Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
For Ken Moelis, small — and specialised — is beautiful.
“I’ve never seen a Michelin three-starred restaurant that was a buffet,” the CEO and founder of Moelis & Company said shortly after we sat down to chat late last month. You can read the full interview here.
Elsewhere in finance news, a high-speed trader published a brutal takedown of a new plan to slow down trading — and it’s the start of Wall Street’s next battle.
One of Peter Thiel’s investors says Goldman Sachs’ fintech efforts are doomed to fail. And Deutsche Bank is the only major European bank that has to pay to borrow money.
In markets news, HSBC’s technical-analysis team has thrown up the ultimate warning signal. In a note to clients released Wednesday, Murray Gunn, the head of technical analysis for HSBC, said he is on “RED ALERT” for an imminent sell-off in stocks given the price action over the past few weeks.
Bank of America Merrill Lynch has also joined the chorus of strategists on Wall Street who are warning that the stock market is expensive.
In corporate news, it’s time for Tesla to start a bank, according to Business Insider’s Matt DeBord. One chart shows how swiftly Uber and Lyft are killing traditional taxis. Samsung has slashed its profit guidance by a third after its exploding smartphone disaster.
And Stanley Black & Decker is buying Newell’s tools unit for $1.95 billion.
In commodities news, Saudi Arabia has some “self-inflicted wounds” from its battle for the oil market, and Houston’s boom is over.
We just got even more evidence supporting the theory that charter schools are America’s new subprime mortgages.
And lastly, here are the 9 best internships at Wall Street banks.
Here are the top Wall Street headlines at midday
Janet Yellen’s favourite measure of confidence in the jobs market is at a post-recession high – The share of employees quitting their jobs compared to total separations is back at post-recession highs.
A potential OPEC deal has big oil worried about a shortage – While OPEC and other big crude producers work towards a deal to cap production to erode a glut, industry executives are concerned the sharp drop in investment that followed the oil price crash could lead to another crisis – a supply shortage.
Valeant jacked up the price of a lead poisoning drug by 2,700% in just one year – A drug used to treat lead poisoning is causing a toxic reaction among hospitals and poison control centres after Valeant Pharmaceuticals jacked up the price more than 2,700 per cent in a single year.
Apple’s top M&A exec is a director of the Uber of China – Apple made an unusually large investment of $1 billion into Didi Chuxing, a ride-hailing giant best understood as the “Uber of China,” earlier this year.
Government workers are quitting their jobs at a historic rate – Despite a weaker than expected jobs report and JOLTS number, the labour market in the US appears to be fairly tight.
Tesla and SolarCity are holding a special shareholder meeting in November to vote on merger – Tesla and SolarCity will each hold separate special meetings for shareholders to vote on the proposed merger November 17, according to a joint SEC filing Wednesday.
A renegade economist has a plan for reducing global debt – Steve Keen has a huge following among anti-system groups.