Rochester, New York 5/27/2009 10:54:46 PM
News / Finance

WhisperfromWallStreet.com "Volume Leaders" - BK OF AMERICA CP - BAC - S&P DEP RECEIPTS - SPY - FINANCIAL BEAR 3X - FAZ

Bank of America - Financial Bear 3x - S&P

WhisperfromWallStreet.com "Volume Leaders" - BK OF AMERICA CP - BAC - S&P DEP RECEIPTS - SPY - FINANCIAL BEAR 3X - FAZ

BK OF AMERICA CP - BAC

The nation's banks turned a profit in the first quarter, but the number of problem banks jumped to more than 300, the government said Wednesday.

The Federal Deposit Insurance Corp. said higher trading revenues at big banks helped the industry earn a $7.6 billion profit in the January-March period, compared with a record loss of $36.9 billion in the fourth quarter. The profit was 61 percent below the $19.3 billion earned in the year-ago period and followed the first quarterly loss in 18 years.

U.S. banks and thrifts set aside $60.9 billion in the first quarter to cover potential loan losses, up from $36.2 billion a year earlier.

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S&P DEP RECEIPTS - SPY

The investment seeks to correspond generally to the price and yield performance, before fees and expenses, of the S&P 500 Index. SPDR Trust is an exchange-traded fund that holds all of the S&P 500 Index stocks. It is comprised of undivided ownership interests called SPDRs. The fund issues and redeems SPDRs only in multiples of 50,000 SPDRs in exchange for S&P 500 Index stocks and cash.

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FINANCIAL BEAR 3X - FAZ

The investment seeks to replicate, net of expenses, 300% of the inverse daily performance of the Russell 1000 Financial Services Index The fund will invest at least 80% of assets in securities that comprise the index. It will also utilize financial instruments that, in combination, provide leveraged and unleveraged exposure to the index. The fund is nondiversified.

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