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 up 6 points to 1,212
  • Europe: DJ Euro Stoxx -0.4%, FTSE -0.4%, CAC -0.5%, DAX -0.6%, Spain -0.5%, Italy -0.4%
  • Asia: Japan -1.0%, Hong Kong -1.8%, India -0.9%, Australia -1.6%
  • USD (DXY) down -0.10%
  • Gold down -1.26% to $1,621.0
  • Silver down -1.10% to $30.8
  • Copper down -3.16% to $315.3
  • Crude up 0.26% to $86.3
  • Corn up 0.08% to 639.0
  • Wheat up 0.44% to $622.3
  • 10yr Treasury yields are up, trading at 2.18%
  • S&P current trading at 12.19x current year P/E

Today’s Top Stories:

  • QADDAFI DIED AFTER CAPTURE, MISRATA MILITARY COUNCIL SAYS (BBG)
  • Icahn goes activist on CMC: Icahn notified Commercial Metals Company (NYSE:CMC) of his intention to nominate James Unger, Steve Mongillo and George Hebard for election to the Board http://bit.ly/q16fRJ
  • UBS leaving Investment Banking: Shrinking their fixed income vision and moving forward with plans to beef up their wealth management business. Sergio P. Ermotti, who has been at the helm for less than a month, has ruled out a sale or spinoff of the investment bank but has decided to significantly reduce its scope and size in order to bolster UBS’s focus on its giant wealth management business, according to people familiar with his thinking http://on.wsj.com/nXAduN
  • Einhorn’s GMCR Short Thesis: The basic short thesis is that the coffee opportunity is smaller than the street expects, machines are expensive, and all of this actually limits the actual market to about ~20mn households vs. 64mn for the bull case http://bit.ly/oYEcvw
  • Private Equity is hurting: Goldman Sachs on Tuesday reduced the value of its portfolio of private-equity investments by $2.5 billion, including a more-than $1 billion loss from its investment in Industrial and Commercial Bank of China Ltd. Meanwhile, Bank of America Corp. notched a pretax loss of $2.2 billion related to private equity and strategic investments http://on.wsj.com/qqXjkl
  • ABT to split businesses: Abbott Laboratories (NYSE:ABT) announced its intention to separate its business into two public entities: a Diversified Medical Products company and a Research-based Pharmaceuticals company http://bit.ly/okAI7E
  • Morgan Stanley IB Results: Morgan Stanley’s investment Banking revenues were $864 million, down 41% from last quarter and down 14% from last year http://bit.ly/nJkevE
  • U.S. vs. Sweden in the 1930s: “The episode holds two potential lessons for US policymakers in the current context. First, a successful change to the central bank’s inflation goals can deliver a powerful boost to the economy. Second, the policy framework is best kept simple and supplemented with policy action to be credible” (GS Research)
  • EBAY Earnings: “eBay posted a solid qtr with all segments performing at or above expectations. Net rev accelerated for the 4th straight qtr (+32% Y/Y) to $2.97B, ahead of Street $2.91B” (UBS Research)
  • AXP Earnings: “AXP reported 3Q continuing EPS of $1.03, coming in ahead of CS EPS estimate of $0.93 and consensus at $0.96” (Credit Suisse Research)

M&A Watch:

  • Abbott Laboratories’ prescription-medicine spinoff may become $54b target (BBG)
  • Rio Tinto to pay $567m to buy Canada’s Hathor, trumping Cameco hostile bid Cameco (BBG)
  • Yahoo isn’t necessarily up for sale, co-founder Jerry Yang says
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.
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