Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
He’s young, he’s Republican, and he was seen a key steward of the Federal Reserve’s financial crisis, Chairman Ben Bernanke’s right-hand man.
It’s only natural that the name of Kevin Warsh, a former Fed governor who is now a fellow at the Hoover Institution, would come up as a potential replacement to Janet Yellen, whose term as Fed chair expires at the end of next January. Business Insider’s Pedro da Costa explains why Warsh is one name Trump will hear when he looks to replace Yellen.
Trump said he is releasing something “phenomenal in terms of tax” in two to three weeks at a meeting with airline CEOs. One major issue divides the CEOs he was meeting.
In related news, over 3,000 flights have been cancelled from a major winter storm slamming the Northeast US.
And it’s time to be very afraid of the stock market, according to Business Insider’s Linette Lopez.
Here’s what Goldman Sachs CEO Lloyd Blankfein is telling clients about uncertainty in the market. In related news, Goldman Sachs just handed a promotion to one of its youngest ever partners. And the US bank is folding its London hedge fund operations and moving staff to the US.
Hedge fund assets could drop by 30%, according to Boston Consulting Group. And billionaire hedge funder Steve Cohen just got the go-ahead to build a massive six-story mansion in New York City.
In corporate news:
- Federal judge says Cigna sabotaged its own merger that would have created largest US health insurer
- Twitter’s stock is tanking after the company warned its revenue growth would continue to ‘lag’ its recent spike in users
- Trump and Intel’s CEO are touting a $7 billion plant that has been under construction since 2011 as a new jobs creator
- Morgan Stanley’s top auto analyst suggests GM could be broken up
- Whole Foods is sliding after missing on earnings and slashing its guidance
- Yum Brands whiffs on sales as fewer people eat at Pizza Hut
- CVS: We’re going to lose more than 40 million prescriptions to our competition in 2017
- Strong demand for soda in North America boosts Coca-Cola
- O’Reilly Automotive’s CEO is not afraid of Amazon
Lastly, here are the stocks investors on hot trading app Robinhood love the most.
Here are the top Wall Street headlines from the past 24 hour
New York City landlords have never been this aggressive about filling up vacant apartments — Landlords in New York City are taking unprecedented steps to get leases signed.
Saudi Arabia has picked a legal advisor for the world’s biggest IPO — State oil giant Saudi Aramco has appointed international law firm White & Case as legal adviser for its planned initial public offering.
Trump’s obsession with Mexico makes him miss the bigger picture on Latin America — Latin America is a big place — or, as Donald Trump might put it, muy grande.
Here are the biggest emerging market winners and losers under President Trump — After the first weeks of the new Trump administration, identifying the long-term winners and losers requires looking past much of the market’s current noise.
‘We like it when things are difficult:’ Meet the 29 and 33-year-old fintech founders who can set up a profitable bank in nine months — Two years after they sank every penny of their savings into a Russian lending start-up, ID Finance co-founders Boris Batin and Alexander Dunaev hit a problem.
SENIOR EU OFFICIAL: Brexit means the City of London could be stripped of a €930 billion daily business — One of the European Union’s most senior officials in charge of the financial services sector has warned that one of the City of London’s most important roles could be stripped away thanks to the vote for Brexit.