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)
