Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
President Donald Trump unexpectedly fired FBI Director James Comey on Tuesday. Not even Comey saw it coming. He reportedly found out, like many other people, via headlines on television.
Trump’s firing of FBI Director Comey has huge implications for stocks, and it’s a “perfect example” of what Wall Street fears most about Trump.
Even Ray Dalio, the founder of Bridgewater, weighed in. “Heroes typically get crucified or martyred in the end,” he said.
In other news, there’s one big trading company that’s loving all this uncertainty. A $US30 billion hedge fund’s market-making arm just made a big purchase. Credit Suisse plans to add around 1,200 jobs in North Carolina, partly by moving positions from New York City.
And a fleet of Democratic senators called on the SEC and others to investigate Carl Icahn for “possible insider trading.”
A 233-year-old Wall Street giant has developed an army of robots. Jesse Eisenberg will star in a film about the traders that have been vilified on Wall Street. The equity chief at one of Wall Street’s biggest firms shared his best piece of investing advice.
And hundreds of investors say these 10 finance books are must-reads.
In company news, Sears CEO Eddie Lampert said Tuesday that the struggling retailer is “fighting like hell” to stay afloat, but unfair media coverage is making it difficult for the company to turn business around.
A nightmare scenario is beginning for Ford and General Motors. Abercrombie is putting itself up for sale. And the owner of high-street coffee chain Pret A Manger is reportedly considering listing the company in an IPO this year.
Millennials are taking “big shots” on speculative stocks and selling Whole Foods and Yahoo. They’re also winning big with Nvidia, which is up again after beating on earnings.
Elsewhere in tech news:
- Apple just became the first company in the US to cross $US800 billion in market capitalisation
- Apple just bought a company that tracks your sleep
- APPLE EXPERT: “Transportation is Apple’s future”
- One of the biggest questions ahead of Snap’s first earnings call is whether its CEO will show up
- Yelp crashes 28% after missing on revenue and slashing guidance
- Disney beats on earnings, misses on revenue amid weakness at ESPN
- ELON MUSK: Tesla is beginning solar roof orders today