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

Today’s Top Stories:

  • European Banks: European banks, increasingly concerned about their ability to access funding, are devising complex and potentially risky new deals that enable them to continue borrowing from the European Central Bankhttp://on.wsj.com/uXBE6F
  • Credit Suisse Layoffs: According to Dept of Labor’s website, Credit Suisse is planning to layoff 268 employees at its Madison Park location in NYC. Remember this week that BNP Paribas announced layoffs of 5% of its 12k workforce http://bit.ly/v3VwaI
  • Citi Layoffs: Citi will be cutting ~900 jobs in its securities and banking division amid financial market turmoil http://bit.ly/tlzD6f
  • Tech Earnings: earnings from NTAP and AMAT both disappoint last night
  • GOP Candidate: Fox poll shows Newt Gingrich leading the GOP presidential field nationally with 23%, followed by Mitt Romney at 22% and Herman Cain at 15%
  • Coatue Latest 13F Buys: The hedge fund disclosed positions totalling approximately $3.2 billion, Its largest position, in $ market value, is Apple (Nasdaq:AAPL) which is worth approximately $508 million as of Sept 30http://bit.ly/tsJ75q
  • Citi Group’s O’Neill Here to Help: The 65-year-old Mr. O’Neill recently was named chairman of Citibank N.A., the New York company’s commercial-banking subsidiary with $1.3 trillion in assets, or 70% of Citigroup’s total http://on.wsj.com/sbeXJI
  • HF’s in NG are smiling: NovaGold Resources (NYSE:NG) share are currently up 26% at $11.12 per share due to the company’s announcement of that is will spin-out its subsidiary, NovaCopper which owns the Ambler project and will have a 100% interest in any mining project in the recently consolidated 180,000-hectare property located in the Ambler district of northwestern Alaska http://bit.ly/v2D8D9
  • Brazil Lowest GDP Forecast: Brazil lowers 2011 GDP growth forecast from 4.5% to 3.8%

M&A Watch:

  • Bloomberg running a story that BHI may be interested in buying KEG or LUF
  • SXC Health Solutions Corp agreed to acquire HealthTrans LLC, a portfolio company of Abry Partners LLC, for US$250 million in cash
  • Virgin Money Holdings (UK) Ltd, a portfolio investment company of WL Ross & Co LLC, agreed to acquire Northern Rock Plc
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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