Freddie Mac shares dipped $1.525, or 4.5%, to $48.8125 Tuesday after a third-quarter earnings report that raised concerns about its net interest margin and fell shy of the First Call Corp. analyst consensus.

The government-sponsored enterprise, which buys mortgage loans on the secondary market, reported 33% growth in net income, to $564 million, and a 29% gain in earnings per share, to 75 cents. But that result reflected a $9 million after-tax gain for the repurchase of debt -- an extraordinary gain that First Call, an American Banker affiliate that tracks analyst earnings projections, excludes from earnings-per-share calculations. As a result, Freddie's result was 74 cents per share -- a penny short of consensus estimates -- in First Call's calculations.

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