Late Market Update (PALM, GOOG, HPQ, MON)
The head of the Mobile user interface for Palm (NASDAQ: PALM), Matias Duarte, has been hired by Google (NASDAQ: GOOG) to work on its Android system. Duarte led the development of Palm’s webOS. PALM was recently acquired by Hewlett-Packard (NYSE: HPQ) to use its webOS operating system to compete in the smartphone market.
The Financial Accounting Standards Board (FASB) has proposed a requirement for banks to use market values for loans on their books. This move could create controversies as it could result in an excessive decline in the overall book value of some banks. But if the change is approved by the rule-making panel, all the banks in the US will have to adjust the value of their loan portfolios to the volatility in the market. The banks were earlier using the adjusted original cost method for this purpose. According to FASB's chairman Robert Herz, “Using original cost is kind of out-of-date.”
Shares of Monsanto (NYSE: MON) dropped 7.3% after the company lowered its earnings outlook for this year. The global seed producer is now forecasting its earnings at $2.15-$2.41 per share or $2.40-$2.60 per share on an adjusted basis for 2010, while Wall Street’s estimates stand at $3.09 per share. According to the company, lowering of the guidance was due to lower profits in the Roundup weed-killing business, which is facing high volatility in the glyphosate industry.
Read more from Benzinga's Markets.
