Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
The US economy grew faster than initially reported in the fourth quarter of last year, at a pace of 2.1%, according to the Commerce Department’s third estimate.
Economists had forecast that gross-domestic-product growth would be revised to 2% from the second estimate of 1.9%, according to Bloomberg.
Older and more affluent Americans are loving life after President Trump’s win. And the percentage of Americans who think government will make business great has hit a record high under Trump.
On Wall Street, the world’s largest fund manager just sent a message to investors everywhere. And here’s the Bill Ackman apology Wall Street’s been waiting for.
Over in the UK, a number of banks will announce plans to move operations from London to continental Europe “within weeks” as part of Brexit contingency plans, according to the chief executive of a body which promotes Paris as a leading European financial hub. In related news, London’s 329-year-old insurance market is setting up in Brussels to counter the effects of Brexit.
Also in London, a former Jefferies banker was fined £37,198 for sharing confidential information and boasting on WhatsApp.
In autos, startup Lucid Motors insists it is defying the electric car curse and will challenge Tesla in China. And Audi is buying a game-changing luxury car-rental startup.
Qatar Airways is retaliating against the US laptop ban by offering some passengers an unprecedented perk.
Lastly, here are 21 photos that will make you want to travel to Alaska.
Here are the top Wall Street headlines from the past 24 hours.
Traders are betting against another company to capitalise on Sears’ demise – As Sears nears bankruptcy, some investors are looking for ways to profit from the retailer’s collapse.
Saudi Aramco formally appoints banks to advise on share sale – Saudi Aramco has formally appointed JPMorgan, Morgan Stanley and HSBC as international financial advisers for its initial public offering, expected to be the world’s largest equity sale.
Lululemon crashes 21% after earnings warn about a “slow start” to the year – Lululemon shares fell by as much as 21% in pre-market trading on Thursday after the company reported earnings and said it had a “slow start” to the year.
Chipotle’s biggest competitor is a soup-and-sandwich chain – Chipotle has dominated the growth of fast-casual Mexican dining in America. According to UBS analysts, its biggest competition is from Panera Bread, the fast-casual chain that serves up sandwiches, soups, and salads.
The company that owns Olive Garden might’ve already seen its best days – Darden Restaurants announced on Monday that it is buying Texas-based restaurant chain Cheddar’s Scratch Kitchen for $US780 million. The news boosted the stock price by about 9%, but a group of Credit Suisse analysts warn that continued upside is limited.
BARCLAYS: Facebook is the stock to own for the “golden age” of mobile – Barclays has named Facebook the “best pure play in consumer Internet around the secular growth in mobile advertising, full stop.”
How a surprise encounter with Evan Spiegel made Intuit’s Scott Cook invest early in Snapchat – When Evan Spiegel asked Intuit cofounder Scott Cook to invest in Snapchat’s Series A round of funding, Cook was sure that the app would be a complete flop.
UBS: The company behind Overwatch is set to pop – Activision Blizzard, the interactive entertainment company behind smash-hit video game Overwatch, has seen it’s stock price take off since beating on earnings, raising its dividend, and announcing a two-year $US1 billion stock repurchase plan on February 9.
Celebrities and CEOs are rushing to build mansions that “feel like you’re staying in a hotel” – Douglas Burdge and his team of designers have built more than 300 homes in the Malibu, California, area, many of them for celebrities, entertainment execs, and Fortune 500 CEOs.
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