Market Wrap: Debt Resolution? 'EU'-re Dreaming; M&A Madness!; Apple has So-So Day; Anadarko, BP Bury Hatchet

Market wrap-up for October 17th

End of the Day: Dow Jones down 247.5 to 11,397.00; Nasdaq down 52.9 to 2,614.92; S&P 500 down 23.7 to 1,200.86

The following is a brief summary of events moving markets today:

• Stop us if you've heard this one: U.S. and global markets sell-off as Europe is still struggling to sort out its distressed debt issues. Seriously, the EU is struggling more than a dog trying to get peanut butter out from the middle of a Kong doggie chew toy.
  
  But we digress.
  
  Markets fell following comments from a rep for German Chancellor Angela Merkel that an upcoming European Union summit would not result in solution for its debt issues. The summit is expected to take place on October 23rd. Merkel cautioned that, although a "packaged" set of measures will be brought to the summit, it's unlikely that a resolution will be reached by Monday.
  
  
• M&A Monday!: Kinder Morgan's (NYSE: KMI) proposal to acquire El Paso (NYSE: EP) Sunday afternoon took the cake for headlines, but there was plenty more M&A action abounding Monday. Companies receiving offers included: Shanda Interactive (Nasdaq: SNDA), Anadys Pharmaceuticals (Nasdaq: ANDS), Vertro (Nasdaq: VTRO), Brigham Exploration (Nasdaq: BEXP), and APAC Customer Services (Nasdaq: APAC). Click here to go to M&A Insider for all of Monday's merger news.
  
  
• Financials mixed: Citi (NYSE: C) and Wells Fargo (NYSE: WFC) both reported earnings Monday morning. Citi exceeded views on the top- and bottom-lines, while Wells Fargo caught some downside with an earnings win, but revenue miss. Citi didn't fare too bad, shares closing down just 1.7 percent, but Wells Fargo shares were crushed 8.4 percent.
  
  
• BP and Anadarko bury the hatchet: BP plc (NYSE: BP) and Anadarko Petrol (NYSE: APC) entered into an agreement whereby Anadarko will pay $4 billion to BP plc settle all claims between the companies related to the Deepwater Horizon accident. Anadarko – which had a 25 percent interest in the MC252 (Macondo) prospect – and BP have concluded that entering into a settlement is in the best interest of the parties to resolve pending disputes. The agreement is not an admission of liability by any party regarding the accident.
  
  BP said it will put the money in its $20 billion relief fund.
  
  
• Apple had just an okay day: Apple (Nasdaq: AAPL) reportedly sold over 4 million iPhone 4S units through the weekend AND was downgraded at BGC from Buy to Hold. Apple shares hit a new all-time high of $426.70 Monday, amid the broader market weakness.
  
  
• Einhorn roasts Green Mountain: Hedge fund giant David Einhorn of Greenlight Capital said he was short Green Mountain Coffee (Nasdaq: GMCR), saying its run was just about over. Presenting at the Value Investing Congress Monday, Einhorn raised a number of serious questions about the maker of Keurig single-serve coffee makers and the K-Cups that go inside the machines. He said he is now short the shares. Click here for more color on the call.

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