Ackman, ExxonMobil and a $1 trillion bubble

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Morgan Stanley asked clients the most emotionally charged question on Wall Street: “Would you give up your Bloomberg Terminal?”

Hedge fund billionaire Bill Ackman will testify before the US Senate on Wednesday and answer questions about his relationship with Valeant Pharmaceuticals.

Valeant’s outgoing CEO, Michael Pearson, and its former interim CEO, Howard Schiller, will also testify before the Senate Committee on Ageing.

The Committee on Oversight and Government Reform, which is also investigating the company, has just put out a release about a bunch of documents that it just received from Valeant.

It’s unclear why the company left them out in the first place. Most of them seem to be Wall Street research notes.

In other news, cracks are spreading in the online lending industry, and there are some ‘troubling issues’ for first-time homebuyers.

ExxonMobil just lost its AAA credit rating for the first time since 1930, and the market’s $1 trillion bubble is unprecedented.

Tech’s biggest companies are reporting earnings this week. Here are the big questions they will have to answer.

Here are the top Wall Street headlines at midday:

The 2 huge mistakes that sent Wall Street’s nightmare stock into bankruptcy – You may have heard that SunEdison, the world’s largest renewable energy firm, has filed for bankruptcy.

A millennial has taken over Saudi Arabia’s oil policy and people have serious concerns – Saudi Arabia is desperately trying to diversify its economy away from oil.

Mining giant Freeport-McMoRan is cutting 25% of its oil and gas workforce The mining giant announced this on Tuesday along with earnings results that showed it had a quarterly loss for a sixth straight quarter.

Things are so bleak in the oil industry that an offshore-drilling company got a 90% discount on a $700 million rig If you want a perfect encapsulation of just how bad it is for the energy industry, we’ve got a story for you.

Biotech stock crashes 50% after disclosing bad news from the FDA – Shares of Sarepta Therapeutics crashed 50% in premarket trading Tuesday after the company disclosed some bad news from the Food and Drug Administration.

The dollar is getting slammed after a bunch of disappointing data – It’s a rough morning for the US dollar after a couple of disappointing data points.