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latest news FINANCIAL STOCKSFreddie, Fannie lead financials lower By
Greg Morcroft, MarketWatchLast update: 10:33 a.m. mandarin tutor chicago Feb. 22, 2008PrintPrint
EmailE-mail Subscribe to RSSRSS DisableDisable Live Quotes NEW YORK
(MarketWatch) -- Shares of Fannie Mae and Freddie Mac retreated
Friday, falling sharply after Merrill Lynch analysts turned sour on
the grounds that they face continuing pressure arising from the
meltdown in the U.S. mortgage markets. "Though the shares have
witnessed significant selling pressure already, we do not think the
stocks fully reflect the severity or duration of the financial
headwinds facing the companies," the Merrill analysts said early
Friday. They suggested clients sell shares of Freddie Mac custom playing cards chart, profile, poker cards
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Financials Sponsored by:
, , ) and Fannie Mae (FNM:FNMNews, chart, profile, moreLast:

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Financials Sponsored by:
, , ) . Chart of XLF "Specifically, we think further
deterioration in financial-market conditions and worsening credit
performance will undermine fundamentals and the market's assessment of
their respective financial position, likely leading to further
valuation compression," the analysts wrote in a research note. Shares
of Freddie best life insurance 5.7% to $26.17, while Fannie gave chinese lessons chicago 3.8% to $27.95.
"We think both Fannie and Freddie could re-test 2007 lows of $28.25
and $24.50, respectively, and possibly incur new troughs, as the
cyclical downturn appears more acute," Merrill's analysts concluded.
Chart of FNM In the broader financial sector, the Financial Select
best car insurance SPDR Fund (XLF:XLFNews, chart, profile, moreLast:

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Financials Sponsored by:
cards playing custom , ) , an ETF that tracks the 93 financial-sector stocks in
the S&P 500, fell 0.4%. Also lower, shares of Citigroup (C:CNews,
chart, profile, moreLast:

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Financials Sponsored by:
, , ) , the nation's largest bank and a member of the Dow Jones
Industrial Average, fell 0.8% to $24.86. Late Thursday, Oppenheimer &
Co. banking analyst Meredith Whitney told full color playing cards that Citigroup may not
have put aside sufficient reserves and may cut its dividend again
soon. She correctly predicted in November that Citi would be forced to
scale back payouts: The company's board approved a reduction of 41% in
its best insurance in January. Whitney also warned that financial stocks
could plummet as much as 15% to 50% this year, potentially succumbing
to pressure from a weakening economy and fears of a recession.
Meanwhile, shares of Northern Trust (NTRS:NTRSNews, chart, profile,
moreLast:

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Financials Sponsored by:
, , ) fell 2% to $70.01. The company said it will provide
capital support to funds it advises that have exposure to structured
investment vehicles that issue commercial paper and other debt
securities. Chart of $XBD And, the Amex Securities Broker/Dealer Index
(XBD:XBDNews, chart, profile, poker shape playing cards
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car insurance Financials Sponsored by:
, , ) fell 0.3% after custom poker cards at Sanford C. Bernstein trimmed
earnings-per-share forecasts for several major firms. Specifically,
Bernstein cuts homeowners insurance first-quarter earnings estimates for Bear Stearns
Cos. (BSC:BSCNews, chart, profile, moreLast:

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Financials Sponsored by:
, , ) to $1.59 a share, down from $2.71 previously; for Lehman
Bros. (LEH:LEHNews, chart, profile, moreLast:

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Financials Sponsored by:
, , ) to $1.15 a share from $2; for Goldman Sachs Group (GS:GSNews,
chart, profile, moreLast:

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Financials Sponsored by:
, , ) to $3.03 a share from $5.46; and for Morgan Stanley (MS:MSNews,
chart, profile, moreLast:

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Financials Sponsored by:
, , ) to $1.49 a share from $1.70. cheap homeowners insurance this point, all the
major brokers continue to have significant exposure to asset classes
that have been significantly written down in the second half of fiscal
2007 or remain under pressure in the market today," the Bernstein
analysts said. End of Story Greg Morcroft is MarketWatch's financial
editor in New York.
Companies poker size playing cards this story

Freddie Mac (FRE)

Fannie Mae (FNM)

Citigroup, Inc (C)

Northern Trust Corporation (NTRS)

The Bear Stearns Companies Inc (BSC)



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Freddie, Fannie lead financials lower after Merrill's sell call -
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