What you need to know on Wall Street today

Prime Finance is Business Insider’s midday summary of the top stories of the past 24 hours.

The hottest tech IPO of the quarter, Atlassian, just had a big pop out of the gate.

Atlassian began trading on Thursday at over $27 per share — up over 30% from the the starting price of $21.

In other news, Walmart is rolling out its own mobile payment system, calling it Walmart Pay. The system, like Apple Pay, allows customers to purchase items using their smartphones.

An influential European startup investor told Business Insider that ‘we’re going to see some high-profile companies go bust’ in 2016. And Jim Cramer told us about his ‘vicious’ daily routine which starts at 3:45 AM and doesn’t end until after 11:30 PM.

Here are the top Wall Street headlines at midday –

Brazil’s star hedge fund manager is killing it this year — but his tone is dark – Brazilian hedge fund manager Luis Stuhlberger, the founder of Verde Asset Management, is bearish on his home country.

CITI: The bond market is littered with landmines – Investors are going to have to tread carefully in the bond market.

A Tesla bull and a Tesla bear face off on the future of the car maker Tesla’s a polarising company, and perhaps nowhere is that more evident than on Wall Street.

The Fed is going to raise rates for 2 reasons – Credit Suisse thinks there are two main motivations behind the Federal Reserve’s imminent rate hike. And neither of them really matter.

GRANTHAM: Here are 12 ways people get America all wrong – People prefer good news over bad news. That bias is the theme of Jeremy Grantham’s new quarterly message to GMO’s clients.

FUND MANAGER: At this point, only one thing could tip the US into recession – The only thing that could throw the economy into a downturn in the short term is a catastrophic geopolitical event.

Here’s what GE CEO Jeff Immelt means when he talks about the ‘Industrial Internet’ – General Electric has been working on remaking its image.

Yum to return $6.2 billion to shareholders before China separation – Yum Brands said it planned to return up to $6.2 billion to shareholders before completing the separation of its China business, which is expected by the end of 2016.

AIG CFO to leave in massive management shake-up – Insurer American International Group announced a shake-up on Thursday in an effort to simplify its operations and cut costs amid shareholder pressure.

Elsewhere on the web –

Can Elizabeth Holmes Save Her Unicorn? – Bloomberg

Junkyard Dog: How Oil-Fuelled Debt Caught Up With Chesapeake – The Wall Street Journal

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