At Noon, the S&P 500 is Down 4.1%

The stock market has given back much of yesterday’s big rally. Today’s selling seems to be more broad-based and not confined to one or two sectors. The Dow is on the cusp of dipping below 24,000. Oil is back down again.

There’s been talk of the IRS pushing back the April 15 tax-filing deadline. That should be fairly easy to implement.

Here’s an interesting story on how Eagle Bancorp (EGBN) slightly altered the language in its annual report:

Eagle Bancorp Inc., the parent company of Bethesda-based EagleBank, announced it was the subject of multiple government investigations this past July. In each disclosure since then, it has included the same phrasing when discussing the impact of those investigations: “Other than these increased [legal] costs, we do not believe at this time that the resolution of these investigations will be materially adverse to the Company. ”

In its latest annual report released March 2, however, it removed that phrase, which no longer appears in the filing. Instead, it added new language that does discuss the potential for a materially adverse impact on the company.

The company is probably just being prudent but it’s interesting to note.

Posted by on March 11th, 2020 at 11:59 am


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