Nasdaq is now off by 1%+, the S&P is flat and the Dow is only up 65.
Comments »Chinese Burritos Fall as Justice Department Begins Accounting Investigations
CEO Sentiment Falls Over the Last Q
Usual suspects like politicians at home and abroad bickering over money troubles.
Comments »High End Retailers Getting Smoked Today
TIF -8%
COH -7%
TRLG -5%
RL -5%
PVH -5%
LULU -3%
Today’s Biggest Large Cap Winners
No. Ticker % Change Market Cap
1 LPL 12.18 7,210,000,000
2 ING 10.35 31,440,000,000
3 CS 7.30 33,190,000,000
4 PHG 7.05 19,940,000,000
5 DB 6.92 36,050,000,000
6 TI 6.72 23,260,000,000
7 UBS 6.22 52,640,000,000
8 STD 6.07 55,580,000,000
9 TTM 5.24 10,410,000,000
10 HIG 5.18 8,650,000,000
11 AEG 5.13 8,240,000,000
12 ABB 5.11 47,150,000,000
13 AV 5.02 15,520,000,000
14 BCS 4.53 29,960,000,000
15 MT 4.24 32,710,000,000
16 BBVA 4.23 40,090,000,000
17 LYG 4.21 43,320,000,000
18 CNP 4.11 8,330,000,000
19 AON 4.07 15,400,000,000
20 E 4.07 68,150,000,000
21 RCL 4.03 5,600,000,000
22 CRH 4.02 12,100,000,000
23 KEY 3.97 6,430,000,000
24 NOK 3.96 22,930,000,000
25 MS 3.95 33,390,000,000
26 AFL 3.84 17,020,000,000
27 ALL 3.74 13,010,000,000
28 IX 3.74 9,580,000,000
29 MET 3.62 35,230,000,000
30 LNC 3.59 6,480,000,000
31 SI 3.57 90,430,000,000
32 MFC 3.52 24,320,000,000
33 STI 3.49 10,540,000,000
34 FTE 3.41 50,570,000,000
35 TSN 3.38 6,570,000,000
36 TEF 3.37 93,220,000,000
37 VE 3.34 8,350,000,000
38 PGR 3.33 12,140,000,000
39 HDB 3.30 24,230,000,000
40 PRU 3.30 24,380,000,000
41 KB 3.29 13,970,000,000
42 FMX 3.25 24,130,000,000
43 BF-B 3.16 10,630,000,000
44 MFG 3.14 64,270,000,000
45 BT 3.10 21,510,000,000
46 MAR 3.06 10,260,000,000
47 BBT 2.96 14,320,000,000
48 LLL 2.93 6,940,000,000
49 SHG 2.92 19,220,000,000
50 USB 2.91 44,510,000,000
FLASH: Chinese Stocks Are Getting Crushed
This doesn’t look like an +200 day.
No. Ticker % Change Industry
1 CAGC.PK -31.25 Chinese Burritos
2 RCON -16.35 Chinese Burritos
3 SINA -13.38 Chinese Burritos
4 FMCN -10.97 Chinese Burritos
5 SOHU -9.83 Chinese Burritos
6 EDU -9.21 Chinese Burritos
7 BIDU -8.16 Chinese Burritos
8 YOKU -7.95 Chinese Burritos
9 XNY -7.33 Chinese Burritos
10 SCEI -7.08 Chinese Burritos
11 CIS -6.97 Chinese Burritos
12 TUDO -6.38 Chinese Burritos
13 SCOK -5.88 Chinese Burritos
14 TAOM -5.54 Chinese Burritos
15 SEED -5.45 Chinese Burritos
16 CIIC -4.95 Chinese Burritos
17 JOBS -4.64 Chinese Burritos
18 CCIH -4.62 Chinese Burritos
19 NQ -4.58 Chinese Burritos
20 CTRP -4.48 Chinese Burritos
21 CCSC -4.17 Chinese Burritos
22 CNAM -4.12 Chinese Burritos
23 SNDA -4.10 Chinese Burritos
24 DHRM -4.07 Chinese Burritos
25 NTES -4.07 Chinese Burritos
26 LIWA -3.67 Chinese Burritos
27 NEWN -3.11 Chinese Burritos
28 YONG -3.07 Chinese Burritos
29 ONP -3.04 Chinese Burritos
30 FENG -2.97 Chinese Burritos
31 CAAS -2.97 Chinese Burritos
32 OINK -2.76 Chinese Burritos
33 VISN -2.66 Chinese Burritos
34 DATE -2.63 Chinese Burritos
35 OSN -2.61 Chinese Burritos
36 PWRD -2.38 Chinese Burritos
37 SVA -2.17 Chinese Burritos
38 ASIA -2.12
Data provided by The PPT
Comments »Treasuries Are Rallying
TLT is +0.55%
Comments »Massive Liquidation is Underway in Momentum Names
Intra-day losses for stocks over $1 bill
No. Ticker % Change Market Cap
1 AMD -10.89 4,380,000,000
2 FOSL -9.32 6,460,000,000
3 FAZ -8.34 1,209,974,941
4 FMCN -8.20 4,360,000,000
5 NFLX -8.13 11,820,000,000
6 YOKU -7.95 2,870,000,000
7 WYNN -7.88 18,240,000,000
8 SINA -7.66 6,430,000,000
9 EW -7.61 8,580,000,000
10 DVA -7.41 6,720,000,000
11 SCO -6.83 2,528,487,273
12 BIDU -6.20 46,650,000,000
13 LVS -5.98 33,380,000,000
14 SFY -5.69 1,270,000,000
15 TIF -5.67 9,130,000,000
16 MOS -5.46 32,440,000,000
17 SOHU -5.40 3,040,000,000
18 MPEL -5.04 6,680,000,000
19 COH -5.04 15,200,000,000
20 VRA -4.91 1,210,000,000
21 IVN -4.76 15,380,000,000
22 WNR -4.63 1,570,000,000
23 GMCR -4.57 15,110,000,000
24 CRR -4.47 3,330,000,000
25 PCLN -4.22 25,930,000,000
26 MAKO -4.17 1,450,000,000
27 HFC -3.84 7,590,000,000
28 PIR -3.78 1,280,000,000
29 YGE -3.74 1,010,000,000
30 WLT -3.60 5,200,000,000
31 EXPE -3.57 8,020,000,000
32 DECK -3.54 3,210,000,000
33 FNSR -3.54 1,510,000,000
34 YNDX -3.36 9,800,000,000
35 ACTG -3.32 1,670,000,000
36 TPX -3.32 3,910,000,000
37 CROX -3.27 2,430,000,000
38 EDU -3.26 4,160,000,000
39 CBS -3.25 15,550,000,000
40 AMRN -3.24 1,420,000,000
41 IMAX -3.21 1,140,000,000
42 FDO -3.04 5,890,000,000
43 NTES -2.91 6,230,000,000
44 SWKS -2.87 3,870,000,000
45 RL -2.83 12,400,000,000
46 IDCC -2.82 3,250,000,000
47 YUM -2.76 25,080,000,000
48 GTE -2.69 1,730,000,000
49 NXPI -2.68 4,270,000,000
50 ARIA -2.64 1,170,000,000
Rare Earth Pricing Implodes by 40% As Alternatives Are Brought to the Table
A Closer Look at Volatility
A Review of Bernanke’s Speech Last Night From Ritholtz @ The Big Picture
Upgrades and Downgrades This Morning
Upgrades
PDS – Precision Drilling upgraded to Buy from Hold at Desjardins
EMN – US Chemicals initiated at Credit Agricole
FTI – FMC Tech resumed with a Hold at Stifel Nicolaus
SQM – Sociedad Quimica y Minera upgraded to Outperform from Neutral at Credit Suisse
KKR – KKR initiated with a Buy at Sterne Agee
BX – Blackstone initiated with a Neutral at Sterne Agee
DRC – Dresser-Rand resumed with a Hold at Stifel Nicolaus
MGLN – Magellan Health initiated with a Buy at BB&T
AEM – Agnico-Eagle Mines initiated with an Overweight at HSBC
OKE – ONEOK upgraded to Outperform from Market Perform at Wells Fargo
CLS – Celestica initiated with a Market Perform at BMO Capital
NWE – NorthWestern upgraded to Buy from Neutral at Ladenburg
Downgrades
DVA – DaVita downgraded to Hold from Buy at Citigroup
AIXG – Aixtron target lowered to $22 at Kaufman Bros
GS – Deutsche Bank lowers their estsimates
AMD – Advanced Micro downgraded to Underperform from Neutral at Macquarie
ITRI – Itron target lowered to $22 at Wunderlich
VECO – Veeco Instruments target lowered to $40 at Kaufman Bros
MIPS – MIPS Tech downgraded to Hold at The Benchmark Company
OLN – Olin downgraded to Neutral from Positive at Susquehanna
ALR – Alere downgraded to Neutral from Outperform at Mizuho
MS – Deutsche Bank lowers their estsimates
Comments »Gapping Up and down This Morning
Gapping Up
DB +6.8%, UBS +4.6%, BCS +4.4%, NOK +4.1%, STD +5.6%, CS +4.9%, ING +4.3%, MT +3.5%, SLV +2.9%, TOT +2.8%,
CEO +2.4%, BHP +1.7%, HPQ +1.3%, BBY +1.1%, BP +1%, TWI +3%, NOK +4.1%, EK +3.2%, WLL +3.1%, HBC +2%, MT +2.2%, GLD +0.5%,
CEO +2.4%, RIG +1.9%, TOT +1.7%, OKS +2%, LAYN +1%, FTI +2%, SDRL +1.4%, FRO +4.2%,
Gapping Down
WOR -2.2%, MOS -1.7%, ITRI -2.8%, AMD -10.4%, EW -3.6%, BDSI -54.2%TXI -2.4%,
Comments »In Play and On the Wires
Citigroup Lowers Global Growth Forecasts; Growth “continues to deteriorate quickly”
Second Quarter GDP: Prior 1%, Mkt Expects 1.2%, Actual 1.3% ….Initial claims: Prior 423k, Mkt Expects 419k, Actual 391k …. Futures Double
Fitch Lowers Rating on Slovenia
Not sure anyone cares, but Swiss and French banks are on the hook for Eastern block debt….
Comments »Asian Markets Pare Losses Except For Australia and the Shanghai Composities
German Parliament Passes Bailout Expansion; European Markets Fail to Rally While U.S. Futures Pare Losses
Other European markets have failed to rally. U.S. futures turned on the news to positive territory.
One banker commented that despite the vote in favor to expand rescue funds there is still no clarity and feeling of immediate rescue.
Comments »Bernanke May Cut Rates To Avoid Deflation
“It is something that we’re going to be watching very carefully,” Bernanke said in response to questions from the audience at a forum sponsored by the Cleveland Fed.
“If inflation falls too low or inflation expectations fall too low, that would be something we have to respond to because we do not want deflation,” Bernanke said.
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