If the rating agencies downgrade this across the board ... that could have an impact on the earnings,

Across the board, a low-flavored soybean would be good for everybody.

It's a little premature for a downgrade like this when the industry is about to report earnings that are better than anyone expected. We're pretty neutral on the industry but selectively bullish on certain stocks. If anything, the sell-off has created even more opportunities.

Philips earnings are solid, but unexciting. Revenues were strong across the board, and as far as the outlook is concerned, Philips essentially confirmed what was already expected.

If we're going to censor, then we'd have to censor across the board.

Today, credit rating agencies rate companies, countries and bonds.