All You Need To Know This Week: FNMA, FMCC, TSLA, YHOO
Federal National Mortgage Assctn Fnni Me (OTCMKTS:FNMA), Federal Home Loan Mortgage Corp (OTCMKTS:FMCC) are riding higher today as Gretchen Morgenson wrote a new NY Times piece, Freddie and Fannie are Held Captive. The piece looks at more unsealed documents available here, which are positive for Fannie and Freddie investors court cases. A key email from Jim Parrott on the day of the Net Worth Sweep said that the change was made so that the companies couldn’t “repay their debt and escape as it were.” They also note that the Treasury modified the terms when they learned that Fannie and Freddie were about to enter golden years of profitability.
An exciting week for Tesla Motors Inc (NASDAQ:TSLA) involved a Goldman Sachs Group Inc (NYSE:GS) report that the company was upgraded from Neutral to Buy. The firm upgraded the shares to a 6 month price target of $250 noting 22% upside. Tesla shares have been aggressively priced to say the least and the upgrade timing was suspicious to say the least. Goldman clearly appears to be up to its old tricks again and shortly after the upgrade Tesla announced a share offering of $2 billion, $1.4 billion of which will fund production. The share offering will be led by Morgan Stanley and… yes Goldman Sachs. This is the kind of thing that makes people distrust Wall Street.
Latest posts by Steve Vrionis (see all)
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