Sep 28, 2026 · 5 min listen · Last updated September 28, 2026
From storyflo. This is your daily audio brief. It's Mason. September 28th. Five things on the tape worth your attention this morning. Let's get into it. First, from ruleoflawguy. BTIG Initiates Coverage of GSEs Common Stock with A Buy Rating, and Target Price with Over 100% Upside to Current Trading Value.
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Daily Finance & Markets Brief · September 28th
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BTIG Initiates Coverage of GSEs Common Stock with A Buy Rating, and Target Price with Over 100% Upside to Current Trading Value
BTIG has published its research report on Fannie Mae1, initiating coverage with a probability-weighted scenario valuation of $20/share (closing FNMA price on day of publication is $8.79). BTIG is the second premier investment banking firm to initiate coverage of FNMA at a price target in excess of 100% of current FNMA trading value. See my post, GSE Recap/Release: Summarizing Deutsche Bank's GSE Valuation Report, discussing Deutsche Bank's initiation of FNMA coverage at $20.25/share.
Trump 47 needs to make a decision. What’s it going to be POTUS, GSE Liberation Day or just TACO Tuesday? If there is to be a GSE recap/release, at least one corporate restructuring transaction needs to take place: Treasury’s GSE Senior Preferred Stock (SPS) needs to be cancelled as more than fully repaid, or converted into GSE common stock. Nothing can proceed with the SPS remaining outstanding.
Why Treasury's ECIP Preferred Stock Argues for Cancellation of Treasury's GSE Senior Preferred Stock in a GSE Recap/Release
Let’s compare two preferred stock investments made by Treasury: Treasury’s investment of $225 million in Ponce Financial Group in June 2022, for which it received $225 million of preferred stock (“Ponce Preferred Stock”), and Treasury’s investment of $120 billion in Fannie Mae in 2008-2012, for which it received $121 billion of preferred stock (“Fannie Preferred Stock”) and warrants to purchase 79.9% of the common stock of Fannie Mae1.
Netflix Struggles to Regain Engagement Momentum, Escape YouTube’s Shadow
It’s a new day in Hollywood, with Paramount’s acquisition of Warner Bros. Discovery looking closer to completion than ever (provided it completed its court-mandated weekend “homework.”) And that means more attention on what rival Netflix can do about its sinking share price. The stock received its second key analyst downgrade in as many weeks, and is now down nearly 21% this year. So why the skepticism for the undisputed victor of the Streaming Wars? No, it’s not fear of David Ellison’s new media empire, but rather the persistent threat of its now longtime archrival YouTube.
In the event of an AI doomsday, some (human) ETF investors could win big. That is, of course, if people aren’t extinct and money continues to have any meaning or value. For those willing to brave the odds, Direxion is planning to offer its AI Doomsday Prediction Markets ETF. The company recently filed with the Securities and Exchange Commission for that fund, along with one that plays the other side of the odds, the Direxion AI Prosperity Prediction Markets ETF. And, it’s prepping two others: the Direxion El Niño and La Niña ETFs.
Investing in bitcoin can feel a lot like riding the Cyclone on Coney Island: ups, downs and a whole lot of bumps. In October 2025, Bitcoin topped $126,000, an all-time high, before falling to less than half that by the end of June. Now, it’s surging again, recently surpassing $84,000. Despite the volatility, crypto adoption among advisors is growing. Last year, 42% of independent RIAs reported allocating to crypto in client portfolios, up from 28% the year before, according to a Bitwise and VettaFi survey.
Chinese Stocks Hit One-Year Low as Chip, Optical Firms Slide
Chinese stocks just hit a one-year low, down 2.5% today. The tech sector is really feeling the pinch, especially with news that authorities might greenlight purchases of Nvidia’s latest chips. This has traders on edge, especially considering the proposed U.S. sanctions on foreign optical producers. It’s a tough spot for the market, with investors clearly reacting to the potential for increased competition and regulatory challenges.
So, while the tech sector is under pressure, it’s worth keeping an eye on how this might ripple through other markets. Just a heads up, it could be a bumpy ride ahead.
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