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:
- KKR Private Equity Results: Kohlberg Kravis Roberts (KKR) released their 4Q 2011 earnings results this morning. KKR reported $0.33 vs. consensus expectations of $0.72 http://bit.ly/Ar4KmN
- Gross Getting into Treasuries: Bill gross raised Treasuries to 38% of his Total Return Fund, the highest level since Jul ’10 http://bloom.bg/whhxk4
- Homebuilding Coming Back: the head of the National Association of Home Builders says industry optimism is on the rise http://bit.ly/ACqv5k
- RBS Layoffs: cut as many as 300 people from its equity cap markets/cash equities business after failing to find a buyer for the unit (BBG)
- Student Loan Bubble: S&P says student loan debt could be next financial bubble http://lat.ms/y2sgfA
- Credit Suisse Investment Banking Results: Credit Suisse (CS), the Swiss investment bank, reported 4Q earnings results this morning. CS reported a net loss attributable to shareholders of CHF 637 million and Core Results pre-tax loss of CHF 998 million http://bit.ly/xZInVZ
- LinkedIn Showing Strong Results: LNKD +8% very strong earnings and boots guidance
- Housing Foreclosures: Bloomberg reports that BAC, JPM and 3 other US banks have reached a $25B settlement w/ 49 states and the federal govt to end a probe on abusive foreclosure practices
- Diamond Foods Scandal: P&G said to have decided it will seek to end sale of its Pringles snack business to Diamond Foods
- Avenue Makes Bet on MX: Avenue Capital Management has disclosed a 52.1% stake in the total outstanding common shares of MagnaChip Semiconductor (NYSE:MX) http://bit.ly/xBEBcP
- Marathon Updates VVI: Marathon Asset Management has made the a few 13D filings this week. They have increased their stake to 19.56% of the total outstanding common shares of Viad Corp. (NYSE:VVI)http://bit.ly/yzFgWG
Economic Calendar:
- 8:30am, Trade Balance, Dec., est. -$48.5b (prior -$47.8b)
- 9:55am, UMich consumer confidence, Feb., P, est. 74.8 (prior 75)
- 12:30pm, Fed’s Bernanke speaks on housing in Orlando
- 12:50pm, Fed’s Pianalto speaks on housing in Cleveland
- 1pm: Baker Hughes rig count
- 2pm, Monthly Budget, Jan., est. -$34b (prior -$49.8b)
M&A Watch:
- Weekly M&A Trends: This week saw some big jumps in Debt underwriting and M&A activity. Announcedinvestment banking M&A increased +22% from the prior week to $34bn, M&A volumes are still very low for the start of the year http://bit.ly/vZUMkZ
