Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox.
Whenever Jeff Bezos, Warren Buffett, or Jamie Dimon do just about anything, they have our curiosity. When all three of them join forces to do something together? Now they have got our attention.
Amazon, Berkshire Hathaway, and JPMorgan Chase announced Tuesday they’re are creating a new business to take on the “hungry tapeworm” that is healthcare costs in the US. The new company will focus on technology solutions that will provide “simplified, high-quality and transparent healthcare at a reasonable cost” to US-based employees and their families.
There aren’t many specifics available yet, but here’s what we know about the venture so far.
The new healthcare push by the Buffett-Dimon-Bezos triumvirate has Wall Street in a tizzy. The news sent healthcare stocks plummeting on Tuesday morning, especially health insurers and members of the pharmaceutical supply chain. It served as another powerful reminder of the risks of getting Amazon’d.
Stocks are getting crushed Tuesday in general during their worst day since Brexit. Here’s what else is happening in the markets:
- One market bear says stocks will plunge 67% after surging to ‘breathtakingly extreme’ valuations
- Americans haven’t been this bullish on the stock market since the dotcom bubble
- The dollar’s slump risks sending the US economy into a ‘boom/bust cycle’
- Blackstone reportedly in talks to buy majority stake in key Thomson Reuters unit
- McDonald’s is slipping after taking a big hit from the new tax law
- Harley Davidson is plummeting after a big earnings miss
- Google’s autonomous car company strikes deal to buy ‘thousands’ of self-driving minivans from Fiat Chrysler
Verizon is reportedly following AT&T’s lead and cancelling plans to sell Huawei’s latest phone amid fears of Chinese spying. The Department of Justice is reportedly investigating the Apple software update that slowed down older iPhones.
The founder of hedge fund Folger Hill tells clients his firm has fallen short. Saudi Arabia’s stock exchange is ‘more aggressively’ vying for the sole listing of oil behemoth Aramco.
Banks could earn $US100 million from Keurig-Dr. Pepper – here are the dealmakers who orchestrated the $US18.7 billion merger.
And in crypto news:
- A crypto startup that vanished and changed its website to the word ‘penis’ allegedly stole the identities of its team
- Cryptocurrency exchange Bitfinex reportedly subpoenaed by top regulator
- Bitcoin tumbles below $US10,000 for the 2nd time in less than 2 weeks
- The iced tea company that avoided de-listing by pivoting to blockchain may once again be at risk of being kicked off Nasdaq’s exchange.
- The SEC has shut down another ICO – this time an alleged $US600 million scam in Texas
Lastly, here are 15 major companies that treat employees well, value their customers, and put their communities first.
Business Insider Emails & Alerts
Site highlights each day to your inbox.