VERIZON BUYS YAHOO: What you need to know on Wall Street right now

Verizon has bought Yahoo for $4.83 billion.

Here are the headlines:

• Yahoo's most critical investor says he's 'subdued' by the deal.
• There is some confusion over whether Marissa Mayer is staying at Yahoo.
• Mayer refuses to say the Verizon sale was 'at all' a failure.
• Her golden parachute will be worth $54.9 million if she gets fired.
• This woman has been given the job of merging Yahoo with AOL.
• Former Yahoo CEO Ross Levinsohn says he'd be 'excited' if he were a Yahoo employee right now.
• AOL's Tim Armstrong used a word that should have Yahoo employees shaking in their boots.
• WALL STREET PAYDAY: A handful of tiny firms will make a killing from the Verizon-Yahoo deal.
• Yahoo is the latest piece of Verizon's $10 billion plan to challenge Facebook and Google.

In other news, business leaders in Texas can't find workers who can follow directions and do simple math, and a deal between a star NFL linebacker and a nutrition startup shows the future of athlete endorsements.

Here are the top Wall Street headlines at midday:

A hedge fund manager named his No. 1 short position, and it highlights why everyone is freaking out about Europe - Europe's banks have been having a tough time.

There's something surreal going on in the market - The bond market has exploded in size, and yet market-makers - firms charged with making sure buyers and sellers can get the trades they need - are holding fewer bonds on their balance sheet, making life difficult for investors looking to make big trades.

MORGAN STANLEY: These 7 stocks are going up soon - It's earnings season, and some stocks will inevitably beat expectations.

Malcolm Gladwell tells us about his beef with billionaires, police violence, and how his new hit podcast lets him explore issues in ways his books can't - Malcolm Gladwell is angry, and he wants you to know why.

Stunning photos give a totally unexpected perspective into how the 1% parties - In the introduction to "Privilege," style writer Glenn O'Brien describes photographer Jessica Craig-Martin as a "master (or perhaps we can still say mistress in this context) of the dark side of the glamour world and society pages."