Chicago,IL  10/16/2012 (BasicsMedia)  —  Earnings Smorgasbord: Grainger (NYSE:GGW), Goldman (NYSE:GS) and Dominos Pizza (NYSE:DPZ) all report this morning.  The earnings calender is full, and you can click here to see a roster of names with links who report.  May I suggest only clicking on the far right side where you can listen to the conf call or check details of the Q&A.  Also Seeking Alpha provides most transcripts of calls which can be keyword searched…earnings season is too much to consume unless you pick your spots correctly.  Below is a summary of overnight action.

A123 Systems on road to Chapter 11. A123 Systems (AONE), a maker of car batteries for electric cars, may not have sufficient cash to fund operations and could need to seek bankruptcy protection. The company, which received a $249M grant from the government, failed to meet interest payments on approximately $143M of its material debt agreements yesterday.

Illinois Tool Works’ CEO goes on medical leave. Illinois Tool Works’ (ITW) Chairman and CEO David Speer has taken a health-related leave of absence and will be replaced on an interim basis by Vice Chairman Scott Santi, who’s also becoming President and COO. Robert Morrison, the company’s lead director, will become acting non-executive chairman. Speer has been treated for an unidentified medical condition for almost a year but had so far avoided a formal leave.

RBS to take first steps to re-privatization. RBS (RBS) will be given permission this week to leave the Asset Protection Scheme, a state-backed insurance program covering the bank’s old “toxic assets,” the FT reports. Exiting the scheme, which has cost RBS £2.5B in premiums, is seen as a first step towards the government selling its 82% stake in the bank.

Telefonica’s German unit to raise up to €1.68B. Telefonica (TEF) plans to raise up to €1.68B in the IPO of Telefonica Deutschland by selling 225M shares in the German unit at €5.25-€6.50 each. The underwriting banks will have an option to buy another 33.75M shares. The money raised will help the Spanish operator further chip away at its €57B debt mountain.

Big Tobacco faces Russian wrath. Russia, the world’s second-largest cigarette market, has threatened to crack down even further on sales of the product, with Prime Minister Dmitry Medvedev accusing Philip Morris (PM) and British American Tobacco (BTI) of intentionally hooking women and children. An anti-tobacco bill is due to hit Parliament later this month.

Bridgepoint pummeled on DOJ probe. Bridgepoint Education (BPI) plummeted by as much as 13% in post-market trading after the for-profit education company said it was being investigated by the DOJ over compensation for its admissions staff. The company has been the focus of attention since the Western Association of Schools & Colleges said in July that Bridgepoint’s Ashford University spends more money on recruiting students than on teaching them.

Intel profit seen falling but IBM’s seen rising. Intel (INTC) and IBM (IBM) are expected to report contrasting fortunes when they release their Q3 earnings after the close today. Analysts estimate that Intel’s EPS fell to $0.50 from $0.65 a year ago as revenue dropped 7.1% to $13.23B. IBM’s EPS is seen rising to $3.61 from $3.28 but revenue slipping 3% to $25.36B. OptionMonster.com’s Pete Najarian criticizes Intel for being late to mobile but praises IBM’s “magnificent job” on acquisitions, cloud and data.

DISCLAIMER: This content is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a real licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.