Fannie Mae (FNMA) and Freddie Mac (FMCC) were both rising Wednesday morning. This comes after Treasury Secretary Steve Mnuchin said President Trump's administration would be reforming the two agencies in the second half of 2017. Fannie Mae shares were up 2.82% to $2.92 per share, while Freddie Mac shares were up about 3% to $2.77. The two stocks have struggled in recent quarters with Fannie Mae falling 25% year to date and Freddie Mac dropping 26% year to date.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Breaking down an approach to the long side of this biotech stock.
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