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 7 points to 1,231
  • Europe: DJ Euro Stoxx 0.4%, FTSE -0.3%, CAC 0.7%, DAX 0.8%, Spain -0.6%, Italy 0.8%
  • Asia: Japan -2.2%, Hong Kong 1.9%, India -0.1%, Australia -1.1%
  • USD (DXY) down -0.52%
  • Gold up 0.77% to $1,733.2
  • Silver up 1.87% to $33.9
  • Copper up 2.86% to $360.4
  • Crude up 1.26% to $93.4
  • Corn up 0.23% to 655.8
  • Wheat up 0.16% to $631.5
  • 10yr Treasury yields are up, trading at 2.06%
  • S&P current trading at 12.26x current year P/E

Today’s Top Stories:

  • Yahoo Pitching PE Firms: Yahoo Inc. is pitching private-equity firms on an arrangement in which they could take a minority stake in the Internet company while effectively gaining control, people familiar with the matter said http://on.wsj.com/rVPUkY
  • Noruma To Cut Jobs: said it will consider eliminating jobs at home as part of a plan to triple cost cuts to $1.2 billion following its first quarterly loss in more than two years…this follows Danske Bank’s announcement of job cuts yesterday http://bloom.bg/vPXNtm
  • Facebook’s Advertising Problem: Facebook is under pressure to grow its advertising on a grand scale, and to snag the sort of big brand names who now drive billions of dollars to TV, radio and print campaignshttp://on.wsj.com/sGeQOZ
  • Sony Will Lose $1bn This Year: Stung by its long-struggling television business, Sony Corp. said Wednesday it swung to a quarterly net loss and now expects to lose more than $1 billion this fiscal year, its fourth straight year in the red http://on.wsj.com/symRJO
  • Credit Suisse IB Results are Bad: Investment Banking clean revenues of SF606mn, down -37% QoQ vs. consensus SF624mn, with lower QoQ revenues in advisory and underwriting http://bit.ly/uXEfaD
  • Jobs Number this Morning: The ADP employment report showed private sector payroll growth of +110k, close to the consensus forecast (+100k)
  • Greece Update: “Vote of confidence on Friday, the government needs 151 votes and things seem to be marginal – we think 50/50 probability of it going through. If it doesn’t, Greece will most likely go to a general election in mid-Dec. If it does, government stays in power and PM calls referendum in mid-January. Either way, uncertainty will persist and news flow is likely to be substantial. Key dates: Fri 11/4 (midnight Greek time): Vote of confidence. ***If govt falls, then: mid-Dec11 = General elections. If govt does not fall, Jan12 (tbc): Referendum.” (UBS Research)

Economic Calendar:

  • Wednesday: ADP Employment, FOMC Rate Decision
  • Thursday: Initial Jobless Claims, ISM Non-Manufacturing, Factory Orders
  • Friday: Nonfarm Payrolls, Unemployment Rate

M&A Watch:

  • Marathon Oil said to be exploring sale of stake in Angolan ops for as much as $800m (BBG)
  • KRR Buys Oil & Gas Producer: KKR is in talks to buy privately-held Samson Investment Company, a large exploration and production company headquartered in Tulsa, Oklahoma, with International and Offshore Divisions headquartered in Houston, Texas. The company’s growth strategy is focused on expanding midstream activities to include gas transportation, processing, and storage http://bit.ly/sY6RY5
  • Shareholder losses are transforming Canadian Pacific Railway into takeover candidate with promise of 37% payoff (BBG)
  • Yahoo!, which is exploring strategic options, to buy Interclick for $270m (BBG)