market update

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:

  • New Housing Plan: Obama today will unveil a separate refinancing program targeted at non-agency homeowners (making refinancing easier for mortgages not backed by Fannie or Freddie) although this is the only initiative that will require Congressional approval
  • Credit Suisse Laying off 109 in NYC: Credit Suisse yesterday filed with the New York state regulators saying they are going to eliminate 109 investment banking jobs in NYC beginning in Marchhttp://bit.ly/z1AgeG
  • Small Business Borrowing: The Thomson Reuters/PayNet Small Business Lending Index, which measures the overall volume of financing to U.S. small businesses, jumped 19 percent in December, its 17th consecutive double-digit rise (Reuters)
  • CA Running Out of Money: the state’s controller said California needs to come up w/>$3B to avoid burning through its cash by Mar.  “Assuming no additional revenue loss, erosion of borrowable internal funds, or significant spikes in spending, $3.3 billion of cash solutions are needed to address California’s liquidity needs” http://bit.ly/w0V0je
  • T2 Partners Increases DLIA: T2 Partners has filed an amendment to its 13G filing stating that it currently holds 3,144,207 common shares, or 10%, of the total outstanding common shares of dELiA*s, Inc. (Nasdaq:DLIA) http://bit.ly/Ax7zbs
  • Rise in Noruma Profits: Nomura reports a 33% rise in 3Q profit thanks to cost-cutting measures and one-time gains from an asset sale (DJ)
  • AMZN Earnings: “AMZN delivered rev of $17.4B (+35% Y/Y) vs. our $18.4B and cons $18.2B. Fxadjusted rev growth was 34% Y/Y. GAAP op income of $260MM (1.5% margin) came in higher than expected and above the high end of guidance as expenses grew slower than expected. GAAP EPS of $0.38 (-58% Y/Y) came above Street’s $0.19” (UBS)
  • SAC Capital Decreases AEO: On January 30, Steve Cohen’s SAC Capital decreased its stake in American Eagle Outfitters (NYSE:AEO) to 4.9% in a 13G statement http://bit.ly/AzkNcE

M&A Watch:

  • Weekly M&A Trends: Completed M&A volumes rose by 10% in the week to $25.0 billionhttp://bit.ly/yLnba7
  • Macquarie is competing to buy Deutsche Bank’s asset management divisions (DJ)
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.

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