13 Most Important Business Stories for Today

BOSTON (TheStreet) -- The late-day rally in equities Tuesday on reports of a recapitalization of European banks leads your quick fix of company, market, economic and investing news for Wednesday, Oct. 5.

The Big Story

It wasn't a new Apple ( AAPL) iPhone and it wasn't Fed Chairman Ben Bernanke's comments. No, the reason the stock market turned 180 degrees late in Tuesday's session was a report that European Union finance ministers are looking for ways to coordinate recapitalizations of banks. Financial Times

Despite the quick turnaround Tuesday, nothing has been fixed. It's still very much like catching falling knives. Dynamic Hedge

Whistling through the graveyard? European markets are rising -- incredibly, bank stocks are leading the way -- even after Moody's downgraded Italy's sovereign credit rating by three notches. Stock Sage

Quote of the Day

"Farewell, you certainly won't be missed! During your career you will have dealt a fatal blow to the French industry with your strong franc policy in the '90s, deepened the impact of the 2008 crisis by underestimating its scale and, more recently, endangered the euro with ill-considered rate hikes and clearly inadequate support for the debt of weakened European countries," French fund manager Edouard Carmignac writes to Jean-Claude Trichet, who will chair the European Central Bank's meeting for the last time Thursday, in a full-page ad in The Financial Times. FT Alphaville

Company News

Morgan Stanley ( MS) CEO James Gorman rallies the troops by citing research reports from banks like Wells Fargo ( WFC) and Credit Suisse ( CS). Kid Dynamite

The new Apple ( AAPL) iPhone 5 everyone was clamoring for never came. Instead, be underwhelmed by the iPhone 4S. Slate

Senator Dick Durbin (D.-Ill.) tells Bank of America ( BAC) customers to find a new bank if they don't like the debit card fee. Forbes

Markets

Fed Chairman Ben Bernanke ups the ante in the poker game of zero interest rate policy. NYT DealBook

Comparing and contrasting Italy and the U.K. Hint: Berlusconi runs one and not the other. FT Alphaville

Recession on the way? Private sector business activity dries up in the euro zone last month, with PMI numbers plunging. Reuters

The best way to describe the equity market in October is Season of the Witch. The Reformed Broker

Investment Strategy

Profiting from the confusion over Europe. A Dash of Insight

Pain is now being felt sharply in the high-yield bond market. Distressed Debt Investing

Three health-care stocks to buy now: Bristol-Myers Squibb ( BMY), Cepheid ( CPHD) and Seattle Genetics ( SGEN). Dragonfly Capital

Odds and Ends

How German Chancellor Angela Merkel will decide the U.S. presidential race in 2012. Washington Post

Bond king Bill Gross shares his inner thoughts on feeling fat. Dealbreaker

Jeff Mangum, of the 1990s indie rock band Neutral Milk Hotel, showed up to play for the Occupy Wall Street protesters. I'm by no means a huge fan, but I do enjoy this particular song. YouTube

-- Written by Robert Holmes in Boston.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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