Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Morgan Stanley wrapped up earnings season for the big five US banks on Wednesday, reporting third-quarter earnings that beat on the top and bottom lines.
And it looks like the bank may finally be seeing a turnaround in a hugely significant — but recently disastrous — business.
Elsewhere in bank news, there’s been a change at the top of Bank of America Merrill Lynch’s investment banking unit, and John Stumpf, Wells Fargo’s former CEO, resigned from the boards of Target and Chevron.
Both Clinton and Trump want to scrap a tax loophole for private equity — here’s how it works. And troubled hedge fund Platinum just filed for bankruptcy.
Marissa Mayer insisted Yahoo’s Verizon deal is still on track while reporting a 14% in Q3 core revenue. The tech company also left out something important when it said users haven’t fled since its big hack.
Washington is taking a hard look at China’s aggressive investment into US entertainment.
And it looks as though there’s only one thing big drug companies are afraid of.
The markets history buffs among you will already know that the Black Monday stock market crash of 1987 took place 29 years ago today. In his latest note, veteran trader Art Cashin, the director of floor operations for UBS Financial Services at the New York Stock Exchange, shared what he remembered about the mood on the floor as Black Monday went from bad to worse.
And here’s why it’s “uninformed” to compare the stock market today to Black Monday in 1987.
In commodities news, oil prices are climbing. Prices for WTI Crude, the US benchmark, are up by 3.1% to a 15-month high of $51.83 per barrel as of 10:54 a.m. ET.
There’s a lot of corporate news out there. Here’s a recap:
- Intel keeps lowering the bar on the business it’s bet its future on
- Everyone loves Google’s new phone, and the stock has hit an all-time high
- Starbucks is planning a major push in China
- Halliburton unexpectedly beat on earnings and warned that the fourth quarter may stink
- Harley-Davidson expects to lay off 5% of workforce
- GNC could be sold to a Chinese buyer — and the stock is taking off
- The maker of Camel and Newport cigarettes is sinking after saying it expects to sell less cigarettes next year
In other news, here’s how to answer the only essay question on the Harvard Business School application.
And lastly, here’s what your car can say about you.
Here are the top Wall Street headlines at midday
Why the best-known investment bank in the world now wants to lend you money – Goldman Sachs has officially booked its first consumer loan.
Saudi Arabia attracted massive investor demand for its first international bond offering – Saudi Arabia attracted massive investor demand of about $67 billion on Wednesday for its first international bond offer, as the world’s top crude exporter allayed concern about the impact of low oil prices on its finances.
The world’s biggest sovereign wealth fund is about to start taking more risk – Norway’s Global Government Pension Fund, the biggest sovereign wealth fund in the world by assets under management, could be about to start taking a lot more risk.
ALBERT EDWARDS: Everyone should stop freaking out about a bond market crash – Stop me if you’ve heard this before: the bond market is in a bubble and set up for a crash.
Getting rid of cash could have some pretty weird effects on our bodies – Harvard economist Ken Rogoff has a long list of reasons he’s anti-cash. He says many countries should get rid of most paper money in favour of electronic payments.
This startup replaces real-estate agents with an app — and says it will save homebuyers lots of money – Amit Haller is living the American dream.
The 20 best cities in the world, according to Condé Nast Traveller – Condé Nast Traveller just released its annual Readers’ Choice Awards. Hundreds of thousands of readers cast their votes for everything from islands to airlines, ensuring that the list is the crème de la crème of travel destinations and experiences.