Finance Insider is Business Insider’s summary of the top stories of the past 24 hours.
The first estimate on second-quarter GDP was a big disappointment on Friday.
The US economy grew at just a 1.2% annualized rate for the three months ended June 30, less than the 2.5% expected by economists.
But underneath the bad headline is the real story of what’s going on in the economy right now, and the story is pretty simple: consumers are winning.
In banks news, one of Deutsche Bank’s biggest hires of 2015 has already left the firm. Bryan North-Clauss, who joined last September as head of US rates sales, just left the German bank.
In the deals world, it looks like the biggest takeover in years is back on, and the big data tech company Talend saw its stock soar over 50% for its IPO. Meanwhile, tech mergers and acquisitions have hit a speed bump this year, but that looks set to change.
Over in Las Vegas, billionaire hotel mogul Steve Wynn changed the rules of the games in his casinos.
Here are the top Wall Street headlines at midday:
Bill Gross is flying solo again — A portfolio manager that Gross’ Janus Capital brought on last year and who helped manage the Janus Global Unconstrained Bond Fund is moving out to manage a separate fund.
India is having its own ‘Flash Boys’ moment — The Mumbai-based National Exchange of India (NSE) is having its own “Flash Boys” moment.
Billionaire investor Howard Marks just dissed hedge fund ‘geniuses’ — Howard Marks, cofounder of Oaktree Capital Management, just splashed some cold water on the hedge fund industry.
Oil just made a huge move, and nobody noticed — The markets have been preoccupied with a flurry of political headlines lately, but in the background of all this, there’s been a stealth slump in crude-oil prices.
What Wall Street is saying after Amazon’s earnings — It’s hard to find many analysts who are bearish on Amazon right now.
The stock market’s ridiculously boring streak won’t last — The stock market has been boring recently, but Julian Emanuel, a strategist at UBS, doesn’t think this is going to last.
Delta reveals the most important rule for ordering a cocktail on your flight — Even though complex boutique cocktails are all the rage these days, they aren’t necessarily the best choice for an in-flight drink.