The oil price is wreaking havoc from Texas to Alaska

Smoke rises from a fire from an oil tank at the port of Ras Lanuf, Libya January 22, 2016. REUTERS/Stringer Thomson ReutersSmoke rises from a fire from an oil tank at the port of Ras Lanuf

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Economic activity in Texas keeps getting worse, and the oil crash is crushing Alaska.

Goldman Sachs thinks a new ‘commodity deflation cycle’ is just beginning and Caterpillar is going to get slammed.

Oh, and Wall Street got the China oil story totally wrong.

For some, that chaos presents an opportunity. The Baupost Group — the $27 billion Boston-based hedge fund has started buying distressed debt.

The fund had its third losing year in 2015. Here is an explanation of what went wrong, and here is Baupost founder Seth Klarman on a thinning of the unicorn herd.

Here is a recap of some of the big bank news:

Here are the top Wall Street headlines at midday –

THE LATEST INVERSION DEAL: Johnson is buying Ireland-based TycoJohnson Controls said on Monday it had agreed to acquire Ireland-based peer Tyco International in a $16.5 billion deal aimed at lowering its tax bill.

Twitter shares crater on news of the company’s executive shake-upTwitter shares cratered on Monday, following the news that five of the company’s top execs were leaving.

JPMorgan is taking on one of the most notorious problems on Wall Street – JPMorgan told its investment bankers that they should take weekends off when they’re not working on imminent deals.

Some of the smartest minds in finance are making a prediction about China that was once tabooIt was once taboo to say that China could be a deflationary force, dragging the world into a slowdown as its own economy modernized.

There’s ‘blood in the water’ in Silicon Valley and Goldman Sachs is excited about itThe demise of startups with billion-dollar valuations was the talk of the town at the World Economic Forum in Davos.

There’s really only one question on Wall Street right nowHave markets got it right?

We asked industry experts what the ‘Uber of healthcare’ would be — here’s how they respondedAt JPMorgan’s annual healthcare conference this month, Business Insider had the chance to sit down with industry leaders and ask them what could disrupt healthcare in the same way.

Elsewhere on the web

Why Robots Mean Interest Rates Could Go Even Lower In The Future – Bloomberg

Wall Street’s battle of the bankers – Financial Times

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