related services to individuals and institutions worldwide. It's Global Markets and Investment Banking segment offers various global market services, which facilitate client transactions and markets in securities, derivatives, currencies, commodities, and other financial instruments for clients; provides financing, securities clearing, settlement, and custody services; and engages in principal and private equity investing and proprietary trading activities.

* Merrill Lynch said it sold $8.55 billion of common shares at $22.50 each, below the value at which the bank's shares traded on Tuesday. The sale was slightly above the $8.5 billion Merrill said it had planned to sell on Monday. The Wall Street investment bank and brokerage said it sold 380 million shares and has the option to sell another 57 million. Shares of MER rose $1.92 or 7.89% to $26.25 on Tuesday.

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