Hormel query/lost

can someone explain exactly what is going on inside the financial statements? ------------------------------ The Spam master saw shares tumble 11% after cutting guidance based on poor investment performance in its executive-compensation plan in addition to cost pressures and unfavorable mix shift. Credit Suisse analyst Robert Moskow lowered the target price to $33 from $36 and rates Hormel at Neutral. Moskow wrote in a research report that Hormel has roughly $100 million in assets in its nonqualified deferred compensation plan that are marked to market on a quarterly basis, and have no cash flow impact. “This is different from packaged foods peers that amortize pension asset losses and gains over extended periods of time,” he wrote. “The good news is that these losses will turn into gains in fiscal 2009 if the stock market cooperates.” ------------------------------------ my take is that Hormels income stmt got hit by the lower market, whereas in the case of the “pack food peers,” there is no hit to the I/S, but there is restless add backs and net outs on the stmt of cash flow b/c amortization is an adjustment to net income??? thanks. sometimes you read these things (this is from Barrons) and you try to imagine the stmts or tie it in to what is on CFA material…