Samsung Backs Old Man Buffett on European Bank Runs

“In the meantime, a more immediate issue confronting investors is whether we are likely to soon witness a significant run on Italian-based banks. If the answer is yes, then this without question will be the end of the road for the eurozone and will confront the ECB and Germany with an inescapable choice of either providing unlimited support for all eurozone commitments (including deposits) or allowing the disintegration of the euro.

The good news is that as of Sep 2011 (the latest numbers available from the ECB and Bank of Italy), there was no evidence of a “run” on Italian banks. The overall deposits within the system were only down around 1% YoY to €2,154bn and indeed remained relatively stable throughout turbulence of the past 12 months. Does it mean that so long as the ECB partially stabilizes sovereign yields, all is clear? The answer is an unequivocal no for three reasons:….”

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A new report was released on causes for toxic pollution

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Original investors are taking profits

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Upgrades

MSTR – MicroStrategy initiated with an Outperform at JMP Securities

LNN – Lindsay Corp initiated with a Hold at Stifel Nicolaus

QLIK – Qlik Tech initiated with an Outperform at JMP Securities

PXD – Pioneer Natural Resources added to Conviction Buy List at Goldman

TCK – Teck Resources initiated with a Buy at Dahlman Rose

TDC – Teradata initiated with an Outperform at JMP Securities

CMS – CMS Energy upgraded to Buy from Neutral at BofA/Merril

AEE – Ameren upgraded to Neutral from Sell at Goldman

MRX – Medicis downgraded to Market Perform from Outperform at Bernstein

MNTX – Manitex Intl initiated with a Mkt Outperform at Rodman & Renshaw

FSC – Fifth Street Finance upgraded to Buy from Neutral at Janney Montgomery Scott

XYL – Xylem initiated with an Equal Weight at Barclays

CFX – Colfax upgraded to Buy from Neutral at UBS

HFC – HollyFrontier upgraded to Buy from Neutral at Goldman

FIRE – Sourcefire initiated with a Buy at BofA/Merrill

CVD – Covance initiated with a Buy at Sterne Agee

WNR – Western Refining added to Conviction Buy List at Goldman

FTNT – Fortinet initiated with a Buy at BofA/Merrill

CRL – Charles River initiated with a Buy at Sterne Agee

HW – Headwaters upgraded to Outperform from Neutral at Wedbush

OKE – ONEOK upgraded to Overweight fromat Morgan Stanley

NSTAR upgraded to Buy from Neutral at BofA/Merrill

A – Agilent upgraded to Buy from Neutral at BofA/Merrill

TIBX – TIBCO Software initiated with an Outperform at JMP Securities

NU – Northeast Utilities upgraded to Buy from Neutral at BofA/Merrill

IDIX – Idenix Pharma upgraded to Outperform from Neutral at Wedbush

Downgrades 

K – Kellogg downgraded to Market Perform from Outperform at Bernstein

MRO – Marathon Oil downgraded to Neutral from Buy at Goldman

WDC – Western Digital downgraded to Hold at Needham

BPL – Buckeye Partners downgraded to Underweight from Equal Weight at Morgan Stanley

CVI –  CVR Energy removed from Conviction Buy List at Goldman

AMGN – Amgen downgraded to Neutral from Overweight at Piper Jaffray

KNX – Knight Transportation downgraded to Underperform from Neutral at Sterne Agee

TSO – Tesoro downgraded to Sector Perform from Outperform at RBC Capital

MEOH – Methanex downgraded to Outperform from Strong Buy at Raymond James

PEG – Public Service downgraded to Neutral at BofA/Merrill

POR – Portland Gen Elec downgraded to Sell from Neutral at Goldman

ICLR – ICON plc initiated with an Underperform at Sterne Agee

STX – Seagate Tech downgraded to Hold from Buy at Deutsche Bank

OVTI – OmniVision downgraded to Hold at Needham

RVBD – Riverbed Technology upgraded to Outperform from Sector Perform at RBC Capital

AAP – Advance Auto downgraded to Hold at Argus

GXP – Great Plains Engy removed from Conviction Buy List Goldman

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Gapping up

VNET +11.7%, NLST +44.7%, CIM +9.8%, AOB +6.7%, AGO +6%, DKS +4.2%,HD +2%, CAST +17.8%, APC +1.5%,

DTV +1%, RVBD +0.5%, WFM +0.6%

Gapping down

LDK -7.4%, HAFC -7.1%, ING -6.8%, IOC -6.7%, MOTR -6.2%,  GERN -17.7%, MITK -15.3%, GURE -11.8%,

ZAGG -2.4%, KOG -2.3%, TOT -2.3%, DB -1.9%, PVR -5%, URBN -5%, BAC -4.1%, CS -4%, LNKD -3.2%,

LOGI -2.7%, UBS -2.5%,

 

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In Play

On the Wires

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+6% to $18.14

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Retail Sales: Prior 1.1%, Market Expects  0.4%, Actual +0.5%

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Sound waves were used to disperse #OWS protesters….

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Makes sense to me; only buy on deaths door.

 

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Same store sales also ticked higher 

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Sales and earnings came in below consensus.

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Sales bucked a trend and reversed a 9 month decline. Otherwise Americans are watching their Ps & Qs

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American banks get to be vultures and buy back assets they sold for steep discounts as Europe’s banks make a grab for liquidity.

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Asset quality was the biggest worry for the IMF.

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YUMMM DIMMM SUMMM

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They will invest $2 billion by 2015 while increasing their workforce.

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Profits fell 15%

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GDP rose by 0.5% from the second quarter

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French 10 yr at new highs of 3.66%, past the flash point of 3.50.

Italy is at 7% and Spain 6.35%.

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