Here’s what’s been happening on Wall Street overnight

Wall Street: Money Never Sleeps/ IMDb.

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Some of the top equity-research shops in the world have seen revenue decline by 10% to 30% this year – and those are the lucky ones.

Others are staring at declines of as much as 60%, according to figures from the consulting firm Oliver Wyman.

Equity research revenues were widely anticipated to decline after the Markets in Financial Instruments Directive II, the complex and sweeping European regulatory reform, went into effect January 3. But the scale of some of the declines is striking. Here’s our story.

Elsewhere in finance news:

In company news, Toys R Us says a “perfect storm” killed the toy chain – and it blames Amazon, Walmart, and Target. Unilever’s CEO says that in nine years, no investor has asked him the questions he’s waiting to hear. And Rihanna responded to Snapchat’s ad making light of Chris Brown’s brutal attack, saying “shame on you.”

In markets news:

Lastly, here are the rising stars of marijuana’s investment scene that everyone from Wall Street to Silicon Valley should know.