Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Virtu Financial, the high-speed trading firm, will acquire KCG Holdings in an all cash transaction deal for $US1.4 billion. The deal brought together some of the biggest names on Wall Street. Employees at the two firms should probably be worried.
A hotshot trader just quit Goldman Sachs to join Morgan Stanley. A mystery trader called “50 Cent” has already lost $US89 million, but can’t stop betting on a stock market shock. And traders are getting worried about the tech sector.
For the next few days, Wall Street is a deer in the headlights, according to Business Insider’s Linette Lopez.
Bloomberg is taking a shot at the New York Stock Exchange. Again.
San Francisco-based Passport Capital is shutting its long-short equity fund, which managed about $US833 million. A CEO targeted by activist hedge fund manager Paul Singer fought back with a strange allegation about a World Cup trip. And a hedge fund manager added a twist to his newest presentation blasting Buffalo Wild Wings.
Robots are pretty bad at value investing. Traders betting against Wingstop got burned, but now they’re doubling down. And Larry Fink fired back at Jamie Dimon’s assertion that regulation is hurting the US economy.
The IMF and World Bank are meeting — and it’s all about President Trump. Trump just signed a “buy American” order, but his own businesses don’t. And Alan Greenspan “turned off” his hearing aid after hearing Trump warn about the strong dollar.
Employers are having a harder time finding skilled workers to hire as the labour market continues to tighten, according to the Federal Reserve’s Beige Book released on Wednesday.
Young investors are piling into Snapchat, but they’re overlooking a huge issue. Verizon’s profit plunged 20% as it lost wireless subscribers. And a top Silicon Valley dealmaker is predicting a big year for tech M&A.
Ryan Seacrest’s line of Macy’s suits has a secret weapon for lazy guys. And these are the unwritten dress codes for the major London City banks.
Lastly, Isaac Newton was a genius, but even he lost millions in the stock market.
Here are the top Wall Street headlines from the past 24 hours.
American hiring seems frozen and it could be a “first hint” companies are worried about Trump – Initial jobless claims, which count the number of people who applied for unemployment insurance for the first time, rose by more than expected.
Morgan Stanley likes the idea of a Tesla semi-truck – “A Tesla semi-truck is coming.” That’s how Morgan Stanley autos and shared mobility analyst Adam Jonas kicked off a research note published on Thursday.
Active bond funds are outperforming their passive counterparts – Ask an investor if most active bond funds outperform their passive counterparts and the response is likely to be “no.”
Qualcomm’s earnings beat helps soothe concerns over its patent-licensing business – Qualcomm, the largest maker of chips used in smartphones, reported higher-than-expected quarterly adjusted profit and revenue, helping allay concerns about the company’s patent-licensing business.
American Express beats as card member spending jumps – American Express on Wednesday posted a better-than-expected first-quarter profit, helped in part by higher spending by card members.
In 2015, Bill Ackman quietly bought a penthouse owned by the man who warned him about Valeant – When Drew Katz, the owner of a company that sells billboard and transit shelter ads, sold his $US17 million penthouse at 420 West Broadway in May 2015, the buyer of the property shielded their identity under an LLC.
17 fintech businesses that could one day be worth over $US1 billion – GP Bullhound, a boutique investment bank focused on tech, on Thursday published an in-depth report looking at the global fintech industry.
Billionaire Larry Ellison teamed up with Robert De Niro and chef Nobu Matsuhisa to open a hotel where rooms start at $US1,100 a night – Ten years after he bought the beachfront Casa Malibu Inn for $US20 million, Oracle founder Larry Ellison is just about ready to unveil the first in a new group of ultra-high-end luxury retreats.