Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
President-elect Donald Trump has tapped Goldman Sachs’ Gary Cohn as the National Economic Council director, according to NBC News. Cohn is the President and COO at the firm, and trails only CEO Lloyd Blankfein in stature. The National Economic Council (NEC) advises the president on US and global economic policy.
Trump appointed former Goldman Sachs banker Steven Mnuchin Treasury secretary last month. And Steve Bannon, his incoming chief strategist, is also a Goldman Sachs alum.
In markets news, the third-largest IPO of the year is off to a strong start. Shares of Athene Holding, an insurer backed by the private-equity firm Apollo Global Management, gained 9% in their trading debut on the New York Stock Exchange.
In other news, more people have left Credit Suisse in New York and London. China is about to hit Macau hard, and casino stocks are getting spanked. And Facebook CEO Mark Zuckerberg has considered plans to go into government.
Here are the top Wall Street headlines at midday
A short seller tweeted that Trump could crush a healthcare company, and now the stock’s tanking — On Thursday, the short-selling firm Citron Research tweeted that Express Scripts, a pharmacy benefits manager, might be targeted during the Trump administration.
Here’s the presentation David Einhorn just gave to a room of elite hedge fund managers — Last week, famed investor David Einhorn of hedge fund Greenlight Capital gave a presentation at the exclusive Robin Hood Investors Conference. In it, he explained his long thesis for pharmaceutical giant, Bayer.
A majority of voters support a minimum wage hike to at least $10 an hour — that’s more unlikely now than ever before – A solid majority of American voters support raising the federal minimum wage to at least $10 an hour. That’s looking less likely — Trump just chose Andrew Puzder, CEO of the parent company of fast-food chains Carl’s Jr. and Hardee’s, to lead the Department of Labour.
Nearly half of US coal is produced by companies that have declared bankruptcy — and Trump won’t fix that — By choosing Scott Pruitt, an outspoken opponent of environmental rules and ally of the fossil fuel industry, to head the EPA, Donald Trump seems to be sending a message that, as promised, his administration will attempt to roll back air quality regulations and open more federal land to coal mining. But those efforts won’t counteract the market trend enough to restore coal to its former prominence.
Tesla’s shares are doing something unusual these days — and it signals a change for the carmaker — Shares in the all-electric automaker tend to be volatile, and on Wall Street there’s a chasm between the bulls and the bears as far as price-targets go. Some have seen the stock plunging below $100, while others have argued that it could touch $500. Through all this, Tesla has amassed a $30 billion market cap.
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