Tuesday Pre-Market Morning News


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:

  • Sovereign Yields On The Rise: “Here Comes the Trade of the Decade in Europe” – shorting German and French sovereign bonds may become “the trade of the decade” as “core” yields converge w/the periphery http://on.wsj.com/roKGdO
  • AAPL TV: Apple has commissioned Sharp to begin manufacturing large displays for an Apple-branded television set. Sharp should ramp up production in January
  • FREE 60pg HF Holdings: AAPL was by far the most crowded position in the top 8 holdings for hedge funds: Greenlight, Lone Pine, Blue Ridge, and Tiger all have AAPL as the largest position in their holdings. Other large crowded positions include AMZN, GOOG, NWSA, MSFT, and WFChttp://bit.ly/sTz8QM
  • Barney Frank Exits: In recent days, both Reps. Barney Frank (D-Mass.) and Charlie Gonzalez (D-Texas) have announced they won’tseek re-election in 2012 http://wapo.st/vNisar
  • Icahn Adds for WedMD: On November 25, Icahn exercised American-style call options for common shares of WebMD Health Corp. (Nasdaq:WBMD) and his stake has increased to 9.99% from previous 9.79% stake from a disclosure filing in early November
  • Global Economics: “Expect Global growth to slow from 4.2% in 2010 and about 3% in 2011 to 2.5% in 2012.  For 2013, expect a modest reacceleration in global growth, to 3.1%. Expect China’s growth to slow markedly, but global growth will still be Asia-led.  The euro area is falling back into recession and only modest growth is likely for the US” (Citi Research)
  • M&A Activity Is Depressed: Having recovered in 2010, the number and volume of M&A transactions dropped sharply this summerhttp://bit.ly/tfrCc1
  • Mortgages: WSJ reports that MBIA would settle with 7 big financial firms over mtg-debt insurance losses, by paying unspecified payments. The firms include BAC, MS and 5 others

Economic Calendar:

Fund Manager Profile: Kris Sidial Of Tail Risk Fund Ambrus Group

invest Southpoint CapitalA decade ago, no one talked about tail risk hedge funds, which were a minuscule niche of the market. However, today many large investors, including pension funds and other institutions, have mandates that require the inclusion of tail risk protection. In a recent interview with ValueWalk, Kris Sidial of tail risk fund Ambrus Group, a Read More

  • Tuesday: S&P/CS Home Price Index, Consumer Confidence, House Price Index
  • Wednesday: Fed’s Beige Book, ADP Employment, Nonfarm Productivity, Chicago Purchasing Manager, Pending Home Sales
  • Thursday: Initial Jobless Claims/Continuing Claims, Construction spending, ISM Manufacturing
  • Friday: Nonfarm Payrolls, Unemployment Rate

M&A Watch:

  • Facebook IPO: WSJ says that Facebook is in initial discussions w/ the SEC concerning timing of IPO. Talk of $100B IPO
  • CEDC +6% after Russian Standard reports 9.9% stake
  • NYT DealBook reports that T is talking about making large sale to LEAP to save T-Mobile USA deal
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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