Freddie Mac reports earnings after the close and the stock is up like 55% in after hours trading. The company said they made 768 million dollars but darn they had to pay the government 1.1 billion in preferred dividends so they actually lost 330 million or so. Thats like a guy saying hes worth 2 million dollars but oops I owe 4 million on my house. They also said they wont need any capital right this second - gun the stock... even stranger is that Fannie Mae who got smoked this past quarter and said they need another 10 billion or so is seeing its stock pop 30% after hours.
Fannie and Freddie have taken down like 150 billion (plus or minus 50 billion) why are these zombies even still aloowed to be listed?
People are crazy!!
Later
JB
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