Midday Commentary: Market mixed and quiet as week ends; Fannie, Freddie still under pressure

By Stephanie N. Rotondo

Phoenix, Aug. 9 - Preferred stock market indicators were mixed Friday, and a trader said that overall activity was light.

Fannie Mae and Freddie Mac preferreds continued to be more active than other issues, however, and remained under pressure despite reporting profits earlier in the week.

Fannie's 8.25% series S fixed-to-floating rate noncumulative preferreds (OTCBB: FNMAS) were off 4 cents at midday at $4.63. Freddie's 8.375% fixed-to-floating rate noncumulative perpetual preferreds (OTCBB: FMCKJ) had slipped a penny to $4.65.

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