Wall Street Hubbub 7/29: A CSCO-Sized Fat Finger; Formal Bid for Genzyme Coming, No More "Sh---- Deals" For Goldman (GS), U.S. On Verge of Japanese-Style Deflation

Traders always have there ears open for the next hot piece of gossip and how they can translate that into making money. Below are the some juicy tidbits traders are talking about today.

• Trading in Cisco (Nasdaq: CSCO) was halted after a handful of apparent "fat finger" trades printed at $26 triggering the single-stock circuit breakers. When shares re-opened they were back flat on the session. Joe Saluzzi of Themis Trading commented, saying, "Cooler heads got to prevail" is what we will hear and that the circuit breakers are working. And we say, just the opposite: confidence continues to erode and these false halts are causing more agitation with investors."
  
  
• Sanofi-Aventis (NYSE: SNY) is reportedly preparing a formal offer for Genzyme Corp. (Nasdaq: GENZ). Some say the offer will come at $70 per shares, leaving little upside. Other say it will have to be north of $80 to entice Genzyme shareholders.
  
  
• Goldman Sachs (NYSE: GS) has told employees not longer to use profanity in e-mails or other electronic communications, the Wall Street Journal reported. No more "shitty deals" from Golden Slacks I guess.
  
  
• Federal Reserve Bank of St. Louis President James Bullard argues that the Federal Open Market Committee’s extended period language may be increasing the probability of a Japanese-style deflationary outcome for the U.S. within the next several years. Bullard concludes that an appropriate quantitative easing policy offers the best hope for avoiding a low nominal interest rate, deflationary outcome. More Here
  
  
• Pactiv Corp. (NYSE: PTV) picked up interest mid-day on renewed speculation the company could be close to hammering out a takeover deal. In the past, private equity firm Apollo Global Management has been rumoed as a suitor in addition to Georgia-Pacific Corp. and New Zealand's Rank Group. Shares are up 1.6 percent today.
  
  
• Takeover talk continues to surround BJ's Wholesale Club Inc. (NYSE: BJ) after private equity firm Leonard Green & Partners took a large stake in the company earlier in the month. Reports last week said the company has hired Greenhill & Co. (NYSE: GHL) to evaluate options.

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