Value Investing News

Monday November 7th, 2011
Every morning the Street of Walls team puts out an update on market levels, today’s top stories, and active M&A deals.
Morning Market Levels:

S&P futures are down -7 points to 1,245
Europe: DJ Euro Stoxx -0.4%, FTSE -0.6%, CAC -0.3%, DAX -0.1%, Spain -1.2%, Italy 2.0%
Asia: Japan -0.4%, Hong Kong -0.8%, India 0.5%, Australia -0.2%
USD (DXY) up 0.19%
Gold up 1.23% to $1,776.3
Silver up 1.16% to $34.6
Copper down -0.84% to $353.5
Crude up 0.30% to $94.5
Corn down -0.19% to 654.5
Wheat up 0.16% to $637.8
10yr Treasury yields are up, trading at 2.03%
S&P current trading at 12.60x current year P/E

Today’s Top Stories:

Private Equity Fee Shake-up: Large investors are pushing for sweeping changes to the PE industry’s fee structure, looking to shrink management fees (FT)
Third Points Attachs YHOO CEO: Thirdpoint’s Daniel Loeb sent a letter to the Board of Yahoo! (Nasdaq:YHOO) today, attacking CEO Jerry Yang. Loeb expresses his concern http://bit.ly/rEsQKF
Euro Banks: European banks are sitting on heaps of exotic mortgage products and other risky assets that predate the financial crisis, adding to pressure on lenders that also are holding large quantities of euro-zone government debt http://on.wsj.com/sGByl9
Berkshire Earnings: reported 3Q 2011 earnings after the close on Friday, reported results ahead of consensus at $2,309/shr, vs. expectations of $1,796
RBS Continues to sell AZO: Eddie Lampert’s RBS Partners has disclosed that it has reduced its stake in Autozone (NYSE:AZO) from 24.9% to 27.8% once again http://bit.ly/vOH1Bi
RBS IBD Shrinking: Company plans on setting aside a bonus pool ~GBP 500mn for its investment banking division, firm plans on shrinking the business by 1/3 over time http://bit.ly/trg2J8
KKR Tees up Capital for Investments: As of September 30, 2011, KKR’s portion of… Read the rest

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