The amazing race to zero….

If were getting slashed by 45% imagine European bank stocks given the sovereign debt woes…..cash is king folks!

Domino effect and contagion is spreading as sovereign debt woes grow…

The sale is planned to be ongoing through 2013….

THREE LITMUS TESTS HERE 

Hey Jamie don’t forget the American tax payer bailed your bank out with a Bear Sterns cash infusion…not to mention every other too big to fail bank who ran this country into the ground. NOBODY WENT TO JAIL AND THAT IS ANTI AMERICAN.

Also remember that monopolies are anti capitalism !

Lot’s of info here folks….

S&P now at 1180.  Recession has increased from 20% to 25%, but the still maintain a buy on stocks….

Gross says its an argument over cost of credit vs creation of credit. Gross states “flattened yield curves destroy systemic leverage..”

Full article and video

At its highest level since Q1

Japan has been a drag on sales

Restructuring will create a lot of pink slips

Upgrades

PCLN – Priceline.com initiated with a Outperform at Wedbush

SUN – Sunoco upgraded to Neutral from Sell at Goldman

CSCO – Cisco Systems upgraded to Sector Perform from Underperform at RBC Capital

LVS – Las Vegas Sands target raised to $60 at Stifel Nicolaus

RPM – RPM Inc upgraded to Neutral from Underperform at Credit Suisse

EXPE – Expedia initiated with a Outperform at Wedbush

AOS – A.O. Smith initiated with a Buy at Lazard

SXL – Sunoco Logistics upgraded to Outperform at RBC Capital Mkt

AL – Air Lease initiated with a Buy at Deutsche Bank

TWX – Time Warner upgraded to Buy at Caris

VECO – Veeco Instruments initiated with a Hold at ThinkEquity

KKR – KKR initiated with an Overweight at Barclays

ALLT – Allot Comms initiated with a Outperform at Wedbush

LRCX – Lam Research initiated with Outperforms at Credit Agricole

AER – AerCap initiated with a Buy at Deutsche Bank

CVD – Covance initiated with a Buy at Citigroup

AMAT – Applied Materials initiated with Outperforms at Credit Agricole

ETP – Energy Transfer upgraded to Outperform from Sector Perform at RBC Capital

BIIB – Biogen Idec upgraded to Buy from Neutral at UBS

PPDI – PPD Inc. initiated with a Buy at Citigroup

Downgrades

SYNT – Syntel initiated with a Negative at Susquehanna

SNY – Sanofi-Aventis downgraded to Neutral from Outperform at Credit Suisse

GLW – Corning target lowered to $24 at Sterne Agee

NLC – Nalco downgraded to Underperform from Neutral at Credit Suisse

MHK – Mohawk target lowered to $70 at Ticonderoga

DB – Deutsche Bank upgraded to Buy from Add at WestLB

CRL – Charles River initiated with a Hold at Citigroup

MCHP – Microchip initiated with a Neutral at Mizuho

GSM – Globe Specialty Metals initiated with a Hold at KeyBanc Capital Mkts

Gapping Up

SLM +1.2%,   LEE +20%, TZOO +5.4%,  ARII +2%, SPEX +5.9%, TIVO +1.4%, ULTA +1.2%, ECL +0.7%, RDS.A +0.8%,

SDRL +1.2%, TOT +0.7%, CGA +13.1%, ULTA +2.9%

Gapping Down

RIMM -3.4% , VRSN -8.1%, AUQ -1.6%, TXN -1.2%, GLD -1.6%, STD -2.7%, BBVA -2.6%, RBS -2.4%, LULU -3.6%, KFY -3.2%, BCS -2.2%, UBS -1.1%, TSRA -4.2%, SLV -1.5%, BHP -1.4%, GDX -1.2%, REGN -3%, MT -3.4%, IAG -2.4%, MYRX -5.7%, DG -0.8%, VE -4.1%, DNDN -2.2%, BCS -2.2%, SLV -1.3%, UBS -1.1%, MYRX -5.7% , LAZ -1.9%, TSO -2.8%,  SLW -2.3%, ABM -11.3%, UXG -2.2%, JAG -2.2%,

In Play 

On the Wires

D&T Shanghai hasn’t provided any documents to the SEC, which issued subpoenas to the firm on May 27, the agency said in a statement today, citing a filing in U.S. District Court in Washington. As a result, the SEC has been unable to access “critical” information in its probe of possible fraud at Longtop, the statement said.

Longtop, based in Hong Kong, said in May that D&T Shanghai quit because of errors in the company’s financial records. The SEC also began an investigation. In July, the SEC and Public Company Accounting Oversight Board met with counterparts in China to discuss cross-border oversight.

Today’s action “essentially is a battle between the SEC and Chinese regulators forcing D&T Shanghai to assert Chinese law as an explanation for why it cannot produce records,” Jacob Frenkel, a former SEC lawyer now with Shulman Rogers Gandal Pordy & Ecker PA in Potomac, Maryland, said in an interview. “Auditing firms know that the SEC has the right to subpoena and review and consider audit work papers. This is about bringing to a head the dispute over access to information relating to audits of Chinese companies.”

Fraud Examination

D&T Shanghai resigned as Longtop’s auditor after discovering numerous improprieties during the year ended March 31, 2011, according to the SEC. The SEC issued a subpoena for documents it said may contain basic information necessary to determine whether there was a fraud, who was behind it and how it was conducted, according to the court filing.

“Compliance with an SEC subpoena is not an option, it is a legal obligation,” Robert Khuzami, head of the SEC’s enforcement division, said in a statement today. “The ability of the SEC to conduct swift and thorough investigations requires that subpoena recipients promptly comply with that legal obligation.”

Longtop shares started trading over the counter in August. They hadn’t changed hands since May, when the New York Stock Exchange imposed a halt. The SEC is seeking a court order directing D&T Shanghai to show cause why the court shouldn’t enter an order requiring the firm to produce documents responsive to the subpoena, according to the court filing.

A phone call after business hours to D&T Shanghai wasn’t answered. An e-mail to Wilfred Lee, public relations senior manager for Deloitte Touche Tohmatsu, wasn’t immediately returned.

SOURCE

A limited sale of the famed movie sneaker will be auctioned on EBay.

Full article

They’ve been lowering guidance for about a decade.

Texas Instruments issues 3Q mid quarter update; narrows EPS (more so to the downside) and lowers revenue guidance  (25.80 -0.09)

Co sees Q3 EPS of $0.56-$0.60 vs. $0.55-0.65 previously and the $0.60 Capital IQ Consensus; with rev of $3.23-3.37 bln vs. $3.4-3.7 bln previously and the $3.54 bln consensus.

No more race to the bottom on recessionary calls…apparently things have changed within the last week???