Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Wall Street is celebrating this morning, after JPMorgan, Citigroup and Wells Fargo all beat third-quarter earnings estimates. Here are the headlines:
- JPMorgan reported earnings per share of $1.58 on adjusted revenue of $24.67 billion
- The bank smashed it out of the park in fixed income, currencies and commodities
- Here’s the memo the CEO of JPMorgan’s giant investment bank just sent to staff
- JPMORGAN: We’ve had problems like Wells Fargo — but they’re not “systemic”
- Wells Fargo reported revenue of $22.3 billion and earnings per share of $1.03
- We got the first look at how Wells Fargo’s fake-accounts scandal is hurting the business
- The bank also laid out fresh details about how many people were hit by its fake-accounts scandal
- Citigroup adjusted earnings per share of $1.24 on revenues of $17.76 billion
- Wall Street’s most important business is bouncing back
Elsewhere in finance news, two former traders at Izzy Englander’s Millennium have reunited to launch a new hedge fund.
Even the world’s ultra-rich are feeling the pinch of a slowing economy. (Sort of.) And here are 30 stocks that will thrive even if the economy gets worse, according to Morgan Stanley.
In tech news, Verizon might be trying to back out of the Yahoo deal, and Yahoo now won’t hold a call after it reports earnings Tuesday. Teens are watching YouTube more often than cable TV for the first time.
And ad tech company AppNexus is restructuring and cutting 150 jobs as its gears up for its IPO.
Lastly, the governor of Oklahoma created “Oilfield Prayer Day” in hopes of saving the state’s oil and gas industry.
Here are the top Wall Street headlines at midday
ELIZABETH WARREN: Obama needs to fire the head of the SEC – US Senator Elizabeth Warren urged President Barack Obama on Friday to replace Mary Jo White as the Securities and Exchange Commission chair, saying she had undermined the agency’s investor protection mission.
Hershey’s CEO is stepping down — Hershey Co said on Friday that Chief Executive John Bilbrey would retire from his post on July 1.
A top Wall Street CEO has a fresh pitch to millennials – Moelis & Company founder Ken Moelis wants to make Wall Street exciting again for young people.
China gets a new billionaire every 5 days – A new report by UBS and PricewaterhouseCoopers found that one billionaire pops up in Asia every three days, outpacing all other regions in the world.
MARK CUBAN: Leon Cooperman should kick the SEC’s a– – Mark Cuban has a very low opinion of the Securities and Exchange Commission.
One of the most important economic trends just hit a record low – The University of Michigan’s preliminary consumer sentiment unexpectedly fell to its lowest level since last September, and the second lowest reading in the past two years.
How Charles Schwab’s chief investment strategist manages her own money – In March 2009, Liz Ann Sonders made a remarkable investment call, sitting on a TV set at the NASDAQ. The financial world was still burning all around her, and many thought it would get far worse before it got any better.
Billionaire Richard Branson rips Donald Trump as ‘unfit for office’ in scathing op-ed endorsing Hillary Clinton – Richard Branson, the billionaire businessman who founded the Virgin Group, ripped Donald Trump as “irrational,” “aggressive,” and dangerous on Friday in an op-ed endorsing Hillary Clinton for president.
A Silicon Valley startup is trying to rival Tesla with an electric sedan — here’s a first look at its car – We finally got a glimpse of the electric car start-up Atieva is building to rival Tesla.
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