With the surge in M&A activity, Wall Street analysts have been running screens on prospective targets. The latest report: A Prudential analyst thinks that Worthington Industries, Inc (NYSE:WOR) is in play.

Actually, this is a bit of a no-brainer. In fact, on the news, the company's stock price has surged 11% (there is also heavy option buying).

Founded in 1955, Worthington Industries processes steel for a variety of industries, such as construction, aerospace and automotive (the company's tagline is "stability in motion"). Sales are about $3 billion – and growing.

As for the Prudential analyst, he thinks that Worthington is the target for the world's biggest steel company, Mittal Steel Company N.V (AMS:IST).

Basically, this would be a way for Mittal to get better distribution in the US. Over the years, Worthington has built a comprehensive information technology (IT) system. To replicate this would be expensive and time-consuming.

But, keep in mind, this analysis is really based on computer models – and some old-fashioned human analysis. In other words, it is still speculation.

Tom Taulli is the author of various books, including the Complete M&A Handbook and operates DealProfiles.com.

A billion here, a billion there – yes, pretty soon, it adds up to a lot of money. That's the case with today. Wall Street was able to strike up $90 billion in merger & acquisition (M&A) deals.

Even during the boom times of the 1980s and 1990s, this would be a blockbuster day. 

Here's a look at the key deals:

First, Phelps Dodge crafted a $40 billion deal to buy two companies in the nickel mining business, Inco Ltd. and Falconbridge Ltd. With the transaction, Phelps Doge will have 40,000 employees. The company's name also changes to Phelps Dodge Inco (kind of like a law firm, huh?) The massive entity will be the #2 worldwide in copper and molybdenum, as well as #1 for nickel.