What you need to know on Wall Street today

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Crude oil is continuing to collapse.

West Texas Intermediate crude oil, the US benchmark, fell more than 5% to trade as low as $31.34 a barrel, the lowest since at least December 2003.

China’s markets also continued their decline Monday, this time spooked by data indicating that Chinese companies would continue to see profit margins thin and that there would be continued downward pressure on the yuan.

In better news, the first mega-takeover of 2016 just landed. After a months-long effort, Shire has agreed to buy the biopharmaceutical company Baxalta for about $32 billion, in a bid to become the No. 1 maker of drugs to treat rare diseases.

Here are the top Wall Street headlines at midday –

One Wall Street bank could win big from the Fed lift-off – The winds are changing on Wall Street, and Wells Fargo could be the biggest beneficiary.

The 6 stages of life in one financial graphic – In his play “As You Like It,” William Shakespeare reduced the life of man to seven ages. Now analysts at investment bank RBC Capital Markets have got it down to six.

Executives from the most notorious hedge fund blowup of the 1990s are back — and they want a piece of China – Welcome back, Long-Term Capital Management. Sort of.

The hedge fund going after Yahoo has a bold new plan for Macy’s – The investment firm Starboard Value has urged the department-store chain Macy’s to push for realising greater value from its real-estate holdings, including its Herald Square store in New York.

Dov Charney is preparing a $300 million takeover bid for American Apparel – Dov Charney, the founder and former CEO of American Apparel who was fired by his own board in 2014, is preparing a bid to buy the company that would put him back in control of the retail chain.

BERNANKE: ‘Audit the Fed’ has nothing to do with actually auditing the Fed – On Tuesday the Senate will vote on whether to invoke cloture (that is, allow to proceed to the floor) on S. 2232, the “Federal Reserve Transparency Act of 2015,” otherwise known as “Audit the Fed.”

To say that what happens in China doesn’t matter to the US is to ignore how the global economy works – The basic idea is that the micro-level interactions all kinds of US firms and industries have with the Chinese economy are harder to measure and far more important than most people acknowledge or realise.

The star of ‘Billions’ says hedge fund managers have one trait in common – Before filming Showtime’s new drama “Billions,” actor Damian Lewis met with hedge fund managers to help him prepare for his role as Bobby Axelrod, the hedge fund titan he plays in the series.

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