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May 10, 2010

NASDAQ: Stock Market Today / Top Business Stories / Market News and Analysis . May 10th, 2010


Stock Market Today

Provided by at 4:35 PM ET
Efforts to prevent contagion in Europe helped the stock market stage its best single-session rally in more than one year. And even though the move was both broad and strong and accompanied by [...] Read the full story

MarketWatch: Personal Finance Daily: May 10th, 2010

Personal Finance Daily
MAY 10, 2010

Monday's Personal Finance stories

By MarketWatch

Don't miss these top stories:
Buying or selling a home is stressful enough, but if the appraisal comes in lower than expected, the anxiety really increases. In today's real-estate market, with a boatload of foreclosures and short sales in many neighborhoods, it's not an uncommon situation.

As with all things related to real estate, it pays to be prepared. Read Amy Hoak's column for tips on what you can do to make sure your home purchase or sale goes as smoothly as possible during the appraisal period.

Also, did you know that single women are a greater force in the residential real-estate market than single men? Read our story about how just one such woman, a 26-year-old, already owns three homes.

During my own family's recent home purchase, our lender unexpectedly asked for a second appraisal. It was a relief when that appraisal came back with exactly the same home value as the first appraisal, but until it did, we were nervous the deal might fall apart. It didn't, so we got the home we love -- and even had the bank split the cost of that second appraisal with us.

-- Andrea Coombes , Personal Finance editor


How to fight back against a low home appraisal

A low appraisal can kill a home sale. "It's one of the more common reasons that transactions fall apart these days," said Tara-Nicholle Nelson, consumer educator for and a real-estate broker and attorney in the San Francisco area.
See Amy Hoak's Home Economics.

Single women outpace single men in real-estate market

For Mother's Day, flowers and chocolate are nice, but watching your single daughter take the lead in the real-estate market may be even nicer.
See story on single women outpace single men in real-estate market.

Mortgage paid; a dozen debts to go

After months of negotiations, Wells Fargo & Co. (WFC) agreed in February to reduce Cynthia Mason's mortgage payments by about $300 a month. But the 49-year-old resident of Volente, Texas, a former school secretary who is unemployed and battling cancer, says her income still falls short of what she needs for medical and legal bills, health insurance, credit cards, a car loan -- and the mortgage.
See story on mortgage paid, but a dozen debts still to go.


SEC looks at creating unified stock-halt system

In the wake of Thursday's massive stock-market plunge, top regulators and exchange officials are considering the creation of a market-wide, circuit-breaker system for all exchanges to halt or slow down trades during a massive market swing, according to people familiar with the discussions.
See story on SEC is looking at creating a unified stock-halt system.

Small investors spooked by market swings

Jack Walsdorf was running work errands on Thursday afternoon when he got his first alert on this BlackBerry that the markets were in a free fall.
See story on small investors spooked by market swings.

What you should do about the market's selloff

The stock market's gyrations over the past few days look a lot like the turmoil seen in 2008 and early 2009, and no one wants to suffer that again.
See Jonathan Burton's Life Savings.

Build a better portfolio with these car-sector stocks

Gearheads have scoured junkyards since the fenders first came off an old flathead Ford V-8, pulling parts from piles of scrap to piece together their high-performance street rods.
See Weekend Investor.

Fallout from Schwab fund's demise

Fund directors have a term to describe the ultimate fix to any fund problem. They call it "the nuclear option." Framing it in those terms, apparently, keeps directors from pushing the button when something goes wrong.
See Chuck Jaffe.


A surprise tax hit on foreclosures

Maxine McDaniel has a message for Americans considering walking away from an unaffordable mortgage: Beware of taxes.
See story on surprise tax hit on foreclosures.

How to estimate the value of donated items

Fellow hoarders, take a fresh look at your overcrowded closets, bulging book shelves and other cluttered nooks and crannies of your home and garage. You might uncover some valuable tax deductions.
See story on how to estimate the value of donated items.

A few quirky tax breaks that aren't going away

Surprise: Not all taxes are going up. On April 15, the House of Representatives passed a tax exemption for employer-provided cell phones and smart phones.
See story on a few quirky tax breaks that aren't going away.

Find your tax refund

Still waiting for your income-tax refund? Taxpayers who filed tax returns online on April 15 should have received their refunds by last week. Those who mailed in their returns should get their refund checks within six weeks of the date they're received by the Internal Revenue Service.
See story on how to find your tax refund.


Changes to Medicare Advantage

Our recent column about the impact of new health-care legislation on Medicare prompted many readers to ask about the specific effects on Medicare Advantage programs, which currently cover about a quarter of Medicare recipients.
See story on changes to Medicare Advantage.


Conservatives sharpen knives after Bennett's ouster

Emboldened conservatives are sharpening their knives and looking to upcoming contests in Kentucky, California and other states following Saturday's tea party-backed defeat of veteran lawmaker Republican Sen. Robert Bennett in Utah.
See Capitol Report.

Jury out on long-term impact of EU rescue plan

A $970 billion "shock-and-awe" effort to address the euro zone's sovereign-debt crisis brought relief to troubled credit markets and sparked a rebound by the euro and banking shares Monday, but economists said it was too early to tell whether the measures would be enough to bring financial-market turmoil to an end after months of indecisive action.
See story out on long-term impact of EU rescue plan.

MarketWatch : Industry .- Financial Services. May 10th, 2010

Emerging Markets Report: China analyst sees unfolding credit bust By Chris Oliver MarketWatch
5/10/2010 8:00:00 PM

China’s economy is teetering on the edge of a major slowdown, though it’s a collapse in credit rather than soaring real-estate prices that will lead to distress, China strategist David Roche says. See full story

Stocks to Watch: Stocks in focus Tuesday: Disney, EA,

By MarketWatch
5/10/2010 6:41:00 PM

Walt Disney, Electronic Arts,, MBIA are among the stocks that may see active trade in Tuesday's U.S. stock market. See full story

MarketWatch: ETF Investing: International-stock ETF slumps in market storm. May 10th, 2010

ETF Investing: International-stock ETF slumps in market storm By John Spence MarketWatch
5/10/2010 6:00:00 PM

A large exchange-traded fund that invests in foreign developed markets has taken a hit in recent weeks on Europe’s debt woes and other negative news, while the movements in global currencies have added to the pain. See full story

Forbes:Tune Out The Dow's Noise. May 10th, 2010

Tune Out The Dow's Noise
Investors shouldn't let a drop in the Dow, even one this large, dictate their investments.
Click the link below to read the full story:

Copyright LLC.

Forbes Asia : Top Stories.-Why Asia Needs Creative Capitalism. May 10th, 2010


Forbes Asia

Monday, May 10th, 2010

Why Asia Needs Creative Capitalism

Why Asia Needs Creative Capitalism
It's a way to maintain both social stability and economic growth.
Read More Read More

A Backdoor That Leads Nowhere

A Backdoor That Leads Nowhere
A government rule that bans retailers sourcing from group companies puts a spoke in international vendors' plans.
Read More Read More

China's Master Of Taxicab Media

China's Master Of Taxicab Media
Micky Fung's Touchmedia serves ads to riders in Shanghai, Beijing and Guangzhou.
Read More Read More

Desi Congressional Challenger Gets Set

Desi Congressional Challenger Gets Set
Indian-American Reshma Saujani hones her stance on innovation and immigration reform.
Read More Read More
Click for updates:

Forbes: Unemployment is Here To Stay. May 10th 2010

Grand New Party

Unemployment Is Here To Stay

Reihan Salam, 05.10.10, 01:08 PM EDT

How job hopping and just-in-time employment have changed the U.S. economy.


Last month's jobs report was a head-scratcher, at least on the surface. After adding roughly 290,000 jobs, the unemployment rate actually inched up to 9.9%. The reason is actually fairly simple. The unemployment rate only captures the number of people who are active job-seekers. In a deep downturn there are many workers so discouraged by the state of the labor market that they choose not to pound the pavement in search of jobs that will never materialize. But when the economy perks up it's only natural that more of these would-be workers become active job-seekers. And so the unemployment rate goes up as the jobs picture brightens.

Does this mean that the U.S. economy is out of the woods and that our jobless recovery is jobless no more? I wish that were true. It seems far more likely that we're about to live through a prolonged period of higher unemployment, unless, that is, we make serious revisions to the way our welfare state works. To understand the new employment landscape, consider a little tweet--that is, a Twitter post--by Jason Calacanis, the famed Silicon Valley entrepreneur and trendsetting Alpha Geek. "Free advice for entitled Gen Y trophy kids: If you spend 12 months at a company over and over you look like a flake."

At first glance this looks like a grizzled veteran of the tech sector grousing about those lousy kids, and that's pretty much right. But there is a deeper meaning to Calacanis' post, which fellow serial entrepreneur and venture capitalist Mark Suster expanded upon in a post helpfully titled "Never Hire Job Hoppers. Never. They Make Terrible Employees." And how does one identify a job hopper? "If you're 30 and have had six jobs since college, you're 98% likely to be a job hopper," Suster writes. "You're probably disloyal. You don't have staying power. You're in it more for yourself than your company." Ouch. Of course, Suster and Calacanis are writing from the perspective of an entrepreneur hiring employees for a startup, and it's natural that someone in that sensitive position wouldn't want to hire footloose employees vulnerable to the siren song of a slightly higher salary at a rival firm.
Startups by nature are small, intensely collaborative teams that flourish on workaholism that yields psychic rewards at least as much as monetary rewards. In his brilliant book Hackers & Painters, Paul Graham argues that a startup basically compresses 20 or 30 years of work effort by above-average problem solvers into a much shorter period of time. The reason most people don't become entrepreneurs is that most people, including most high achievers, can't or won't subject themselves to those hours. It goes without saying that having a job hopper in your midst can make the whole enterprise crumble. Rather than devote all of your time to working together to solve a problem, you have a rotten apple looking to cash out as quickly as possible.
But what does the rarefied world of startups have to do with the broader economy? Look at the employment landscape from the perspective of the job hopper. Suster describes the mentality of Gen Xers, who started their careers in the early 1990s. "We all lost our jobs through downsizing in the early '90s and we felt scarred," he explains. "We realized that there was no such thing as corporate loyalty." In short, job hopping skyrocketed when workers came to understand the dangers of asset specificity. If you spend your entire career at DEC or AT&T ( T - news - people ) and the company goes belly-up, well, you're in bad shape. You mastered a particular corporate bureaucracy, you built up a tremendous amount of capital, and then, poof, it's all gone. Job hopping was and remains a natural defensive reaction. Suster is inclined to blame the job hopper. Yet one could just as easily blame disloyal firms for changing the rules.
In continental Europe this kind of asset specificity is the norm, which is why unemployment compensation tends to be more generous. Those lucky enough to be employed in good middle-class jobs in, say, Germany are relatively unlikely to lose them, and the incentives are such that you're inclined to stay in your job for a long period of time. The financial system is based on close relationships between bankers and industrialists more than on the fast-moving money that defines a more arm's-length financial system in which straightforward metrics like profits matter more than relationships and money always goes where it will get the best return.

REUTERS: DAI Stocks fly on trillion-dollar EU rescue plan: May 10th, 2010

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Good evening Fernando, MON 10 May 2010 
Stocks fly on trillion-dollar EU rescue plan
SEC, exchanges agree to bolster circuit breakers
Fannie Mae seeks $8.4 billion from govt after loss
"Shock and awe" euro rescue lifts global markets
Market fragmentation delaying stock swoon probe
BP says oil spill costs $350 million so far, shares hit
McDonald's April sales rise, shares gain
Goldman trades big, but more probes loom
Transport chief: Toyota paying closer attention
Risk assets rally after huge EU-IMF rescue plan

Stocks fly on trillion-dollar EU rescue plan
May 10, 2010 04:28 PM ET
NEW YORK (Reuters) - Stocks racked up their best one-day gain in over a year on Monday as an agreement on a $1 trillion emergency rescue package from the EU quelled fears a new credit crisis would derail European economies.

Full Article
SEC, exchanges agree to bolster circuit breakers
May 10, 2010 04:19 PM ET
NEW YORK/WASHINGTON (Reuters) - Market watchdogs and six major exchanges agreed to a preliminary framework for curbing trading when markets are plunging, the Securities and Exchange Commission said.

Full Article
Fannie Mae seeks $8.4 billion from govt after loss
May 10, 2010 03:42 PM ET
WASHINGTON/NEW YORK (Reuters) - Fannie Mae, the largest U.S. residential mortgage funds provider, on Monday asked the government for an additional $8.4 billion after the company lost $13.1 billion in the first quarter.

Full Article
"Shock and awe" euro rescue lifts global markets
May 10, 2010 03:40 PM ET
BRUSSELS (Reuters) - A $1 trillion global emergency package to stabilize the euro unleashed a spectacular rally in world stocks on Monday but analysts said EU leaders had only bought time to tackle deep-seated fiscal problems.

Full Article
Market fragmentation delaying stock swoon probe
May 10, 2010 01:41 PM ET
NEW YORK/WASHINGTON (Reuters) - The sharp fragmentation of the U.S. stock marketplace -- seen as a cause of last week's mysterious market dive -- is also slowing down regulators' ability to piece together what happened, two sources familiar with the matter said on Monday.

Full Article
BP says oil spill costs $350 million so far, shares hit
May 10, 2010 11:15 AM ET
LONDON (Reuters) - Oil major BP Plc said the oil spill in the Gulf of Mexico had cost it $350 million so far, suggesting the final bill could be much higher than many analysts predicted and sending its shares to a six-month low.

Full Article
McDonald's April sales rise, shares gain
May 10, 2010 02:04 PM ET
LOS ANGELES (Reuters) - McDonald's Corp reported a higher-than-expected 4.9 percent rise in worldwide April sales at established restaurants, boosted by strength in Europe, and its shares rose about 4 percent.

Full Article
Goldman trades big, but more probes loom
May 10, 2010 11:55 AM ET
NEW YORK (Reuters) - Goldman Sachs Group Inc on Monday showed how its trading operations are stronger than ever, but warned that more litigation and investigations loom.

Full Article
Transport chief: Toyota paying closer attention
May 10, 2010 04:13 PM ET
TOYOTA CITY, Japan (Reuters) - The Obama administration believes Toyota Motor Corp is paying closer attention to safety concerns, but Washington continues to investigate the carmaker and will not rule out a new fine, the top U.S. transport official said on Monday.

Full Article
Risk assets rally after huge EU-IMF rescue plan
May 10, 2010 01:02 PM ET
NEW YORK (Reuters) - Global equity markets staged a massive relief rally on Monday after officials agreed to a $1 trillion emergency rescue package to avert a festering sovereign debt crisis in Europe from engulfing the rest of the world.

Full Article