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Wall Street is throwing around scary words about the high-yield market.
That follows a sell-off Third Avenue’s decision to liquidate its distressed credit fund. The recent sell-off could make 2015 the worst non-recession year for high-yield bonds in history, according to Goldman Sachs.
In other news, fund manager Eric Jackson launched a big attack on Marissa Mayer as Yahoo CEO. He takes aim of Mayer for paying $230 million “for zombie companies run by former Googlers,” among other things.
And here is Business Insider CEO Henry Blodget on why stocks are still frighteningly expensive on almost all historically predictive measures.
Here are the top Wall Street headlines at midday –
HUBBARD: The year’s largest takeover is ‘self-help tax reform‘ – Last month’s announcement of the $160 billion combination of pharmaceutical giant Pfizer and the smaller Irish cousin Allergan drew a harrumph from the US Treasury on so called ‘inversion’ deals.
There has been a ‘sea-change’ in commodities, and hedge funds have lost $40 billion – Commodities trading company Trafigura says there’s been a “sea-change” in investor attitudes in the commodities sector.
MORGAN STANLEY: GoPro’s marketing has been a failure – Morgan Stanley is done with GoPro.
Chinese officials admit to faking economic data – Even a time of heightened uncertainty, a majority of markets agree upon one thing: Chinese data is unreliable, particularly figures released by regional governments.
Wall Street is searching for a bottom in the oil price ― and getting ready to pile in – It’s already bad in the energy sector. And it may get worse.
There is one debate dominating Wall Street ― and nobody has the answer – Wall Street is pretty much in agreement that the Federal Reserve will lift interest rates on December 16. What isn’t clear is what that will mean for competition for consumer deposits.
A Wall Street analyst just nailed the most important thing we don’t know about China’s economy – “There is no formula on how much credit risk China’s financial market can handle by itself without plunging into a full-blown crisis.”
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