U Fannie Mae of the District sought permission to buy an extra $72 billion in home loan assets to help ease a credit crunch that has frozen the mortgage market, Chief Executive Officer Daniel Mudd said, ratcheting up pressure on the government to lift a cap on its holdings.
U Lockheed Martin Corp. of Bethesda and Boeing Co. will square off over a multibillion-dollar program to build the next generation of Global Positioning System satellites for the Air Force.
U Gannett Co. Chief Executive Officer Craig Dubow said the largest U.S. newspaper publisher isn’t preparing for a sale, responding to reports that changes in the McLean company’s management compensation may signal it’s on the block.
U Online Resources Corp. of Chantilly, a provider of Web-based financial services, said it has completed its acquisition of Integrated Transaction Solutions, a billing service provider, for $45 million in stock and cash. The company also delayed filing its quarterly report because of an accounting issue.
U Defense contractor United Industrial Corp. of Hunt Valley, Md., said net income from continuing operations for the second quarter rose 24.7 percent to $10.4 million (82 cents) from $8.4 million (60 cents) a year ago. Last year the company divested its energy subsidiary, Detroit Stoker Co.
U Satellite communications provider Hughes Communications of Germantown, said it swung to a profit in the second quarter of $9.6 million (50 cents) from a loss of $4.4 million (23 cents) a year ago.
U Germantown broadband-over-electric-wires company Telkonet Inc. said its second-quarter net loss narrowed to $4.6 million (7 cents) from $7.6 million (16 cents) a year ago. Sales more than doubled to $3.7 million, driven by it energy management and federal government businesses.
U Novavax of Rockville said its second-quarter net loss widened to $8.2 million (13 cents) from $6.4 million (10 cents) a year ago.
U Baltimore asset manager Legg Mason Inc. disclosed it more than doubled its stake in XM Satellite Radio of the District, which is trying to get regulatory approval to be bought by Sirius Satellite Radio. Legg Mason now owns 10.8 percent of XM, up from 4.5 percent.
U Senate Banking, Housing and Urban Affairs Committee Chairman Christopher J. Dodd, Connecticut Democrat, said he is drawing up legislation to strengthen subprime mortgage lending standards. Lending standards need “some accountability here so that people have some sense of a person’s ability to pay,” he said.
U Luminent Mortgage Capital, a mortgage investor, raised doubts about its ability to stay in business after losing access to the commercial-paper market. Meanwhile, mortgage lender HomeBanc filed for bankruptcy after having its credit cut off, and subprime lender NovaStar Financial said it may sell operations and cut staff.
U David Boberski, a managing director and head of interest-rate strategy at Bear Stearns, left the firm two weeks ago and will join UBS Securities as an analyst in exchange-traded derivatives.
U Goldman Sachs‘ $8 billion Global Alpha hedge fund has fallen 26 percent so far this year, sources said. This year’s drop follows the loss of about 9 percent in 2006.