- Hostage to Headlines
- Facebook Analyst Reports All Over the Map
- More Fallout From the Facebook Fiasco
- Facebook and Morgan Stanley's 99 Problems
- Lousy Economic Numbers, but Stocks Hold Up
- Eurobond Talk: Good News and Bad News
- Hopes Fading for Big Announcement From EU Leaders
- European 'Crisis Tennis' Again
- Facebook IPO 'Conspiracy' Theories Abound
- OK, Facebook Is Embarrassing
TRADER TALK RSS FEED
MOST SHARED
- How Boaz Weinstein and Hedge Funds Outsmarted JPMorgan
- JPMorgan Trading Loss: Did Regulators Miss the Risk?
- RIM May Cut at Least 2,000 Jobs in Restructuring: Report
- Marc Faber: 100% Chance of Global Recession
- As Bank Loans Dry Up in Spain, Small and Medium Businesses Fight for Life
- How Nasdaq Lost Control of Facebook IPO, by the Minute
- Citigroup Lost $20 Million on Facebook IPO Trades
- The Biggest Market Myth There Is?
- Judge Says Skilling Can Seek New Trial
- What College Tuition Will Look Like in 18 Years
- A New Look at the ‘New Poor’
- Six Pack: Beer Buzz of the Week
- Greek Exit Could Trigger 50% Fall in Euro Stocks: Analyst
- Under Pressure, FHA Skews to Wealthier Home Buyers
- Big Stock Upside for Hudson City Deal: Analyst
- 5 High-Yield Stocks Ready to Boost Dividends
- Yoshikami: Four Things You Need to Know About Gold Now
- Steinbock: The Euro Zone Endgame Begins
- Option Bulls Take Another Shot on Idenix
- How Nasdaq Lost Control of Facebook IPO, by the Minute
- Week Ahead: Europe Has Wall Street Bull on Short Leash
- Pro-Bailout Greeks Regain Lead in Polls Before Vote
- Citigroup Lost $20 Million on Facebook IPO Trades
- JPMorgan to Shake Up Risk Team After Big Loss: Report
- RIM May Cut at Least 2,000 Jobs in Restructuring: Report
- EU Finalizes Bank Reforms; Shifts Burden to Bondholders
- Spain's Bankia Eyes Stake Sales After Record Bailout
- EU Set to Launch Action Against China Over Telecom Aid
More Videos
Trader Talk
Text Size 
FASB Unveils Relaxed Mark To Market Rules
 |
This is being done in response to a blatant threat by Congress that if FASB did not relax the rules, Congress would do so by legislation.
Banks have rallied on positive comments from bank officials about being operationally profitable in the first two months of the year, and on hopes that the Obama administration's many plans to help out banks will bear fruit.
They have rallied again on hopes that mark-to-market rule changes, which will be retroactive to the first quarter, will relieve them from taking further heavy losses on investments.
Regardless, it is likely that changing the rules will: 1) not get any toxic assets off balance sheets, and 2) make banks more reluctant to part with those distressed assets.
Elsewhere:
1) Impressive worldwide rally, particularly in Asia, where Hong Kong shot up 7.4 percent; autos and commodities led. China's March PMI index rose above the magic 50 level for the first time since September.
2) Commodity stocks are rallying, with copper at the highest level since November, most big-name commodity stocks like AK Steel and ArcelorMittal up high single-digits.
3) Bank stocks are rallying, partly on an optimistic tone from the G20, but also because the House of Representatives, in a new display of moderation, passed another executive compensation bill yesterday, which drops the 90 percent tax on bonuses for people that make more than $250,000 at firms receiving TARP money, and gives Treasury more discretion in deciding which bonuses are excessive.
4) Auto dealer CarMax saw its Q4 results beat Street expectations despite a "sharp decline in customer traffic."
While overall same-store sales fell 25 percent, new vehicle sales were particularly weak, plunging 41%. The company anticipates continued weakness ahead, but refrained from providing a full-year earnings outlook.
5) Seed provider Monsanto up 4 percent pre-open reported Q2 earnings of $2.16, 9 cents ahead of the street's consensus. Revenues grew 8 percent on stronger corn and soybean seed sales.
Despite the strong quarter, the company remains cautious for the second half of the year, as its 2009 guidance of $4.40- $4.50 falls well below expectations of $4.69.
6) MGM Mirage is soaring 27% pre-open as the Wall Street Journal reports that Colony Capital is weighing an investment in the casino's $8.6 billion Las Vegas City Center project. Investors hope that a significant capital infusion would save the project from bankruptcy.
3) B of A CEO Ken Lewis, speaking on our air, said "I am optimistic we are getting close to the bottom," and that the next six months will be gut-wrenching "in a positive sense" (whatever that means). He noted that a year from now unemployment should be holding steady or improving.
_____________________________
_____________________________
Questions? Comments?
- The Nasdaq has suffered the most from the EU crisis showing there's risk in the usual tech stocks.
- Targeting more Millennials is just one of the items brewing for consumers in the world of spirits.
- It seems many people may need a reminder of how NOT to act on a plane. Here are a few tips.
- Here are some very unusual roadside stops along American highways that might peek your interest.
- How three generations of Americans are dealing with the finances of retirement.
- Hostage to Headlines
- Facebook Analyst Reports All Over the Map
- More Fallout From the Facebook Fiasco
- Facebook and Morgan Stanley's 99 Problems
- Lousy Economic Numbers, but Stocks Hold Up
- Eurobond Talk: Good News and Bad News
- Hopes Fading for Big Announcement From EU Leaders
- European 'Crisis Tennis' Again
- Facebook IPO 'Conspiracy' Theories Abound
- OK, Facebook Is Embarrassing
Data is a real-time snapshot *Data is delayed at least 15 minutes
