NEW YORK (Reuters) - Visa Inc, which plans to float its shares on the New York Stock Exchange on Wednesday in the biggest U.S. initial public offering ever, will not be deterred by market turmoil that has taken a severe toll in recent days, analysts said on Monday.

Cheers went up on the floor of the New York Stock Exchange Monday in response to news that New York Gov. Eliot Spitzer might resign over his alleged involvement with a prostitute.

Ambac Financial Group tumbled 19 percent in New York Stock Exchange trading yesterday after the bond insurer's plan to raise $1.5 billion failed to allay concern that it may lose its AAA credit rating.

He's likely to overhaul the division whose huge mortgage-related losses did in ex-CEO O'Neal. Merrill Lynch & Co., which ousted its chief executive last month after huge mortgage-related losses, on Wednesday named John Thain, the head of the New York Stock Exchange's parent company, as its new CEO.

Andy Parnes, chief financial officer of Irvine-based home builder Standard Pacific Corp., said investors need to be more patient and not jump so quickly to conclusions, as the company's stock fell 13 percent on liquidity concerns.Bloomberg reports:?We're hearing they're about to violate bank covenants,? said Joseph Saluzzi, co-head of equity trading at Themis Trading LLC in Chatham, New Jersey.Standard Pacific said in a regulatory filing on Aug. 2 it was in compliance with financial covenants for the six month period ended June 30. Still, the company warned that it may violate some of covenants should it write down inventory or make additional investments in joint ventures.Standard Pacific fell $1.63 to $10.56 in New York Stock Exchange trading, giving the company a market value of $685.8 million. During part of the day, it dropped 38 percent and touched $7.51.Parnes, however, said the home builder is approaching bankers to work out a plan in case the company breaks a debt covenant. He said even if the builder breaks a covenant that doesn?t necessarily mean lenders would stop extending credit. And he said Standard Pacific, as well as other builders including Centex Corp. and Beazer Homes USA Inc., have successfully amended debt agreements this year.— Written by Mathew Padilla, host of Mortgage Insider.

Andy Parnes, chief financial officer of Irvine-based home builder Standard Pacific Corp., said investors need to be more patient and not jump so quickly to conclusions, as the company's stock fell 13 percent on liquidity concerns.Bloomberg reports:?We're hearing they're about to violate bank covenants,? said Joseph Saluzzi, co-head of equity trading at Themis Trading LLC in Chatham, New Jersey.Standard Pacific said in a regulatory filing on Aug. 2 it was in compliance with financial covenants for the six month period ended June 30. Still, the company warned that it may violate some of covenants should it write down inventory or make additional investments in joint ventures.Standard Pacific fell $1.63 to $10.56 in New York Stock Exchange trading, giving the company a market value of $685.8 million. During part of the day, it dropped 38 percent and touched $7.51.Parnes, however, said the home builder is approaching bankers to work out a plan in case the company breaks a debt covenant. He said even if the builder breaks a covenant that doesn?t necessarily mean lenders would stop extending credit. And he said Standard Pacific, as well as other builders including Centex Corp. and Beazer Homes USA Inc., have successfully amended debt agreements this year.— Written by Mathew Padilla, host of Mortgage Insider.