Valeant, China and Wall Street's 'bros': WHAT YOU NEED TO KNOW TODAY

Jon Nissenbaum

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There's a massive mismatch in the hedge fund industry.

Hedge fund investors are expecting too much, and the hedge funds themselves are underdelivering.

Valeant Pharmaceuticals on Tuesday morning reported a Q1 earnings loss of $373.7 million, or $1.08 a share. It also cut guidance for the rest of the year. The stock has fallen 16% in Tuesday's trading day.

And there was one piece of information in the company's earnings statement that really upset Wall Street.

In related news, this has been the worst year for Wall Street's 'bros' in a long time.

The SEC could be about to destabilize the stock market, and the Dow topped 18,000 for the first time since April 28 on Tuesday.

One of the oldest banks in the world just made a move on Wall Street.

Something puzzling has been going on in the economy, and we now have an explanation for why. There's a $6.6 trillion reason the US might be nearing a recession. And China has looming demographic problems.

People are ignoring one of the most obvious ways to make money in the market.

Finally, this $500,000 supercar sold out so fast that McLaren is building more for those who missed out.

Here are the top Wall Street headlines at midday:

Ralph Lauren is getting decimated after announcing layoffs, store closings, and weak guidance - Ralph Lauren shares fell 9% in premarket trading on Tuesday after the company announced job cuts, store closings, and a forecast for lower revenues.

Germany's 10-year Bund yield just tumbled to a record low - The yield on the Eurozone's benchmark government bond fell three basis points to as low as 0.048% amid heavy buying from investors and the European Central Bank.

MORGAN STANLEY: Buy Netflix for these 2 reasons - Netflix expanded its service to 130 new countries in January, and the company will be reaping the benefits for years, according to Morgan Stanley.

DEUTSCHE BANK CEO: 'Every discussion we now have is about technology' - Deutsche Bank CEO John Cryan says the bank "need[s] to revolutionize our business because the world has changed so much" but admits its diverse customer base makes it hard for the bank to fully embrace digital.

The founder of Chuck E. Cheese's and Atari is joining John McAfee's mysterious new company - Nolan Bushnell, the founder of various companies including Atari and Chuck E. Cheese's, is joining the board of MGT Capital Investments, the mysterious new tech firm that plans to appoint John McAfee as its CEO.

Meet the 9 most powerful female CEOs in corporate America - America may be on the verge of electing a female President, but women are still struggling to compete with men for the highest positions in corporate America.