Market Wrap: A Tax 'Buffett'; Markets Feel Greece-y; Netflix Makes it Official; Tyco, Tyco, and Tyco

Market wrap-up for September 19th, 2011.

End of the Day: Dow down 108 to 11,401.01; Nasdaq down 9 to 2612.83; S&P 500 down 12 to 1204.09

The following is a brief summary of events moving markets today:

• A 'Buffett' of taxes: President Obama proposed a $3.6 trillion -- yes, trillion -- debt-reduction plan, of which he plans to get another $1.5 trillion from the rich stemming from new taxes. The proposal to tax those who make more than $1 million per year received the blessing from multi-billionaire Warren Buffett, who regularly pushes for stiffer taxation on the rich. Accordingly, the new plan will be named the "Buffett Rule."
  
  The WSJ notes Republicans are unlikely to pass the measure based on resistance to tax hikes; rather, the proposal is opening salvo for negotiations to reduce the public deficit.
  
  
• It's all Greek to them: Talks between finance ministers in Europe ended with no definitive plan for Greece, reports said today. Concerns that Greece will enter default weighed on markets Monday, keeping many U.S. stocks in the red. Officials from the European Union, International Monetary Fund, and European Central Bank were scheduled to hold a teleconference about Greece earlier Monday, but results from those talks have yet to hit the wire. However, markets got a boost mid-day on headlines Greece's finance minister said they close to a deal with the Troika for the latest tranche of aide.
  
  
• Divide and conquer?: Netflix (Nasdaq: NFLX) offically announced the separation of it's DVD and streaming video businesses. Posting on the official Netflix blog, CEO Reed Hastings apologized for the lack of transparency and communication regarding recent price hikes and company actions.
  
  Shares were initially higher on the session, but ended 7.4 percent lower. Netflix continued to have a fan in Goldman Sachs, which said shares were still too cheap. Notably, Netflix is now 53 percent lower from it's 52-week high of $304.79 in July.
  
  
• Tyco, Tyco, Tyco: Tyco International (NYSE: TYC) reported it will split into three separately-traded public companies. The last time that Tyco got leaner was in 2007, when it spun off Covidien (NYSE: COV) and Tyco Electronics (NYSE: TEL).
  
  
• Goodrich soars on takeover talks: Goodrich Corp. (NYSE: GR) ended the session about 16 percent better Monday, following speculation it was the potential multi-billion takeover target of United Technologies (NYSE: UTX). Rumors were raised late last Friday, and nothing official has been announced by either party, but based on stock movement it would appear the deal is already pricing in. United Tech was flat on the session.
  
  
• Oil Bears!: OPEC Secretary General Abdalla Salem el-Badri said he expects Saudi Arabia and other members to cut output once Libya comes back online, giving a 15-month time frame on the restoration. El-Badri also said he sees "rising negativity" in the oil market stemming from key items like stagnant U.S. growth, China moving to curb it's inflation, and lingering European debt crisis issues. He said current crude prices have about a $16 to $20 per barrel risk premium priced in.

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