NEW YORK (Associated Press) - Shares of Freddie Mac and Fannie Mae plunged in premarket trading Friday as fears of insolvency continue to swirl around the mortgage lenders.

Speculation in recent days that the U.S. government will have to step in and bail out the companies sent their stocks to the lowest levels since the early 1990s, and raised further concerns that the government-sponsored lenders will be unable to raise cash if share prices do not recover.

Freddie Mac shares plummeted $3.91, or 48.9 percent, to $4.09, while Fannie Mae tumbled $6.29, or 48 percent, to $6.91 in premarket trading.

Lehman Brothers Holdings Inc. shares continued to fall before the opening bell after losing about a fifth of their value Thursday as credit fears mount for the nation's fourth-largest investment bank, seen by many analysts as the weakest of Wall Street's financial firms. The stock dropped 13 percent to $15.12.

Wachovia Corp. shares tumbled nearly 14 percent to $11.30 premarket after the national bank said late Thursday it lost between $2.6 billion and $2.8 billion during the second quarter.

Anheuser-Busch Cos. got a boost from reports that its board is likely to accept a raised offer from Belgium's InBev in its bid to create the world's largest brewer. The New York Times and The Wall Street Journal both cite unnamed sources that the talks have become friendly after weeks of rancor. Shares of Anheuser jumped $4.67, or 7.6 percent, to $65.88 on the news.

Wynn Resorts Ltd. rose more than 10 percent to $77.35 after the casino operator said operating profit at its Macau property is expected to jump in the second quarter, offsetting an anticipated decline at its Las Vegas properties. Wynn's board also approved an increase of up to $500 million to its previously announced $1.2 billion buyback plan.

Investors seemed unsure what to make of General Electric Co.'s second-quarter results early Friday, after the industrial and financial conglomerate posted a 6 percent drop in profit but still met estimates. Shares slipped 21 cents to $27.43.