Fannie Mae (FNM) announced Wednesday it told the Securities and Exchange Commission that it will delist its common and preferred stock. On Tuesday, the company was told that it no longer meets NYSE listing standards of minimum price of its common stock. Shares of FNM have traded below a $1 average price for the past 30 days, triggering NYSE rules for the company to either take action to boost its shares or to delist.

But it wasn't just the exchange's rules and regulations. The Federal Housing Finance Agency announced that it is directing both FNM and Freddie Mac (FRE) to delist their shares from the NYSE and any other national exchange.

Do you remember Freddie Mac (FRE)? This is a story for the record books. For years it was difficult to get a handle on Freddie's finances. When the meltdown occurred, Freddie was forced to bring $1.5 trillion onto its balance sheet. In one stroke of the pen this caused Freddie's net worth to plunge $11.7 billion.

With the $1.5 trillion on its books, Freddie has been showing losses. In the recent quarter, Freddie lost $8 billion, or $2.45 per share. That compares with a loss of $10.4 billion or $3.18 per share in the first quarter. This takes into account $1.3 billion in dividends paid to the Treasury Department.

Last Friday, bailed-out mortgage lender Fannie Mae (FNM) was the target of a skeptically skewed options strategy. Around midday, the stock's January 2012 1-strike put and 1-strike call each traded a block of 9,995 contracts, both of which were marked "spread." The put options traded at the ask price, suggesting they were purchased, while the calls changed hands closer to the bid price -- indicating they were sold. Open interest at both strikes surged by roughly 10,000 contracts over the weekend, confirming that all of the contracts involved were newly opened.

By simultaneously buying the January 2012 1-strike puts and selling the January 2012 1-strike calls, this speculator has initiated a synthetic short position on Fannie Mae. The purchase of the long puts will allow the trader to profit from any decline in the share price during the long term.

Here are some highlights from this past week's earnings coverage on BloggingStocks:

• AutoZone Inc. (AZO) reported better-than-expected Q2 earnings, as well as sales and gross margin growth.
• Big Lots Inc. (BIG) beat Q4 earnings expectations, raised its guidance, and lifted its share repurchase program.
• Carmike Cinemas Inc. (CKEC) swung to better-than-expected profit in Q4 and reported strong sales growth.
• Ciena Corp. (CIEN) reported a bigger-than-expected Q1 net loss and some revenue growth, and offered guidance.
• DISH Network Corp. (DISH) posted a year-over-year increase in Q4 revenue but also a decline in per-share earnings.

Late Wednesday, Fannie Mae (FNM) confessed that delinquencies on loans in its single-family guarantee business increased to 5.38% in December, marking a steep increase from 2.42% in December 2008. The multifamily delinquency rate arrived at 0.63% for the final month of 2009, compared to 0.30% in December 2008.

Additionally, Fannie Mae reported that its mortgage investment portfolio contracted by 44.8% to $735.2 billion in January

Fannie Mae (FNM), the country's largest mortgage lender, said Friday when it reported its latest quarterly results that it needs another $16.3 billion to stay afloat. Fannie Mae has been under water since the government started bailing it out in 2008.

The reason for Fannie's persistent problems are the mortgage defaults spreading throughout the housing industry. Serious delinquencies rose to 5.38% as of December 31, up from 4.72% on Sept 30 and 2.42% at the end of 2008.

Chairman of the House Financial Services Committee Barney Frank said Friday at a hearing on executive compensation issues: "I believe this committee will be recommending abolishing Fannie Mae and Freddie Mac in their current form and coming up with a whole new system of housing finance."

This represents a turnaround for Representative Frank (D., Mass.), who has been a staunch supporter of Fannie Mae and Freddie Mac.

The Federal Reserve picked up a $52.1 billion profit last year, a record for the organization. The result is due largely to its 2009 bailout efforts. Of the profit generated, $46.1 billion will be handed over to the Treasury Department -- the largest profit payment made since records began back in 1914. The previous record was $34.6 billion, in 2007. Last year, the Fed turned $31.7 billion over to the Treasury Department.

According to the Associated Press, the profit didn't come from the $700 billion lent to financial institutions -- and then to auto companies like General Motors. Rather, it was the result of earnings from the securities it had in its portfolio last year. Several investment programs were launched last year to help kickstart the U.S. economy and drive down rates on mortgages and consumer debt. Through the programs, the Fed bought $300 billion in government debt, and under another, it's on a trajectory to buy $1.25 trillion in Freddie Mac and Fannie Mae mortgage securities.

Today was down to the wire, where you didn't know if we'd see a positive or negative close until right before 4:00 PM. A very positive regional economic report from Chicago was trumped by what some feared was a NASDAQ bomb threat because of sloppy reporting in and around New York City, and because of media outlets taking advantage of post-failed-terror hype. Oil inventories were mixed but prices still rose on the day.

Here were today's unofficial closing bell levels:

Dow 10,548.51 +3.10 (0.03%)
S&P 500 1,126.42 +0.23 (0.02%)
Nasdaq 2,291.28 +2.88 (0.13%)

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Today was a low volume trading day without much economic fanfare as many market participants were out or were talking about the Christmas holiday rather than the markets. The manufacturing output was reported for the Dallas and Chicago Fed Districts, but this in and of itself is rarely enough to heavily influence the markets. There will be more traders around on Tuesday and Wednesday most likely, but then it is likely to peter out again on Thursday ahead of the New Year's Day holiday this Friday. The markets were mixed throughout the trading day, and the real position for an up-close or down-close was something not known until the very end of the trading day.

Here are today's unofficial closing bell levels:

Dow 10,547.30 +27.20 (0.26%)
S&P 500 1,127.78 +1.30 (0.12%)
Nasdaq 2,291.08 +5.39 (0.24%)

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'Tis the season to be greedy! Fannie Mae (FNM) CEO, Michael Williams, and Freddie Mac (FRE) CEO, Charles Halderman, will each receive $6 million in total compensation for 2009!

How would you like to work for a company that will guarantee every single loss you have. The U.S. Treasury said that they would absorb all losses for Fannie and Freddie for the next three years, if necessary.

Today had little economic data to boost or quell markets. Asian stocks were weak but European market gave the US a boost on German business confidence. Today's gainers were mostly on earnings and oil and gold both rallied off lows after Iran's military supposedly raised an Iranian flag over an Iraqi oil well in a disputed area now part of Iraq. Gold may still be dead or range bound the rest of 2009.

The closing bell on this Triple Witching expiration date was not certain on the direction throughout most of the late morning and through most of the afternoon.

Here were today's unofficial closing bell levels:

Dow 10,310.23 +1.97 (0.02%)
S&P 500 1,102.73 +6.65 (0.61%)
Nasdaq 2,211.69 +31.64 (1.45%)

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The markets were very mixed going into the close and which direction the closing bell was going to be was not known until right at the close. Core consumer inflation seems to still be contained, although oil rose sharply today on supply and refining concerns. Even the FOMC decision to keep rates at the near-zero policy and keeping the "extended time" phrase on for extremely low fed funds rates did not hurt the markets today.

Here were today's unofficial closing bell levels:

Dow 10,441.12 -10.88 (-0.10%)
S&P 500 1,109.18 +1.25 (0.11%)
Nasdaq 2,206.91 +5.86 (0.27%)

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We started seeing some divergence again as stocks rose while the dollar was up and oil was down. Maybe markets will go back to acting more on their internal fundamentals and their own technical patterns rather than that of the dollar or the price of oil, as crude closed under $70 and as stocks stayed strong. Inflation was rather tame at 0.7% in commodity imports if you take out the price of oil. Overseas market strength kept a solid floor under any selling attempts by bears today.

Here are the unofficial closing bell levels:

Dow 10,471.50 +65.67 (0.63%)
S&P 500 1,106.41 +4.06 (0.37%)
Nasdaq 2,190.31 -0.55 (-0.03%)

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Today was a surprise considering the news. There was not great economic news to hang on, particularly considering that the 10.2% unemployment was the worst reading since 1983. As the market did not crater and as it went positive throughout the day, it almost felt as though the 10.2% of the officially unemployed don't matter to the economy as everyone keeps noting the 'lagging indicator' effect. Still, stocks held their own for most of the day and where the real direction for the end of the day bells felt uncertain until the end of the day.

Here are today's unofficial closing bell levels:

Dow 10,023.19 +17.23 (0.17%)
S&P 500 1,069.30 +2.67 (0.25%)
Nasdaq 2,112.44 +7.12 (0.34%)

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