Epic Rant Supporting Bull Case for China by Steve Wynn: $WYNN

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Flashback:

Last week it was Bank of America. This time it is the bank once again known as Margin Stanley. From the 10-Q: “In connection with certain OTC trading agreements and certain other agreements associated with the Institutional Securities business segment, the Company may be required to provide additional collateral or immediately settle any outstanding liability balances with certain counterparties in the event of a credit rating downgrade. At March 31, 2012, the following are the amounts of additional collateral, termination payments or other contractual amounts (whether in a net asset or liability position) that could be called by counterparties under the terms of such agreements in the event of a downgrade of the Company’s long-term credit rating under various scenarios: $868 million (A3 Moody’s/A- S&P); $5,177 million (Baa1 Moody’s/ BBB+ S&P); and $7,206 million (Baa2 Moody’s/BBB S&P). Also, the Company is required to pledge additional collateral to certain exchanges and clearing organizations in the event of a credit rating downgrade. At March 31, 2012, the increased collateral requirement at certain exchanges and clearing organizations under various scenarios was $160 million (A3 Moody’s/A- S&P); $1,600 million (Baa1 Moody’s/ BBB+ S&P); and $2,400 million (Baa2 Moody’s/BBB S&P).” As a reminder, on February 15 Moody’s warned it’s considering downgrades of US banks and may cut Morgan Stanley as much as, you guessed it, 3 notches. Needless to say this explains why “CEO James Gorman has met with the ratings firm more often than usual in the past quarter.” Net – if the firm sees a 3 notch downgrade as warned the hit will be an AIG-shudder inducing $9.6 billion, or one third of the company’s market cap, and enough to leave all shareholders wishing they had exposure to Greece, and no exposure to Morgan Stanley.

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John Travolta has been sued by a masseur, who claims the actor tried to have sex with him during a session.

According to the lawsuit, Travolta saw the masseur’s ad online, and scheduled an appointment for $200 an hour. The masseur did not know it was Travolta when the appointment was booked, but followed instructions and met up with a black Lexus SUV, which Travolta was driving.

According to the suit, Travolta and the masseur, who says he saw Trojan condoms in the center console, drove to the Beverly Hills Hotel and went to Travolta’s bungalow.

The suit claims Travolta stripped naked, appearing semi-erect. The masseur says he told Travolta to lay down on the table and the first hour went without incident. Then, according to legal docs, Travolta began rubbing the masseur’s leg, touched his scrotum and the shaft of his penis.

The masseur claims he told Travolta he did not have sex with his clients, but Travolta was undeterred, offering to do a “reverse massage,” adding, “Come on dude, I’ll jerk you off!!!”

The suit goes on to allege Travolta then masturbated and told the masseur he got to where he was “due to sexual favors he had performed when he was in his ‘Welcome Back Kotter’ days,” adding “Hollywood is controlled by homosexual Jewish men who expect favors in return for sexual activity.”

The masseur — who is only listed as John Doe — claims Travolta called him a loser, but then doubled the hourly rate and sent him on his way.

The suit seeks $2 million plus punitive damages.

Travolta’s reps could not be reached for comment.

source: TMZ

[youtube:http://www.youtube.com/watch?v=T5DAhEhrYwM&feature=g-all-u 603 500]

If you haven’t heard of Kong, she and her husband run a little restaurant, the 60-stool Kay Lee Roast Meat Joint. So popular is its pork that patrons, according to Bloomberg, line up to be sure of getting in-sometimes an hour in advance.

The Kongs, however, are in their 60s are looking to retire. Neither of their kids wants to take the business over. So, they have put the Meat Joint up for sale, at an asking price of $2.8 million. Its assessed value is $1 million. The difference is the recipe.

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It looks like Stevie might be reading some outlandish websites.

Western Refining: SAC Capital discloses 5.4% stake in 13G filing

Yelp: SAC Capital discloses 5.1% stake in 13G filing

Source sec.gov

$300.04 mln consensus. The adjusted EBITDA margin for the quarter was 33.4% compared to 36.1% in the previous quarter and 33.0% for the first quarter of 2011. Total server count increased to 82,438 up from 79,805 servers at the end of the previous quarter, and total customers increased to 180,866, up from 172,510 at the end of the previous quarter.

Electronic Arts beats by $0.01, beats on revs; guides Q1 EPS below consensus, revs below consensus; guides FY13 EPS in-line, revs below consensus (15.13 +0.01)
Reports Q4 (Mar) earnings of $0.17 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.16; revenues fell 1.8% year/year to $977 mln vs the $959.19 mln consensus. Co issues downside guidance for Q1, sees EPS of -$0.45-0.40 vs. ($0.33) Capital IQ Consensus Estimate; sees Q1 revs of $500 mln vs. $581.85 mln Capital IQ Consensus Estimate. Co issues mixed guidance for FY13, sees EPS of $1.05-1.20, excluding non-recurring items, vs. $1.13 Capital IQ Consensus Estimate; sees FY13 revs of $4.30 bln vs. $4.52 bln Capital IQ Consensus Estimate.

Angry Birds maker Rovio Entertainment said sales jumped tenfold to $100 million last year as gamers flocked to download its titles, adding business was now strong enough for a stock market listing.

The Finnish startup making Angry Birds games — in which players use a slingshot to attack pigs who steal the birds’ eggs — has been valued by analysts at up to $9 billion, just short of that of struggling world No.2 phonemaker Nokia.

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+1.4% as we speak. Full reversal is underway in Europe. Gains are to be had.

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