What you need to know on Wall Street today

Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours.

"Ever heard of Uber or Lyft?"

The man on TV has well-coiffed gray hair and looks directly into the camera. Behind him, there's a false backdrop of trading screens and skyscrapers. It's an ad running on CNBC and Fox News for something called YayYo.

"Yes, YayYo," the man says. The ad isn't for its ride-hailing app. It's for an initial public offering.

The man looks familiar, but his pitch is unusual. You could make millions, like the early investors in Uber, he suggests. "Do it now. Before all the shares are gone."

It turns out YayYo's founder has an unusual history involving an arms dealer, infomercials, charges of stock-manipulation, and "Men are from Mars and Women are from Venus."

On Wall Street, Barclays reshuffled its senior global investment bank management and is seeking to hire between 50 to 100 people to boost the division under new chief Tim Throsby. Wells Fargo is slashing costs by $2 billion. And Goldman Sachs is planning to launch a new "dark pool" for stocks.

A fundamental change is underway in stock market investing, and the spin-off effects are poised to dramatically impact corporate America. We talked to the CEO of a $385 billion investor about President Trump, emerging markets, and problems in active management. And a high-profile newly launched hedge fund has hired a 15-year Deutsche Bank veteran.

This chart shows how America stacks up in trade with everyone in the world. Trade protectionism is a "dead end," according to one of the most influential Federal Reserve officials.

In tech, Snap reported its first set of earnings on Wednesday. Here are the highlights:

• Snap misses on Q1 earnings, stock craters 20%
• The banks that were in charge of Snap's IPO love it - even after the company's disastrous earnings report
• What analysts are saying about Snap's disastrous first quarter as a public company
• Snap's first-ever earnings were a big miss - and the tweets are hilarious
• Evan Spiegel lost about $1 billion on Snap's first earnings report
• Snap's stock may have more room to fall - to single digits
• Look at the big gap between Snapchat's revenue per user and Facebook's
• Jim Cramer calls Snap CEO Evan Spiegel 'arrogant' after first-ever earnings call

In other company news, Verizon beat out AT&T in a $3.1 billion bidding war for Straight Path Communications.

Millions of shoppers are abandoning Whole Foods - and it's not just because of high prices.

Macy's is tumbling after same-store-sales whiffed. And department stores more broadly are taking a bath after earnings. Adidas is cutting back its golf business, but it's not selling Reebok.

Lastly, a startup that wants to build an early-warning system for cancer just raised $360 million.