What you need to know on Wall Street today

Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.

That makes two quarters in a row.

Morgan Stanley beat Wall Street estimates for second quarter earnings on Wednesday, following the trend set by its peers. Each of the key business lines at the bank posted increased revenues, with revenues more broadly holding remarkably steady.

In particular, the bank posted only a small drop in fixed income trading revenues, dropping 4% year-on-year to $US1.24 billion. Given a sharp decline in fixed income revenues at rival Goldman Sachs, where revenues fell 40% to $US1.16 billion, the results mean that Morgan Stanley bested Goldman Sachs in fixed income for the second quarter in a row.

Baupost Group, a $US30 billion hedge fund, has laid out a road map for market chaos. In a second quarterly private letter that was reviewed by Business Insider, Baupost said that the problem lies with a signature feature of current markets: low volatility. That low volatility could be the harbinger of a crisis to come.

A hedge fund started by Steve Cohen’s former chief operating officer might be turning itself around. Betterment has taken its first step into one of the hottest areas of investing. And the head of Yale’s $US26 billion endowment is calling out Wall Street.

Here’s the inside story on the decades-long quest to bring down financial information giant Bloomberg.

Jeff Gundlach trolled Chipotle after its latest food scare. Traders betting against Chipotle have been doing it all wrong. And here’s the best way to trade the market’s hottest stocks.

McCormick & Co is buying the food business of British consumer goods conglomerate Reckitt Benckiser for $US4.2 billion. BP is thinking about an IPO for its US pipeline assets. Blue Apron’s IPO is a big flop — here’s how it compares to other popular startups. And here’s what it’s like behind the scenes at QVC — the retail powerhouse that plans to buy rival HSN for $US2.1 billion.

Qatar is facing a $US300 billion conundrum. The former chairman of a major Spanish bank was found shot dead.
In tech, Marissa Mayer wants to be a CEO again, but she says she isn’t in talks with Uber. Walmart is developing a robot that identifies unhappy shoppers. Amazon has launched a shoppable social network called Spark.

And here’s how the CEO of a $US50 billion drugmaker sees tech companies “disrupting” healthcare.

Lastly, here are 21 of the world’s most beautiful restaurants.