What you need to know on Wall Street right now

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

Bank of America Merrill Lynch
beat expectations on Monday.

The US bank reported second-quarter earnings per share of $0.36 on revenues of $20.6 billion. Analysts were expecting earnings per share of $0.33 on revenue of $20.4 billion, according to Bloomberg.

The firm joins JPMorgan and Citigroup in beating estimates on earnings. Goldman Sachs is set to report Tuesday, and Morgan Stanley on Wednesday.

Elsewhere on Wall Street, Morgan Stanley has merged three businesses within its prized equity sales and trading business — and it’s emblematic of a bigger trend taking place across the Street.

SocGen used the codewords “Pizza,” “Zorro,” and “the Men in Black” to hide corruption, a Libyan fund has alleged. And these hedge funds are killing it this year.

SoftBank is buying the British chip-maker ARM Holdings for about $32 billion — and it’s big news for two boutique banks. The boutiques The Raine Group and Robey Warshaw landed roles as financial advisers to SoftBank along with the Tokyo-based Mizuho Bank.

In macro news, something that could give a massive boost to the world economy isn’t going to happen. Turkey’s failed coup could whack its economy. And Nigeria finally did the painful thing that everyone said it needed to do.

Finally, this relatively unknown town in Florida has become a playground for the richest of the rich.

Here are the top Wall Street headlines at midday:

One of the hottest areas of finance now has its own stock market index — The index will track the performance of companies that leverage technology to deliver financial products and services and represents approximately $785 million in total market cap.

One of Yahoo’s most important businesses stopped growing and could face a lot of questions on Monday — Yahoo CEO Marissa Mayer has long touted Mavens, short for mobile, video, native, and social revenue, as the company’s new growth driver.

Morgan Stanley thinks everyone else is too bullish on the world — Morgan Stanley analysts are more bearish on the global economy than everyone else.

Wall Street is obsessed with this technology — but a big group of investors is missing out — Blockchain could be a real game changer for the financial-services industry, but one big subset of Wall Street is watching from the sidelines.

GOLDMAN: This ‘textbook’ rally in stocks has a long way to go — After a post-Brexit misstep, the stock market has regained its footing and roared past all-time highs in the past week.

How having zero experience in finance helped this founder build a $2.25 billion payments company — Swedish payments startup Klarna is now a $2.25 billion company, but when CEO Sebastian Siemiatkowski cofounded the company a decade ago, none of the three founders had any experience in finance whatsoever.

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