Finance Insider is Business Insider’s midday summary of the top stories of the past 24 hours.
What a day.
Bank of America has made a slate of changes in its equities business ― here is the memo announcing the new management line-up.
The M&A market has bounced back, with a bunch of big deals announced on Thursday.
Here are the highlights:
- A startup that just launched out of stealth a few months ago just got bought for up to $10 billion.
- Abbott Labs is buying St. Jude Medical for $25 billion.
- Sanofi made a $9.3 billion effort to acquire Medivation.
- Boutiques led the way, with Evercore, Guggenheim Securities and Centerview Partners advising on some of the big deals.
Then there is Valeant news.
- Bill Ackman and Valeant execs got through one of the most brutal Senate hearings we’ve ever seen on Thursday afternoon.
- The prepared remarks from the hearing were cringeworthy.
- Elizabeth Warren got to one of the most important unanswered questions about Valeant Pharmaceuticals at the hearing.
- Valeant published a filing detailing the new CEO’s pay package during the hearing.
- That pay package, which could see the CEO earn $500 million, is putting the company in danger.
In other news, Priceline’s CEO is resigning because of a personal relationship with an employee, and the brutal cull on Wall Street (probably) isn’t finished.
Here’s what happens next at Yahoo. In related news, even Yahoo’s security guard is worried about Marissa Mayer.
And here is our list of the 50 best restaurants in America.
Here are the top Wall Street headlines at midday:
ECB CHIEF MARIO DRAGHI: Our cheap money is saving the world – Draghi addressed Europe’s lack of inflation, the impact of low interest rates on savers, Greece’s debt problem, and the upcoming UK referendum in an interview.
The massive shift taking place in investing might just be a fad – Much of investing is a slow burn — retirement plans, re-allocating every year or so, buy and hold. So when things do shift in the investing world it can feel monumental.
China’s army of investors haven’t learned their lesson, and it looks like history is going to repeat itself – You might think the crazy roller coaster ride that is China’s stock market would be too much for some mum-and-pop investors to stomach. Think again.
The market is going to suck for the next 20 years, and you’re going to have to double your life savings – The “golden age” of stock market returns is over.
Canada’s Boeing challenger just made a blockbuster deal with Delta – Canadian aircraft manufacturer Bombardier just won a blockbuster deal: 75 firm orders for its C-series jet by Delta Airlines.
The $120 million penthouse once owned by the ‘King of Wall Street’ just became New York City’s most expensive home – If you want to live like a king, now’s your chance.
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