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Housing

Fannie’s NYSE Listing Satisfaction, Celebrating Pain (FNM, FRE)

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By Douglas A. McIntyre Updated Published
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Fannie Mae (NYSE: FNM) made an announcement that the troubled mortgage giant and GSE received notice yesterday from the New York Stock Exchange that it has regained compliance with the NYSE’s minimum price standard for continued listing of its common stock.  It was back in November 2008 that the NYSE notified the company that it had failed to satisfy the $1.00-rule.

This is one of the NYSE’s standards for continued listing, as the average closing price of its common stock during the 30 preceding trading days was under the $1.00 per share mark. Applicable NYSE rules and procedures provided the company with a cure period that would expire on October 15, 2009, as a result of the NYSE’s temporary suspension of its minimum price listing requirement earlier this year.

With as much volume as Fannie Mae contributes, and Freddie mac for that matter, it was a shoe-in that the NYSE was going to keep making an exception for this and other low-priced common stocks.  The volume is a form of revenues for the NYSE… Ditto for NASDAQ.

This is one of those empty celebrations, yet shares are up this morning.  So far we have seen over 8 million shares trade hands and Fannie Mae’s stock is up 4% at $1.71.

JON C. OGG

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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