Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
“Sorry to give you a hard time on your first call,” UBS analyst Brennan Hawken told Goldman Sachs’ incoming CFO, Marty Chavez, before returning to ask a question about a popular topic.
“I’m still confused,” he said of fixed income, currencies, and commodities. “I think I have some company.”
Earlier Tuesday, Goldman Sachs reported first-quarter earnings that came up short, missing estimates by a distance. The results sent the stock price plummeting, down by about 4.5%. Here’s what Chavez had to say about the results.
In contrast, Bank of America beat, posting a record quarter in investment banking.
In President Trump news:
- OPINION: Trump’s next big economic test could turn into a crisis
- Trump to sign “Buy American, Hire American” order targeting the main visa program for tech workers
- Trump is forgetting “an underappreciated benefit of NAFTA”
- Treasury Secretary Steven Mnuchin admits the August deadline for Trump’s massive tax cuts is “not realistic at this point”
- Meet Trump’s designated driver of Wall Street deregulation
In deal news, Cardinal Health is buying Medtronic’s medical supplies businesses for $US6.1 billion. And China’s Bright Food Group has agreed to sell iconic British cereal brand Weetabix to US cereal company Post Holdings for $US1.76 billion.
In earnings news, United Airlines beat on earnings and sales. Netflix missed subscriber growth targets, but expects a big Q2. UnitedHealth crushed earnings in its first quarter since dumping most of its Obamacare business.
In Europe, UK Prime Minister Theresa May has called for a snap general election on June 8. Here’s everything you need to know about what will happen next.
In related news, Deutsche Bank, one of the most pessimistic financial institutions on the pound since Britain voted to leave the European Union, is reversing course on its “structurally bearish” view of the currency.
Elsewhere, here’s the key market indicator to watch ahead of the French election. And here’s how to trade a geopolitical shock.
The United Airlines boycott is not backing down — here’s how it could affect sales.
Lastly, here are 28 hot cars at the 2017 New York Auto Show.
Here are the top Wall Street headlines from the past 24 hours.
Credit Suisse CEO Thiam to get $US10.2 million for 2016 after bonus cut – Credit Suisse chief executive Tidjane Thiam’s 2016 compensation will total 10.24 million Swiss francs ($US10.2 million), down from 11.9 million, after the Swiss bank’s top management offered to cut their bonuses by 40% following mounting shareholder pressure.
CHARLES SCHWAB: Markets will face their biggest risk in the coming weeks — here’s how we think it will end – Wall Street bears have a lot of evidence to make the argument that this bull market is running out of steam.
Ex-JPMorgan analyst cleared of insider trading charges – A federal judge has dismissed the remaining charges against a former JPMorgan Chase & Co investment banking analyst accused of engaging in an insider trading scheme, after a jury in February largely acquitted him.
Industrial production jumps despite tumbling auto output – Industrial production, the Federal Reserve’s measure of US goods output, was right in line with expectations for the month of March.
New homebuilding plunges by more than expected – New residential construction dropped by more than expected in March, according to a monthly report from the Department of Commerce.
How millennials can save the world while saving for retirement – If you are a millennial investor — or just think like one — you are likely to have some very different attitudes about investing than previous generations.
Under Armour made a fatal error that will take “years” to fix – Investment firm Wedbush Securities released its first investment rating of Under Armour, and it’s not great news for the sports brand.