Shares of government-backed mortgage borrower Freddie Mac declined on Monday and helped send the Standard & Poor's 500 index to a lower close.
The stock lost $2.59, or 17.9 percent, to $11.91, after hitting $10.28 during the session, a level not seen since 1991. Lehman Brothers analyst Bruce Harting said Freddie and Fannie Mae may end up needing to raise more cash to stay afloat.
Shares of mortgage insurer MGIC Investment Corp. fell $1.25, or 17.7 percent, to $5.80.
Shares of Fannie Mae slipped $3.04, or 16.2 percent, to $15.74, after hitting $14.65 during the session, a level also not seen since 1991.
The S&P 500 declined 10.59 points, or 0.84 percent, to 1,252.31.
On the gaining side, shares of Yahoo Inc. gained $2.56, or 12 percent, to $23.91. Investor Carl Icahn sent a letter to the Web portal's shareholders that raised the possibility of a combination with Microsoft Corp.
Shares of Broadcom Corp. rose $1.87, or 7.1 percent, to $28.09 after Piper Jaffray's Gary W. Mobley upgraded shares of the semiconductor company to "Buy" from "Neutral.
Shares of International Game Technology rose $1.51, or 6.5 percent, to $24.69.
Terms & Conditions
RSS Headlines
Fool UK