Every morning the Street of Walls team puts out an update on market levels, today’s top stories, and active M&A deals.

Morning Market Levels:

  • S&P futures are down -5 points to 1,194
  • Europe: DJ Euro Stoxx -1.5%, FTSE -0.9%, CAC -1.1%, DAX -1.3%, Spain -1.3%, Italy -2.1%
  • Asia: Japan 1.0%, Hong Kong 2.3%, India -0.4%, Australia 1.0%
  • USD (DXY) up 0.20%
  • Gold down -0.23% to $1,672.3
  • Silver down -1.46% to $32.1
  • Copper down -2.28% to $331.8
  • Crude down -1.45% to $84.4
  • Corn down -0.90% to 634.5
  • Wheat down -0.28% to $625.0
  • 10yr Treasury yields are up, trading at 2.20%
  • S&P current trading at 12.09x current year P/E

Today’s Top Stories:

  • JPM Earnings This Morning: Headline miss vs. consensus but an okay quarter overall, investment banking fees of $1.1bn, down -45% QoQ http://bit.ly/ni9kTC
  • PC Results for 3Q: Numbers came in ahead of estimates yesterday and could point to a market bottom http://nyti.ms/q7rRnE
  • GOP Polls: a new NBC/WSJ poll finds Herman Cain as the #1 choice among Republican voters http://on.wsj.com/mTVTst
  • Harrisburg Default: This is being viewed as a 1-off incident http://on.wsj.com/orbhGS
  • GS Status: a company spokesman tells CNBC they are not planning to change its status as a bank holding company
  • Deutsche warning of EU Credit Crunch: “A question remains over whether banks will be able to provide financing, or whether possible haircuts in the euro zone and the new regulatory environment will practically force them to be restrictive”  http://reut.rs/pYz54X
  • Housing Default Notices: notices were filed on 195,878 properties in the third quarter, up +14% from last quarter http://bit.ly/qcA9cm
  • U.S. Birth Rate Declines: “According to preliminary data from 2010, the rates dropped to 64.7 births per thousand women ages 15 to 44, from 69.6 births per thousand women in 2007, the year the recession began” http://nyti.ms/pfUaIQ
  • WMT Analyst Day Takeaways: “We see significant changes in several areas (1) fulfillment, including Ship From Store, (2) a host of technology innovations designed to improve the customer experience (e.g., iPhone/iPad app) and (3) eliminating channel conflict by aligning compensation structures and pricing in stores and online. Leveraging store assets, at long last: Walmart understands it needs to differentiate itself from online-only retailers, and the company is finally beginning to leverage its largest physical asset – its 4,000+ U.S. store base” (Wells Fargo Research)
  • Private Equity Deals:  During 3Q11 there were 1,502 private equity deals completed compared to 991 at the “peak” of our economy in 3Q07…that’s a 52% increase since 2007 http://bit.ly/qbhF27

Economic Calendar:

  • Thursday: Trade Balance, Initial Jobless Claims
  • Friday: Import Price Index, Retail Sales, U. of Mich Confidence

M&A Watch:

  • Google said not to be planning to buy Akamai Technologies (BBG)
  • Pratt & Whitney will pay $1.5b for Rolls-Royce’s share of jet-engine venture (BBG)
  • DuPont said to be seeking buyers for DuPont Teijin Films, venture with Japan’s Teijin (BBG)
Disclosure: I do not have a position in any stocks mentioned in this article, do not have a plan to initiate a position within the next 72 hours.
Disclaimer:  The information, opinions, material, and any other content provided in this article is for informational purposes only and is not to be used or considered an offer or solicitation to buy or sell securities, investment products, financial instruments, or to participate in any particular investment strategy. The information, opinions, material, and any other content provided in this article does not constitute as a recommendation or as advice to buy or sell securities, investment products,  financial instruments, or to participate in any particular investment strategy.