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 -4 points to 1,219
  • Europe: DJ Euro Stoxx 1.1%, FTSE 0.9%, CAC 0.7%, DAX 0.9%, Spain 0.6%, Italy 1.7%
  • Asia: Japan 0.4%, Hong Kong 1.3%, India 2.0%, Australia 0.6%
  • USD (DXY) down -0.48%
  • Gold down -0.51% to $1,649.9
  • Silver down -0.68% to $31.8
  • Copper down -1.70% to $330.3
  • Crude down -0.01% to $88.3
  • Corn up 0.31% to 646.0
  • Wheat up 0.76% to $630.0
  • 10yr Treasury yields are up, trading at 2.20%
  • S&P current trading at 12.27x current year P/E

Today’s Top Stories:

  • AAPL Misses Earnings: The company posted “quarterly revenue of $28.27 billion and quarterly net profit of $6.62 billion, or $7.05 per diluted share. These results compare to revenue of $20.34 billion and net quarterly profit of $4.31 billion, or $4.64 per diluted share, in the year-ago quarter http://bit.ly/pyiyzj
  • Good Times for Payday Lenders: They are taking advantage of anemic economic growth, banks’ unwillingness to lend and regulatory dysfunction to thrive http://on.wsj.com/o3BOR2
  • U.S. Retail Sales: “Retail sales increased more than expected in September and are up roughly 5% year to date. However, many of the components of retail sales have seen rapid price increases this year. It is therefore likely that some of the recent growth in nominal retail sales reflects higher prices rather than an increase in the real volume of spending” (Goldman Research)
  • Pershing Squares adds FBHS: Bill Ackman’s Pershing Square Capital disclosed a 13.4% ownership in the common shares of Fortune Brands Home & Security (NYSE:FBHS) http://bit.ly/pAnlKi
  • GOP looking for massive tax overhaul: Republicans are working on a plan that would end the taxation of most foreign profits earned by U.S. corporations, K Street sources have told The Hill http://bit.ly/nxIcRU
  • Sardar Biglari goes after CBRL: Sardar Biglari has disclosed that his firm, Biglari Holdings, will solicit all shareholders of Cracker Barrel Old Country Store (Nasdaq:CBRL) http://bit.ly/pCjivd
  • Morgan Stanley Earnings: “Miss vs our #s came largely from higher tax rate – 38% vs 19% in 2Q. Trading #s more or less inline with our expectations w/ EQ -40% & FICC -29% in 3Q ex-DVA but remember 2Q was very strong for them and FICC # doesn’t discloses monoline hedge” (DB)

FED Events Today:

  • Fed’s Rosengren Speaks at Boston Fed Conference 8:30am
  • Fed’s Lockhart Speaks on Latin America in Atlanta 9am
  • Fed Releases Beige Book Economic Survey 2pm
  • Fed’s Lockhart Speaks on Leadership in Atlanta 4:30pm

M&A Watch:

  • Nomura plans to buy General Electric Co.’s finance unit in China (BBG)
  • PE firms Carlyle, Bain, and Advent are competing to buy credit reporting firm TransUnion; the company could fetch >$2B (Reuters)
  • BHP Billiton in talks to buy Brazilian iron-ore producer Ferrous Resources, 2 people with knowledge say (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.