Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Hundreds of people lined up on a Venice Beach boardwalk on a sunny November morning to buy Snapchat’s Spectacles from a bright yellow vending machine.
It was the first day the $130 camera glasses went on sale, and many were there to see what all the buzz was about. Erick Miller had a different reason to stand in line for Spectacles that morning. He helped invent them.
This is the founding story of Spectacles, or how a small glasses startup that struggled to raise money turned into the future of $25 billion Snapchat.
In his first address since his electoral victory speech, President-elect Donald Trump this week discussed which policies he planned to pursue immediately upon taking office. And the first issue mentioned in the more than 2-1/2-minute video was trade. Here’s what we know about Trump’s agenda on one of his signature campaign issues.
Elsewhere in politics news, the revenge of the “Oxy electorate” helped fuel Trump’s election upset. And the slew of good US economic data is because of the election — but not Trump’s win.
In other news, a hedge fund manager at the world’s biggest alternative asset manager is going off on his own. Francis Cueto, a money manager with Blackstone’s Senfina Advisors, is starting an independent hedge fund next year, according to people familiar with the matter.
A patient died in a trial for a new cancer treatment, and shares of the company behind it are collapsing. And a major Alzheimer’s drug just failed a key trial.
There is a 70% chance that OPEC will agree on a production cut of 1 million barrels per day at a November 30 meeting, according to analysts at Nomura. As members prep themselves for the meeting, we took a look at how they have fared over the last few months in terms of economic, geopolitical, and security issues.
Lastly, here are 25 Wall Street movies to watch over Thanksgiving.
Here are the top Wall Street headlines at midday
IMF: Chinese banks are disguising a massive amount of bad debt — China’s banks are disguising bad debts by turning them into “securitized packages” rather than writing them down as non-performing loans, according to the IMF.
Wall Street lawyers say retiree investment rule violates free speech — A group of lawyers representing insurance and securities brokerages have made a curious argument for why a federal court should kill a rule aimed at protecting retirement savers: It restricts Wall Street’s First Amendment rights.
The top 0.1% of American households hold the same amount of wealth as the bottom 90% — It’s no secret that the US has an inequality problem. But actually looking at the disparity between the top and the bottom can still be staggering.
Treasurys are getting crushed – The US Treasury complex has come under pressure after the strong durable goods report for October pointed to the prospects of a strengthening US economy. Data released by the Commerce Department showed orders for goods built to last surged 4.8% compared to a month ago.
Deere is surging after crushing earnings in a farming recession — Deere on Wednesday reported fourth-quarter earnings that were better than analysts expected, even as it works through a global farming recession.
The dollar is climbing — The US dollar index is up by 0.3% at 101.31 as of 8:36 a.m. ET. The index is at a 14-year high.
Hedge funds love these 8 stocks — Hedge funds, in their search for outsize returns, prefer some stocks over others.