LocateStock.com Daily High Five For Friday August 29, 2008

Jersey City, NJ – August 29, 2008

 

The LocateStock.com HIGH FIVE for Friday, August 29^th are:

                       

5 – Lehman Brothers – NYSE:LEH

4 – Freddie Mac – NYSE:FRE

3 – Fannie Mae – NYSE:FNM

2 – Ambac – NYSE:ABK

1 – MBIA – NYSE:MBI

 

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.

* Lehman will announce plans to cut 1,500 employees, or roughly 6% of its workforce, next month, the New York Times reported Thursday. The layoffs could be announced right before the struggling investment bank reports third-quarter earnings in mid-September, the Times said. Shares of LEH rose $1.09 or 7.37% to $15.87 on the news.

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 Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages dropped to 6.40% this week, down from 6.47% last week. The new rate was the lowest since the week of July 17 when 30-year mortgages stood at 6.26%. Shares of FRE rose 53 cents or 11.16% to $5.28 on Thursday and are up 88% so far this week.

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 Mae said late Wednesday that three top executives are leaving as the mortgage finance company aims to cope with mounting losses from the mortgage crisis. On Thursday Lehman Brothers said Fannie's capital and reserves are better than the market perceives. Fannie shares rocketed an additional $1.47 or 22.69% to $7.95 and 59% so far this week.

 

Ambac Financial Group, Inc., (NYSE:ABK) through its subsidiaries, provides financial guarantee products and other financial services to clients in the public and private sectors worldwide. It operates in two segments: Financial Guarantee and Financial Services.

 

* Shares of Ambac rallied Thursday on news that MBIA is in a deal to reinsure $184 billion in municipal bonds, showing the embattled bond insurer is able to attract new business despite the credit crunch. ABK soared $2.18 or 41.60% to $7.42 on the news.

 

MBIA, Inc., (NYSE:MBI) through its subsidiaries, provides financial guarantee insurance and credit protection products, as well as investment management services to public finance and structured finance issuers and investors, and capital market participants worldwide. It operates through two segments, Insurance and Investment Management Services.

 

* Shares of mortgage and bond insurers rallied Thursday on news that MBIA is in a deal to reinsure $184 billion in municipal bonds, showing the embattled bond insurer is able to attract new business despite the credit crunch. The deal would net about $741 million. Shares of MBIA rocketed $4.17 or 34.81% to $16.15.

 

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.

 

LocateStock.com is the premier electronic securities lending company providing revolutionary, real-time, hard-to-borrow stock locates and market data to hedge funds and professional traders seeking an efficient and private way to borrow stock associated with short sales. LocateStock TV is a daily financial news show that highlights stock inventory that is available for short sellers to legally borrow and stay in compliance with Regulation SHO. 

 

For an in-depth market analysis on each individual, hard to borrow stock, tune in daily to LocateStock TV, on http://www.locatestock.com/pressrelease.html

 

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SOURCE:        Locate Stock, LLC