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STOCKS
Analyst Cuts Sallie Mae Estimates
Shares of Sallie Mae, the largest provider of U.S. student loans, fell to their lowest level in seven years after Friedman, Billings, Ramsey cut its profit estimates for the largest U.S. student-loan provider. Reston-based Sallie Mae lost 78 cents, to $19.36.
Sallie Mae faces an "uncertain" funding environment and a "thinned bench of executive talent," analyst Matt Snowling wrote in a note to investors. Snowling, who kept a "market perform" rating on the educational lender, reduced his 2008 profit forecast and 2009 earnings estimate.
MORTGAGE FINANCING
Freddie Mac's Debt Rises Sharply
Freddie Mac increased its debt last month by the most in 3 1/2 years. Debt outstanding rose $30 billion, or 4 percent, according to data posted on the McLean company's Web site. Short-term borrowing drove the increase, climbing $34.8 billion, to $199.4 billion.
ENERGY
Pepco Unit Sells Virginia Business
Pepco Holdings closed the $44 million sale of the Virginia operations of its Delmarva Power subsidiary to A&N Electric Cooperative and Old Dominion Electric Cooperative.
LEGAL
Dog-Chew Dispute Settled
MGP Ingredients, the biggest U.S. supplier of wheat gluten, received $8 million after settling a patent-infringement lawsuit against Mars over ingredients in snacks for dogs.
McLean-based Mars and its S&M NuTec unit, maker of Greenies chews, were sued by MGP in 2006. MGP accused S&M, a former customer, of breaching a 2005 supply agreement for a formula with secret ingredients made by MGP. Mars, which bought S&M in 2006, contended that it came up with a new formula for Greenies. MGP said the formula wasn't new and claimed S&M used trade secrets and violated its patent for some of the ingredients.
