Fannie Mae shares rise, reverse split considered
November 28th, 2008
Shares of mortgage lender Fannie Mae surged 63 percent Friday after the company said it is considering a reverse-stock split to help meet New York Stock Exchange listing requirements.
Fannie’s shares also could have gotten a boost from light trading on the holiday-shortened trading day. With the market closing three hours early at 1 p.m. EST, and many traders gone for a long holiday weekend, volume was lighter than normal. Light trading volume can exacerbate market moves
