Penny Movers: Federal National Mortgage Association (OTCBB:FNMA), AMR Corporation (OTCMKTS:AAMRQ)
The monthly summary of Federal National Mortgage Association(OTCBB:FNMA) for July 2013 is now available. The report has information on the firm’s monthly as well we year-to-date activities for the gross mortgage portfolio, mortgage-backed securities and other guarantees. It also has information on serious delinquency rates, interest rate risk measures and loan modifications.
A federal judge has decided to set November 25 as the tentative date for trail for the government’s legal challenge to merger of US Airways and American Airlines.
This was announced by Judge Colleen Kollar-Kotelly.
While the Justice Department was looking for a March trial, the airlines were pushing for November.
The airline stocks surged after the announcement. While US Airways shares were up by 4.4 percent at $16.66, AMR Corporation(OTCMKTS:AAMRQ) shares were up by 9.7 percent at $3.72.
The department had blocked the merger deal which would result in creation of world’s biggest air carrier. The government felt that the merger would result in higher prices for customers whereas other firms felt that it would lead to the two’s positioning strengthening further.
The two airlines stated together that they were confident to go to court and were pleased to have a date which would help them in resolving the case in a decent time frame.
The companies control a combined 69 percent of takeoff and landing slots. The trial may go on for 10 to 12 business days and that the judge would appoint a special master to make the process faster.
While the airlines plan to call six witnesses, the Justice Department would call about 15. There may be exchange of millions of documents during the complete case. The airlines are willing to settle the case without a court fight as well and one of the spokesperson opined that concessions offered were designed to address competitive concerns that the department had raised during the investigation.
Tags: AMR Corporation (OTCMKTS:AAMRQ), Federal National Mortgage Association (OTCBB:FNMA)