Thursday Morning Pre-Market News (11/17/11)


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

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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 Bank
  • 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
  • Citi Layoffs: Citi will be cutting ~900 jobs in its securities and banking division amid financial market turmoil
  • 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 30
  • 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
  • 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
  • Brazil Lowest GDP Forecast: Brazil lowers 2011 GDP growth forecast from 4.5% to 3.8%

M&A Watch:

[Exclusive] ExodusPoint Is In The Green YTD Led By Rates And EM/ Macro Strategies

Invest ESG Leon CoopermanThe ExodusPoint Partners International Fund returned 0.36% for May, bringing its year-to-date return to 3.31% in a year that's been particularly challenging for most hedge funds, pushing many into the red. Macroeconomic factors continued to weigh on the market, resulting in significant intra-month volatility for May, although risk assets generally ended the month flat. Macro Read More

  • 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.
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 

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