Finance Insider is Business Insider’s summary of the top stories of the past 24 hours.
The biggest disaster for Wall Street in the past year was Valeant Pharmaceuticals, the drug company whose stock has lost about 90% of its value since October.
Of course not everybody lost. Valeant was targeted by short sellers who made a bundle on the stock’s plunge.
And they’re looking everywhere in the market for companies that may share Valeant’s losing business strategy of using debt-funded acquisitions rather than R&D to grow their product line, and then jack up the price of those acquired drugs.
On Wall Street, retail broker Scottrade is now using Twitter to help traders beat the market, and Digital Asset Holdings, the hot finance startup led by Blythe Masters, has put together a dream team of hires.
Hedge fund managers are being ‘gored to death’ by the bull market, and Donald Trump is getting slammed by billionaires with way more money than him.
America’s 3rd-largest health insurer is losing $300 million a year on Obamacare, and
the 'big 3' carmakers whiffed on auto sales in July. You, the American consumer, are the only thing not in recession, and you can thank millennials for the record stock market highs. Here are the 10 best colleges for a job on Wall Street. Lastly, here's a glimpse inside the Bank of England's gold vaults. Here are the top Wall Street headlines at midday: There's one thing that's saving the restaurant industry from becoming a disaster -- The restaurant industry is in dire straits. Why finance should say goodbye to spreadsheets forever -- Remember that scene in The Big Short where Christian Bale goes through page after page of spreadsheets, before passing out from exhaustion? People could lose $3.8 trillion when the bond market gets back to normal - There's been a lot of concern over the bond market recently. Why Netflix's newest hit show could have big implications for investors -- Netflix's new series "Stranger Things" is a monster hit. Japan announced a $275 billion stimulus package -- Japan's Cabinet approved a fresh economic stimulus package on Tuesday worth more than 28 trillion yen ($275 billion), Prime Minister Shinzo Abe's latest effort to get the stalling recovery back on track. A humiliating sign of just how tough things are for Deutsche Bank and Credit Suisse -- Credit Suisse and Deutsche Bank will be dropped from the STOXX Europe 50 index from Monday next and replaced by technology firm ASML Holding and construction company Vinci. 4 stats about the US economy that will make anyone worried -- Numbers can do lots of things.
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