Freddie Mac Portfolio Shrinks in June
Freddie Mac, the McLean-based mortgage finance company, said its retained portfolio shrank in June at an annualized rate of 5.6 percent after four months of growth. Freddie's retained portfolio, which includes mortgages, mortgage-backed securities and other investments, totaled $665 billion in June, compared with $668.1 billion in May.
Freddie spokesman Michael Cosgrove attributed the reduction to faster prepayment of mortgages, in part because of falling interest rates in April and May. Freddie, which buys mortgages from banks and lenders to free up more money for home buyers, bought fewer mortgages in June because banks and lenders are holding onto them for their own profit, Cosgrove said.
Human Genome Sciences Loss Narrows
Human Genome Sciences posted a net loss of $56 million (43 cents a share) for the second quarter, compared with a loss of $58.5 million (45 cents) for the corresponding period last year. Revenue was $2.9 million, up from $644,000, largely because of a payment from GlaxoSmithKline in connection with the Rockville company's licensing agreement for the Albugon diabetes drug.
Acquisitions Help Boost SI International
SI International reported second-quarter earnings of $4 million (35 cents a share), a 50.4 percent increase from the $2.7 million (30 cents) reported for the comparable period in 2004. Revenue increased 50.4 percent, to $96 million.
The Reston-based provider of information technology to the government attributed the results to growing demand for its services, as well as two acquisitions: Bridge Technology in December and Shenandoah Electronic Intelligence in February.
The company estimated full-year earnings of at least $16 million for 2005.
360 Laid Off at MCI, Mostly in Finance
MCI confirmed that it laid off 360 people nationwide last week, primarily from its finance operations. The Ashburn telecommunications company had hired additional staff in recent years to handle the restatement of its finances following its $11 billion accounting scandal. The company laid off about 10 percent of its finance department, an MCI spokesman said, including about 70 people from the Ashburn offices.
XM Hooks Up With Harley-Davidson
XM Satellite Radio Holdings said Harley-Davidson will become the first motorcycle maker to include its radios as standard equipment on some models. Harley-Davidson's Screamin' Eagle Ultra Classic Electra Glide will be available with satellite radios in the 2006 model year, District-based XM said.
Compiled from staff and news service reports.