The markets on Wednesday fluctuated ahead of the Fed's interest rate decision. 

A federal judge ruled on Tuesday that the $85.4 billion merger of AT&T and Time Warner may proceed, and it's expected to encourage more vertical combinations among telecoms, media and entertainment companies. Leading the way could be Comcast's (CMCSA) - Get Report pursuit of the assets of Twenty-First Century Fox (FOXA) - Get Report that the Walt Disney Co. (DIS) - Get Report   has already agreed to purchase.

(Comcast is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells CMCSA? Learn more now.)

Shares of medical device maker Boston Scientific (BSX) - Get Report slid after Stryker Corp. (SYK) - Get Report  said it was not in talks the buy the company.

The Producer Price Index for May rose 0.5% in May, higher than estimates, with higher oil prices accounting for most of the increase, according to the Labor Department.

Here are three top takes from the columnists of Real Money and Real Money Pro, our premium sites for Wall Street professionals and active investors:

Jim Cramer: The AT&T/Time Warner Ruling Is a Nuclear Blast at the Justice Department

"Stunning Rebuke. Those are the two words we keep hearing about Judge Richard Leon's decision to allow AT&T (T) - Get Report  to merge with Time Warner (TWX)  over the government's objections," says TheStreet's Jim Cramer.

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"Those two words could not be more wrong," Cramer continues. "That's because not only is it a stunning rebuke, it is a nuclear blast against the government. No, make that a thermonuclear hydrogen bomb blast directed at the antitrust division of the Justice Department -- and the fallout will be incredible."

Latest Reasons to Avoid Alzheimer's Plays

"For years now, I have kept my own portfolio away from the Alzheimer's arena and have advised subscribers to do the same," says Real Money Pro columnist Bret Jensen. "This horrid disease needs to be cured or treated in the worst way but has become the black hole of biotech investing. Tens of billions of dollars have spent, and scores of potential drug candidates have gone down in flames."

"Despite this," Jensen notes, "there has been little improvement in treatments. We are still not even sure about what causes this wretched ailment."

How Day Traders Can Limit Risk

Real Money Pro columnist Carley Garner writes: "Perhaps the most difficult method of aggressive speculation is day trading E-mini S&P 500 futures, yet that is the practice that tends to attract the lion's share of speculative dollars into the futures markets. Further, it is E-mini day trading that draws all of the attention and hype, and gets snake oil salesman excited. Despite the massive profit potential evident in the low margin and high volatility offered by futures day trading strategies, the reality is most attempts to profit are epic failures."

"Yet," says Garner, "there might be a better solution."


4 Top Experts Tell You How to Play the Market.
TheStreet's Scott Gamm recently sat down with top market watchers from Bank of America, Fisher Investments, Invesco and Wells Fargo. Clickhere and register to watch a free roundtable in which they lay out their best advice