What you need to know on Wall Street today

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Citi beat on earnings ― and the stock is getting slammed.

Markets in general are down Friday, but Citi has dropped much more significantly than the other major Wall Street banks. The devil is in the detail of Citi’s results, with core revenues coming in weak and investors expressing concern over the bank’s exposure to emerging markets.

Elsewhere on Wall Street, Morgan Stanley has shaken up its trading business, naming a new head of fixed income and commodities. It also just announced bonuses: this is what we know so far.

Goldman Sachs’ fourth-quarter earnings essentially got wiped out by a settlement related to residential mortgage-backed securities it sold between 2005 and 2007.

Larry Fink, CEO of BlackRock, said Friday he expects to see more layoffs in the next few months. His comments came on the day that Walmart announced it would close 269 stores and lay off thousands of employees.

Here are the top Wall Street headlines at midday –

A small group of hedge funds have been killing it amid the market chaos – There have been a few standout hedge funds in the first two weeks of trading.

Digital lenders have a $1 trillion opportunity ― this slidedeck has everything you need to know about them – It is fair to say there is a lot of hype out there about the potential for financial technology.

How the ‘Billions’ creators shadowed hedge funds and attorneys to make the most anticipated show of 2016 – Since their debut film “Rounders” (1998) shed light on the underground poker world in New York, screenwriters Brian Koppelman and David Levien have been the go-to guys in Hollywood for movies about money, greed, and power.

Slight beat for Wells – The biggest US residential mortgage lender and a major lender to the energy industry reported a slight beat on earnings for the last quarter of the year.

One Wall Street firm just downgraded Disney and pointed its finger straight at ESPN ESPN is becoming a problem for Disney.

Steve Wynn is having a terrible 2016 – Billionaire casino mogul Steve Wynn is having a terrible 2016.

The stock market just did something it’s done only 3 other times in the past 100 years — and it’s not good On Wednesday stocks got crushed and officially entered a “correction,” defined as a 10% drop from recent highs.

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