Shares of Freddie Mac (OTC: FMCC), a government-sponsored enterprise conducting business in the U.S. residential mortgage market, are soaring in trading today.
At last check, FMCC shares were trading 19.16% higher at $0.283 on above average volume of 7.99 million.
FMCC shares are soaring after the company announced its second-quarter financial results. The mortgage giant reported second-quarter net income of $3 million, compared to net income of $577 million reported for the first quarter of 2012. The company reported comprehensive income of $2.9 billion for the second quarter, compared to comprehensive income of $1.8 billion reported for the first quarter.
CEO Donald H. Layton said that FMCCâ€™s commitment to helping homeowners enabled 5.9 million borrowers to refinance or avoid foreclosure since the financial crisis began. Layton said that FMCCâ€™s work continued during the second quarter, as it helped more than 350,000 families take advantage of historically low interest rates and an additional 40,000 avoid foreclosures, and at the same time, FMCCâ€™s financial results enabled the company to avoid an additional draw from the U.S. Treasury, despite paying a $1.8 billion cash dividend to U.S. taxpayers.
Shares of Tactical Air Defense Services Inc. (PINK: TADF), a development-stage company operating as a military flight training contractor in the U.S., are continuing to rally in trading today.
At last check, TADF shares were trading 11.76% higher at $0.0019 on above average volume of 181.36 million. The stock gained 50% in the last three trading sessions.
TADF shares have been gaining momentum after the company last week announced that it completed the acquisition of aerospace/defense services contractor AeroTech Corporation. TADF acquired 100% of existing business, assets, management, and outstanding stock of AeroTech for 5 million shares of its Series C Preferred stock. AeroTech is licensed and registered with the U.S. Department of Defense.
Earlier today, TADF announced that that through AeroTech it received its aircraft dealersâ€™ certificate from the U.S. Federal Aviation Administration (FAA)-Department of Transportation.
Alexis C. Korybut, CEO of Tactical Air Defense, said that TADF is pleased to have been granted its aircraft dealersâ€™ certificate through AeroTech, TADFâ€™s newly acquired wholly-owned subsidiary.
TADF expects the aircraft dealersâ€™ certificate to provide it with an additional revenue stream.