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:
- 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 Bankhttp://on.wsj.com/uXBE6F
- 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 http://bit.ly/v3VwaI
- Citi Layoffs: Citi will be cutting ~900 jobs in its securities and banking division amid financial market turmoil http://bit.ly/tlzD6f
- 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 30http://bit.ly/tsJ75q
- 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 http://on.wsj.com/sbeXJI
- 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 http://bit.ly/v2D8D9
- Brazil Lowest GDP Forecast: Brazil lowers 2011 GDP growth forecast from 4.5% to 3.8%
M&A Watch:
- 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
