PRIME FINANCE: 'Adjusted' earnings are becoming an epidemic

Prime Finance is Business Insider’s midday summary of the top stories of the past 24 hours.

“Adjusted” earnings are becoming an epidemic.

According to analysts at Bank of America Merrill Lynch, the percentage of companies reporting adjusted earnings has increased sharply over the past 18 months or so. About 90% of companies now report earnings on an adjusted basis.

In other news, Morgan Stanley has told staff it will let them to use Airbnb after a bunch of young employees asked, and Bank of America laid out why its clients are wrong about the bond market.

Here are the top Wall Street headlines at midday –

American Apparel briefly failed to make its payroll last week and the CEO is blaming Deutsche Bank – American Apparel temporarily missed its payroll for US staff last week, according to two internal emails obtained by Business Insider.

One of the most bullish Apple analysts on Wall Street has some bad news about 2016 – Gene Munster thinks iPhone sales are going down.

UBS: Our 3 favourite economic ‘canaries’ are still singing – The haemorrhaging stock market and the deterioration of some economic data points have got everyone in a tizzy.

Global currency markets are now dancing to China’s tune – It has been a brutal start to the year for markets around the world — for several the worst start in their history.

2 things could seriously hurt Wall Street banks in 2016 – Bank stocks are on a tough run.

The 21 best restaurants for a power lunch in New York City – With the famous Four Seasons restaurant officially closing its doors in July, Manhattan power lunchers are going to have to turn to other fine establishments for their midday meals.

The wild cards that could send China into a tailspin aren’t looking that wild – It hasn’t been two weeks yet and 2016 has already been a difficult year for the Chinese economy.

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