Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Merck CEO Kenneth Frazier resigned from President Donald Trump’s manufacturing council.
“America’s leaders must honour our fundamental values by clearly rejecting expressions of hatred, bigotry, and group supremacy, which run counter to the American ideal that all people are created equal,” Frazier said in a statement on Monday.
Frazier is one of the few black CEOs of a major US corporation and was the only black member of the council. The resignation came after a weekend of violence at a white-nationalist and neo-Nazi protest in Charlottesville, Virginia. The president did not explicitly condemn white supremacists on Sunday, though he offered a stronger condemnation on Monday.
Trump fired back at Frazier, turning the conversation toward drug pricing.
“Now that Ken Frazier of Merck Pharma has resigned from President’s Manufacturing Council,he will have more time to LOWER RIPOFF DRUG PRICES!” Trump tweeted. Here’s what the company’s track record on drug prices actually looks like.
In Wall Street news, the mystery trader known as “50 Cent” made $US21 million from last Thursday’s stock market meltdown. These three charts show just how fragile stocks are right now.
Hedge fund titan Viking Global made a $US680 million bet on scandal-plagued Wells Fargo. And Bank of America just revealed its new travel rewards credit card — here’s how it compares to the Chase Sapphire Reserve and others.
In politics, some Republicans are pushing a plan that would solve nearly all of Congress’ problems in one fell swoop, reports Business Insider’s Bob Bryan.
Bitcoin hit (another) new high, moving past $US4,300. In related news, The Game is promoting the initial coin offering looking to usher in the weed revolution, and a tech startup that raised $US232 million selling digital coins to investors is setting up a VC fund.
There’s a bunch of tech news out there, so let’s get to it:
- Viking Global, a $US30 billion fund manager, dumped Alphabet in the second quarter
- Blue Apron pops as Jana Partners discloses a stake
- Snap is popping as its newest lockup expires
- Billionaire hedge fund manager Daniel Loeb made a big bet on Alibaba
- Uber may sell stock to investors at a price lower than its $US68.5 billion value
- BARRON’S: Netflix could fall more than 50% by the end of the decade
- Morgan Stanley bumps up its Tesla price target — and moves its best-case scenario higher
- Google may have paid Apple $US3 billion to remain the iPhone’s default search engine
In other news, American consumers have a new attitude that’s creating a “sphere of despair” for Nestle, Unilever, and Procter and Gamble.
Lastly, here are the 10 best books of 2017 so far, according to Amazon.