The answer is “Not Really”.
First saw the video from trader1688.
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Leaving the Citi
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I mean the Citi Bank checking account. A few years ago I opened Citi Checking account online, mainly to take advantage of a $150 offer (if I do direct deposit) or keep balance at certain level (which is $1,500). A few months ago, I switched job, and in the process did not set up the direct deposit for Citi. Citi did not access the monthly charge initially until May 7, they put up $9.50 monthly service charge. Since I no longer need the account, and there is no Citi bank branch here in St. Louis, I went ahead, called the custmer representative (who is in India), and closed the account.
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US Bancorp share looks cheap
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(Update) According to Dow Jones News, USB sold 139 million shares at $18 per share. See the news at WSJ.
(Original) When I say cheap, I meant in relative terms.
My benchmark: Buffett endorsed 2 banks in Berkshire annual shareholder meeting: US Bank (NYSE: USB) and Wells Fargo (NYSE: WFC). Many people did not know current Wells Fargo is not the good old Wells Fargo in the west coast, a little more than 10 years ago Norwest and Wells Fargo merged, and adopted the Wells name. Ok, back to the topic. Both USB and WFC stocks had a fun ride in the last 12 months. But more interestingly, as of today, WFC is down 5% YoY, while USB is down 42%. In the past 12 months a lot things have happened to Wells, the biggest one being the Wachovia acqusition. Both took TARP money. Both issued common stocks: twice for Wells (last Fall and last week), once fot USB (today). But the purpose of issing stocks is slightly different: Wells needed the money for captial, USB needs the money to pay back TARP.
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T-mobile Nokia 1661 phone
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(Update) The phone sold by T-mobile USA appears only works in the US. See the spec at Nokia USA web site here. Quote the spec “Operating frequency Dual-band GSM 850/1900 MHz”.
(Original) Saw the deal from dealsea. Here is the link to T-mobile. Nokia European site has more details spec for the phone. It looks can be used in the US and China besides Europe. Quote the spec “Operating frequency Dual-band EGSM 900/1800, GSM 850/1900”.
I hope I can use my current T-mobile SIM card with the phone. I always like Nokia phone, for this phone one cool feature I like is its FM radio. Now I can not wait for the arrival of the phone. Got a little tired of my SamSung A437 phone (used a little more than 1 year).
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Federal Reserve Stress Test Method Revealed
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First saw it from flyblog. Kind interesting. Today WSJ revealed more haggling between banks and Fed.
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(Update) RationalWalk has a much more comprehensive piece on Berkshire Q1 results.
(Original) News from San Jose Mercury News. Quote:
Berkshire says it sold 13.7 million of its 79.9 million shares of ConocoPhillips during the first quarter to generate a loss that can offset past capital gains taxes.
More details from its Q1 earning report (PDF). Again quote:
…Investment losses from other-than-temporary impairments for the first quarter of 2009 predominantly relate to Berkshire’s investment in ConocoPhillips common stock. The market price of ConocoPhillips shares declined sharply over the last half of 2008. In the first quarter of 2009, Berkshire sold approximately 13.7 million shares of ConocoPhillips and sold additional shares in April. Although Berkshire expects the market price for ConocoPhillips shares to increase over time to levels that exceed original cost, Berkshire may sell some additional shares before the price recovers. Sales in 2009 were or may be in anticipation of other investment opportunities, to increase overall liquidity and to carry back realized capital losses to prior years for income tax purposes…
My thoughts
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nVidia
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nVidia got no love from the street these days. After yesterday’s earning (earning call here), the stock dropped more than 10% today amid weak (margin) forecast. This exemplifies that the market tends to be short sighted.
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Yahoo Tech-ticker
Disclosure: I don’t have BAC shares. I think, long term (I mean really long like 5 years) BAC is a good call option for US economy recovery. I don’t agree with Henry Bloget on this aspect: I think Ken Lewis is the right man for the job.
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McDonald started the war on premium coffee
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Saw the McCafe (aka better coffee at McDonald) ad on TV (not on YouTube yet). But here is a Cantonese version of ad (via. YouTube).
According to ChicagoBusiness, big Mac maker poured $100 million for the ad campaign. A really chilly Summer for Starbucks is coming 😀
Discloure: no longer have MCD position.
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