On the positive side:
- A $3.7 billion cash deal. Broadcom is buying Netlogic.
- Mcgraw Hill and Coca Cola Enterprises each announced a $1 billion share repurchases
- A BAC/Merill Lynch report is out showing that hedge funds are at far below normal levels of market exposure.
On the negative side:
- The Italians had a terrible bond auction
- European sovereign and bank spreads continue to blow out.