Greek Failure, European ADRs Leading Sell-Off (ALU, MT, BHP, STD, CS, DB, FTE, NOK, ERIC, NBG, SI, TI, UBS)

Alcatel-Lucent (NYSE: ALU) is indicated down over 6% at $2.65 but shares are down almost 9% in local trading in Paris.

Arcelor Mittal (NYSE: MT) is down “only” 1.5% at $15.68 and BHP Billiton Ltd. (NYSE: BHP) is down “only” 0.7% at $65.98 this morning.

Banco Santander, S.A. (NYSE: STD) in Spain is indicated down marginally at $8.02 versus a close of $8.04 in New York although we would note that perhaps that is not the right level because shares are down almost 3% in local trading in Madrid.

Credit Suisse Group (NYSE: CS) is down 3.2% at $25.40.

Deutsche Bank AG (NYSE: DB) is down 1% at $34.24; shares are down 2.5% in Frankfurt.

France Telecom (NYSE: FTE) is down 2.2% at $16.00 in New York; shares are down almost 2% in local trading in Paris.

Nokia Corporation (NYSE: NOK) is actually bucking the trend and shares are up 1.8% at $5.76 and LM Ericsson Telephone Co. (NASDAQ: ERIC) is down only 0.5% at $9.50.

National Bank of Greece SA (NYSE: NBG), stuck right in the middle of the woes of the PIIGS is down 5.1% at $0.74 and that matches its 52-week low and multi-year low. 

Siemens AG (NYSE: SI) is down 0.5% at $89.33 on thin volume, but shares are down 1.75% in local trading in Frankfurt.

Telecom Italia SpA (NYSE: TI) is actually not down with the PIIGS this morning.  Shares are up 0.1% in local trading in Milan.

UBS AG (NYSE: UBS) is down almost 2% at $11.22; shares are down 2.75% % in local markets.

The CAC in Paris is down 2.4% and the DAX in Frankfurt is down 2.6%; S&P futures are now indicated down only $3.50 and the DJIA futures are now indicated down only about 35 points.

JON C. OGG