1. Japanese airbag maker Takata (TYO) files for chapter 11 bankruptcy. The company faced billions of dollars in liabilities over its defective airbags.
2. Pandora Media (P) Co-Founder & CEO Tim Westergren plans to step down from the company. The decision comes after Sirius XM (SIRI) said it would invest $480 million in Pandora.
3. Activist investor Daniel Loeb's Third Point reveals it has purchased a 1% stake in Nestle SA (NSRGY) . The activist investor is pressing Nestle to shed some of its assets.
4. Italy is set to wind up two failed banks in a deal that will cost up to $19 billion. The good assets held by the lenders will be put in the hands of retail bank Intesa. Sanpaolo.
5. British lender RBS (RBS) is planning to cut 443 jobs in the U.K. The jobs will be moved to India as part of a restructuring of the bank.
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Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
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