What you need to know on Wall Street today

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It is a day of dealmaking and deals breaking on Wall Street.

Yahoo decided to kill its plan to spin out Alibaba shares into their own standalone publicly traded company. That puts Yahoo back to square zero. It emerged late Tuesday meanwhile that Dow Chemical and DuPont are in merger talks, with a deal announcement potentially just days away.

Some of the biggest names in the alternatives investment industry are excited about the energy crash. David Rubenstein at Carlyle thinks “the greatest energy investing opportunities we’ve ever seen” lie ahead. Howard Marks at Oaktree Capital says his firm is ready to “catch falling knives.”

Oil trading “god” Andrew J. Hall, who heads energy and commodities hedge fund
Astenbeck Capital, has told clients that now is not the time to exit the market, meanwhile.

At Business Insider’s IGNITION event, RBC Capital Markets analyst Mark Mahaney gave an in-depth presentation on Facebook’s biggest opportunities, while well-respected Apple analyst Gene Munster of Piper Jaffray gave a presentation on the company’s future.

On a related note, here is GE CEO Jeff Immelt on whether we are in a tech bubble, and former Disney CEO Michael Eisner on why this is the ‘golden age of television’.

Here are the top Wall Street headlines at midday –

A big Wall Street business is in danger of drying up – In the past two years, American companies have spent nearly $4 trillion on takeovers, fuelled in large part by the unprecedented opportunity to borrow at extremely low interest rates.

GUNDLACH: ‘It’s a different world when the Fed is raising interest rates’ – Jeffrey Gundlach, CEO and CIO of DoubleLine Funds, has a simple warning for the young money managers who haven’t yet been through a rate-hike cycle from the Federal Reserve: It’s a new world.

CHANOS: Short Obamacare – Billionaire hedge fund manager Jim Chanos is sceptical about healthcare stocks once again.

Etihad CEO to US rivals: ‘I don’t know what the problem is’Etihad Airways has grown from tiny upstart to one of the world’s most respected international airlines — all in a little more than a decade.

Steve Wynn just sent out a ‘forceful’ message and his company’s stock is going bonkers – Wynn Entertainment stock is up 15% in early trading Wednesday on the news that the CEO Steve Wynn bought 1 million shares of the company.

CHEVRON CEO: ‘Hundreds of billions of dollars are being taken out of the business right now’ It is tough out there in the oil business.

The most popular search this year on ‘Investopedia’ tells you just how anxious people really are right now – “Smart beta” was the most searched-for term on investing dictionary website Investopedia.com in 2015.

Hated pharma CEO Martin Shkreli is the villain we need – Pharma CEO Martin Shkreli is easy to hate, but that doesn’t mean he’s wrong.

BAML: These are the 3 ‘disruptive catalysts’ that will shake up markets in 2016 – We’re getting closer to the end of 2015, and investors are starting to look ahead to what is in store for the markets next year.

Elsewhere on the web –

Bitcoin’s Creator Satoshi Nakamoto Is Probably This Unknown Australian Genius – Wired

Friends turn to foes as activists challenge private equity – Reuters

Dow-DuPont Merger: Better Living Through Layoffs – The Wall Street Journal

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