peHUB First Read

* Merck to buy Schering-Plough: It's not private equity, but a new $40 billion+ merger is still a new $40 billion+ merger. * Michael Lewis: Wall Street on the Tundra (a.k.a. Iceland) * State-by-stage unemployment rates. * Morning Call: U.S. futures off more than 2%, European shares drop early, Nikkei falls to 26-year low and Hong Kong drops 4.8% as HSBC tumbles. * Has cloud computing lost its VC luster? * The Loss Generation: Young Americans are getting cautious with their money. * Get ready for Wolfram Alpha. It's like Hal 9000, but without the emotional outbusts.