Federal National Mortgage Association (OTCBB:FNMA) up by 18.33%, Pan American Silver Corp. (USA) (NASDAQ:PAAS)

Posted by Michael Korte May 16, 2013 0 Comment 4665 views


Federal National Mortgage Association (OTCBB:FNMA) on Wednesday traded up by 18.33% to close at $1.42, with total traded volumes of 129.80 million in comparison to its average volume of 20.09 million shares. The market capitalization of the company is $2.43 billion at the current price levels. The stock traded below its 52-week high of $1.48 and is above its 52-week low of $0.20.

After reporting a $58.7 billion profit for the first quarter 2013, the government-sponsored mortgage enterprise Fannie Mae said it would pay $59.4 billion to the U.S. Treasury in June. The company recognized tax benefits of $50.6 billion during the first quarter, in addition to $8.1 billion pre-tax income. Fannie has received $116.1 billion in aid, excluding the net cost of its bailout at $21.1 billion. The company will pay $7 billion in dividends by June.

Hedge funds hope that turnaround in their financial earnings and getting back to profitability, Fannie will start making payments to preferred shareholders. The company is awaiting restructuring.

Pan American Silver Corp. (USA) (NASDAQ:PAAS) on Wednesday traded down by 3.78% to close at $11.95, with total traded volumes of 2.60 million in comparison to its average volume of 2.40 million shares. The market capitalization of the company is $1.81 billion at the current price levels. The stock traded below its 52-week high of $22.83 and is above its 52-week low of $11.78.

Silver producer Pan American Silver recorded revenue of $243.0 million for the first quarter of 2013, up 6% from revenue recorded in the same quarter of 2012. The company’s net earnings were $20.1 million or $0.13 per share for the quarter. At March 31, 2013, Pan American had $490.1 million in cash and short-term investments. The company’s silver production increased 14% yoy to 6.2 million ounces and gold production jumped 65% yoy to 32,100 ounces.


About Michael Korte

Michael Korte an investigative reporter at GDP Insider and is a breaking news reporter. Michael work includes investigations of misconduct by federal prosecutors and industrial air pollution around the nation's schools. His reporting has been recognized with the Hillman Prize for Newspaper Journalism, the Grantham Prize for Excellence in Reporting on the Environment, and the Philip Meyer Journalism Award for reporting that incorporates social science methods.

View all post by Michael Korte Visit author's website

Write Your Comment