Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Snapchat parent company Snap Inc. is set to price its initial public offering, or IPO, on Wednesday, allowing investors to decide just how much the social media company is ultimately worth.
Gary Cohn, the chief economic adviser to US President Donald Trump, reportedly told a group of CEOs at a private event hosted by The Business Counsel that the White House doesn’t support the version of the border adjustment tax being pushed by Republicans in Congress.
Earlier in the day, Hewlett Packard Enterprise CEO Meg Whitman said the proposed border tax “actually lowers the number of jobs for many, many companies.“
Elsewhere in politics news, Trump called China the “grand champions” of currency manipulation — and China struck back. And here’s the first look at the House Republican plan to repeal and replace Obamacare.
Lastly, Trump’s immigration plans could cripple the US economy and hurt the workers he’s pledging to protect, according to Business Insider’s Pedro da Costa.
In bank news, RBS made its ninth consecutive year of losses and says it won’t make a profit until 2018, and Credit Suisse’s UK offices risk losing out on £600 million a year in a “Hard Brexit.”
And in hedge fund news, a former Citadel money manager is gearing up for one of this year’s biggest hedge fund launches.
In Silicon Valley, Google’s self-driving-car company is suing Uber, accusing it of stealing its technology. This lawsuit follows one filed by Tesla for similar reasons. Together, the lawsuits could mean that the Silicon Valley self-driving-tech bubble is about to pop.
Lastly, here’s exactly how to respond if your kid asks, “Are we rich?”
Here are the top Wall Street headlines from the past 24 hours.
J.C. Penney is closing up to 140 stores to “effectively compete against the growing threat of online retailers” – J.C. Penney reported stronger-than-expected results for the fourth quarter on Friday and announced plans to shut down a large number of stores in 2017.
Prison stocks are jumping after the Justice Department reverted a plan to reduce their use – The shares of private-prison providers jumped on Friday after the Justice Department signalled its support for their use by the government.
Outback parent company announces dozens of restaurant closures as threat of restaurant recession looms – Bloomin’ Brands, the parent company of the Outback Steakhouse, Carrabba’s, Bonefish Grill, and Fleming’s Steakhouse chains, has announced plans to close multiple restaurants.
GUNMAKER CEO: People are buying guns because cops are backing off and crime is “soaring to the roof” – There’s never been a better time to be a gun owner, according to gunmaker Sturm Ruger.
“I was the best golfer of all the rich people”: In meeting with manufacturing CEOs, Trump insists GE’s Jeff Immelt tell the story of the time Trump hit a hole in one – GE CEO Jeff Immelt on Thursday regaled an assembly of some of the executives of the largest manufacturing companies in the world with a story about the time President Donald Trump hit a hole in one while playing golf with Immelt.
Here are the 24 CEOs who met with Trump to discuss American manufacturing on Thursday – President Donald Trump held the largest yet of his meetings with high-powered executives on Thursday, assembling 24 CEOs in the White House’s State Dining Room to discuss American manufacturing.
A startup president named to Forbes’ 30 under 30 shares his advice for aspiring entrepreneurs – Michael Kennedy wasn’t a well behaved child. “I was a horrible kid,” he said. “I was always breaking the rules.”
The 25 best beaches in the US, ranked – The world is full of gorgeous beaches, so it’s easy to forget that the US has some spectacular beaches of its own — especially if you don’t live along the coast.