Opening Bell: 24.4.08

Credit Suisse Q1 write-downs of $5.3B drives $2.1B loss (AP) The big write-downs just keep coming. A $5 billion write-down and a $2.1 billion loss at Credit Suisse. Surprisingly, its the banks first loss during this whole mess, so in some respects, they're really behind the curve. Said CEO Brady Dougan: "I am confident that we will continue to serve as a safe haven for clients in uncertain and volatile markets, and to seize the opportunities that arise in times of market dislocation to create long-term value."

Apple Riding a 51% Jump in Mac Sales (NYT)The Mac is back. Ok, it's already been back for awhile, and you'll have to forgive the obnoxious McCain reference. But it is back big. And now Apple is right back to square one: it's a computer company again. Sure, the iPhone is a big deal, and the iPod Touch (iPhone sans-phone) may be the future of the iPod, but for real growth, look no further than those things you find on tables at coffee shops, with stickers on 'em. And they're still just a sliver of the overall market.

CEO Says Microsoft Could Forgo Yahoo (WSJ)Ballmer is trying to make Yahoo shareholders nervous, implying that Microsoft could, in the end, change its mind, particularly if Yahoo balks at the current price. Negotiating tactic much? Probably. But also probably a little truth, since, well, Microsoft could live without Yahoo. Oh and Microsoft employees are said to be growing increasingly wary. Not surprisingly. It's like being 17, and your parents are about to have a new kid.

Shanghai index soars 9.3 percent on tax cut (AP)Interesting: it wasn't all that long ago, that the Chinese government was doing everything in its power to slow down the raging stock market. You know, just cool it off a little. These included various measures aimed at borrowing and margin requirements and the like. Well, those measures worked too well, some might say, and now they're busily reversing course, trying to pump up the flagging Shanghai market. Stocks soared over 9 percent last night, as the government slashed a general tax on share transactions. The original tax was just proposed last May, so this is a sharp reversal.