Fannie Mae is trading at $4.04, down 5.83%, with no clear catalyst identified.
- Third-quarter net income was $4.2 billion and revenue was $7.7 billion; provision for credit losses rose to $1.1 billion from $485 million in the prior quarter.
- B. Riley cut its price target to $4.50 from $7.00, but coverage does not establish that the cut or earnings report caused the decline.
- Major indexes were modestly higher, and no reliable volume context was available.