Fannie Mae is trading 5.78% lower at $4.40, likely pressured by KBW’s September 28 target cut. - KBW cut its target to $3.50 from $6.25, maintaining an Underperform rating and citing privatization doubts and potential dilution if Treasury-held senior preferred shares convert. - The September 28 tender offer for certain CAS notes was not identified in available reporting as a cause. Major indexes were mixed in the supplied snapshot, and no current-session volume data was provided.