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Sergey Brin and Steve Horowitz discuss the availability of the SDK, that it will be open source in the future, and demo applications on the Android platform. The platform looks similar to the iPhone however it implements many of the available Google products and the huge benefit compared to the iPhone is that it is open source and fully customizable.
Nov. 12 (Bloomberg) — E*Trade Financial Corp. lost more than half its market value after the online brokerage forecast a decline in fourth-quarter earnings and a Citigroup Inc. analyst said the company may go bankrupt.
E*Trade will book “significant writedowns” this quarter for asset-backed securities that sank in value last month, the New York-based brokerage said in a Nov. 9 regulatory filing. Citigroup’s Prashant Bhatia wrote in a report yesterday that there’s a 15 percent chance the company will seek protection from creditors after poor management “put the viability of the franchise at risk.”
Chief Executive Officer Mitchell Caplan’s strategy of building E*Trade’s bank by tripling loans outstanding backfired as borrowers fell behind on payments and U.S. home prices declined. The U.S. Securities and Exchange Commission also began an informal inquiry on Oct. 17 “into matters related to the company’s loan and securities portfolios,” E*Trade said.
“A drop in the stock price this severe could prompt retail trading customers, who likely see the performance of E*Trade shares, to withdraw cash from their accounts,” Lehman Brothers Holdings Inc. analyst Roger Freeman wrote in a report to clients today. He has an “overweight” rating on the stock.
In a letter to customers posted on the company’s Web site, Chief Operating Officer Jarrett Lilien said E*Trade is taking “prudent measures” to shore up its balance sheet. The firm will remain “well capitalized” by U.S. banking standards even if it had to write down $1 billion of assets, he said.
E*Trade dropped $5.04, or 59 percent, to $3.55 at 4:20 p.m. on the Nasdaq Stock Market. The stock has fallen 84 percent this year, wiping out about $8 billion in market value. E*Trade’s market value is now almost a tenth of TD Ameritrade Holding Corp., its closest competitor.
Looks like every Japanese cross pairs lost grounds as the Yen strengthened due to volatility in all markets causing a huge spillover effect. Furthermore, the USD rebounded heavily despite the overall downtrend.
Positions from last week:
CHF/JPY – Long position was stopped out with a -44 pip loss. All indicators pointed to a rise however all Yen pairs that day were down heavily.
Positions opened last night:
GBP/USD – Short position opened at 2.0837 and opened position upon its failed retracement of the weekend gap at 2.0857. Currently up +300 pips.
NZD/USD – Short position opened at 0.7574 and similar entrance to the GBP/USD with the weekend gap. Currently up +110 pips.
EUR/CAD – Long position using my experimental strategy #2 and similarly to the other two above, there was a weekend gap and I purchased after the 3rd failed retracement @ 1.3855. Currently up +246 pips.
Not much activity going on and it seems the market has calmed down after the rash amounts of news coming out from all the major currency players and it also looks like ECB and Bank of England will not be upping their interest rates anytime this year as well.
My previous open position in EUR/CHF is still open and is up +175 pips and I am aiming for the 1.6345 (261.8 fibonacci) for an exit point which is still 164 pips away.
I also opened up a new position on the CHF/JPY and am currently up +38 pips and will be looking to exit at prior resistance level at 101.50 which is still 100 pips away.
You know your a hit when blogs like Perez Hilton and stars like John Mayer (who also covered Chocolate Rain) are creating parodies of your videos.
Here’s the latest parody video of the hit internet sensation, 2 girls 1 cup.com. The link is not work safe, nor for viewers with a weak stomach, under the age of 18, or have a displeasure for scat porn.
But the below parody is fine for viewing:
and here’s a reaction video to the viewing of the infamous 2 girls, 1 cup video and more reaction videos can be found here:
NEW YORK (CNNMoney.com) — General Motors, no stranger to hard times and red ink, still managed to shock Wednesday when it reported an operating loss more than 11 times larger than expected and a $39 billion charge that was among the biggest profit hits ever reported.
The nation’s No. 1 automaker, which was hit with a soft U.S. auto market and a two-day strike by the United Auto Workers union during the quarter, lost $1.6 billion, or $2.80 a share, excluding special items.
Among the problems hurting GM results was a $2.3 billion loss in the home loan business at GMAC due to problems from the meltdown in subprime mortgages. GM sold a majority of GMAC but still owns 49 percent of the lender.
In addition, GM took a huge charge in the quarter related to the writedown of tax credits for losses over the last three years.
That caused it to post a net loss of $39 billion, or $68.85 a share, for the third quarter, compared with the net loss of $147 million, or 26 cents a share, in the year-earlier period. Only a gain from the sale of the Allison Transmission unit stopped the loss from being worse.
In addition, the charge is significantly larger than the $12.4 billion net loss posted by GM for all of 2005 and 2006, when the company was hammered by falling shares and labor costs far in excess of its nonunion rivals. The company had net income of $953 million for the first six months of the year before hitting the problems in the third quarter.
Revenue from auto sales rose to $43.1 billion from $39.6 billion a year earlier. That topped First Call’s revenue forecast of $40.3 billion. The automaker sold a record 2.39 million cars and trucks worldwide in the quarter, enough to edge back in front of Toyota Motor in the race to be the world’s largest automaker in terms of vehicle sold.
Cliffnotes (for those lazy mofos): GM posted a huge $39 billion loss in the third quarter due to accounting charges, even as its global auto operations reported a profit sending shares to new lows.
It looks like during overnight and New York sessions, the Yen gained in strength and with oil prices declining, the Canadian dollar lost strength however it did break in to the $91.00 region. The American dollar got pounded by the other majors (Euro, British Pound, Swiss and Yen) after reports from Chinese officials looking to diversify its $1.4 trillion currency reserves into stronger currencies, and explicit mention of the euro sent the single currency flying to fresh record highs. This in turn also gave the US equity markets their continued recent declines on a sharp rise in global risk aversion, with the Dow Jones Industrial Average a sizeable 200 points lower to 13,465.
Positions from yesterday:
CAD/JPY – trailing stop loss of 100 hit giving a profit of +186 pips.
NZD/USD – trailing stop loss of 80 pips hit gaving a profit of +91 pips.
EUR/JPY – stop loss of -34 pips hit after going up +35 pips.
Positions still open:
EUR/CHF – short at 1.6692, stop loss is at break even and up 81+ pips.
Everyone has a different situation and must decide for themselves what makes the most financial sense 401k or IRA .BT offers top-of-the-line trading tools
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