Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Tax cuts have been at the top of Wall Street’s wish list of policies to come out of President Donald Trump’s administration. While administration officials have been promising that cuts to corporate and personal taxes are coming soon, there has been relatively little to grab onto for investors in terms of details of a plan.
And the recent fight over the American Health Care Act has added to these concerns. Wall Street is now getting worried “Trumpcare” could delay the biggest thing they want from Trump.
In related news, Trump may have just moved the world closer to a global trade war.
One of the biggest hedge fund launches in recent memory is planning to double its investment team and more than double its assets. A new breed of trader is threatening the Wall Street establishment. And there could be a $US3 trillion shift in investing, and it poses a huge problem for mutual funds.
The Chinese billionaire behind Alibaba is being drawn into a bidding war over MoneyGram. SoftBank backed out of a $US100 million investment in a new smartphone startup from the guy who started Android. And Wall Street is loading up on bets against Snap, even though the newly-public company received its first “buy” rating.
Here’s the story of a former Goldman Sachs employee who grew a $US150 million startup, then turned half his employees into millionaires. And a new kind of doctor’s office charges a monthly fee and doesn’t take insurance — and it could be the future of medicine.
Lastly, here’s how virtually everything you can invest in is performing this year.
MORGAN STANLEY: These 7 brand name companies could be takeover targets – Merger activity may not be as robust as it once was.
Billionaire philanthropist David Rockefeller dies at age 101 – David Rockefeller, the billionaire businessman, and philanthropist, who was the last in his generation of one of the country’s most famously philanthropic families, died Monday. He was 101.
The grocery store Albertsons is reportedly looking to merge with Sprouts Farmers Market – Grocery business Albertsons Cos held preliminary talks to merge with Sprouts Farmers Market, Bloomberg reported on Sunday, citing people familiar with the situation.
Unilever is reportedly looking at selling some of its food brands for $US7.44 billion – Unilever is preparing a 6 billion pound ($US7.44 billion) sale of some of its food brands, British newspapers reported on Saturday, without citing sources.
Ford is “particularly vulnerable” due to the size of its financing program – In a note circulated March 20, Morgan Stanley reiterated its underweight rating and $US11.00 price target on Ford, saying the stock should fall another 11% over the next 12 months.
A small drug company that’s trying to make cancer treatments safer just received a $US3.8 billion endorsement – CytomX, a biotech that’s developing safer ways to administer cancer immunotherapies, just got another $US200 million from drug giant Bristol-Myers Squibb.
Denmark’s government now has no foreign currency debt — for the first time in 183 years – Denmark’s central government paid back the entirety of all its foreign currency loans for the first time in “at least 183 years,” the country’s central bank said on Monday.
Here are the 5 most and least affordable housing markets in the US – Now that we are most likely in a rising rate environment, what does it mean for housing affordability?
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