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:

  • Sovereign Yields On The Rise: “Here Comes the Trade of the Decade in Europe” – shorting German and French sovereign bonds may become “the trade of the decade” as “core” yields converge w/the periphery http://on.wsj.com/roKGdO
  • AAPL TV: Apple has commissioned Sharp to begin manufacturing large displays for an Apple-branded television set. Sharp should ramp up production in January
  • FREE 60pg HF Holdings: AAPL was by far the most crowded position in the top 8 holdings for hedge funds: Greenlight, Lone Pine, Blue Ridge, and Tiger all have AAPL as the largest position in their holdings. Other large crowded positions include AMZN, GOOG, NWSA, MSFT, and WFChttp://bit.ly/sTz8QM
  • Barney Frank Exits: In recent days, both Reps. Barney Frank (D-Mass.) and Charlie Gonzalez (D-Texas) have announced they won’tseek re-election in 2012 http://wapo.st/vNisar
  • Icahn Adds for WedMD: On November 25, Icahn exercised American-style call options for common shares of WebMD Health Corp. (Nasdaq:WBMD) and his stake has increased to 9.99% from previous 9.79% stake from a disclosure filing in early November
  • Global Economics: “Expect Global growth to slow from 4.2% in 2010 and about 3% in 2011 to 2.5% in 2012.  For 2013, expect a modest reacceleration in global growth, to 3.1%. Expect China’s growth to slow markedly, but global growth will still be Asia-led.  The euro area is falling back into recession and only modest growth is likely for the US” (Citi Research)
  • M&A Activity Is Depressed: Having recovered in 2010, the number and volume of M&A transactions dropped sharply this summerhttp://bit.ly/tfrCc1
  • Mortgages: WSJ reports that MBIA would settle with 7 big financial firms over mtg-debt insurance losses, by paying unspecified payments. The firms include BAC, MS and 5 others

Economic Calendar:

  • Tuesday: S&P/CS Home Price Index, Consumer Confidence, House Price Index
  • Wednesday: Fed’s Beige Book, ADP Employment, Nonfarm Productivity, Chicago Purchasing Manager, Pending Home Sales
  • Thursday: Initial Jobless Claims/Continuing Claims, Construction spending, ISM Manufacturing
  • Friday: Nonfarm Payrolls, Unemployment Rate

M&A Watch:

  • Facebook IPO: WSJ says that Facebook is in initial discussions w/ the SEC concerning timing of IPO. Talk of $100B IPO
  • CEDC +6% after Russian Standard reports 9.9% stake
  • NYT DealBook reports that T is talking about making large sale to LEAP to save T-Mobile USA deal
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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