After The Wall Street Journal reported that Jarden (JAH) and Newell Rubbermaid (NWL) are in talks about combining, RBC Capital says it sees "some substance" in the speculation. The firm notes that Newell's CEO, when asked about M&A during the company's Q3 earnings call, said that the company would consider a deal that would be "more transformational than the bolt-and-build approach." RBC estimates that an acquisition of Jarden by Newell would be 13% EPS accretive. It identifies Jarden as a Top Pick and maintains an Outperform rating on Newell, and recommends buying both stocks whether or not a deal occurs.