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.
That makes two quarters in a row.
Morgan Stanley beat Wall Street estimates for second quarter earnings on Wednesday, following the trend set by its peers. Each of the key business lines at the bank posted increased revenues, with revenues more broadly holding remarkably steady.
In particular, the bank posted only a small drop in fixed income trading revenues, dropping 4% year-on-year to $1.24 billion. Given a sharp decline in fixed income revenues at rival Goldman Sachs, where revenues fell 40% to $1.16 billion, the results mean that Morgan Stanley bested Goldman Sachs in fixed income for the second quarter in a row.
Baupost Group, a $30 billion hedge fund, has laid out a road map for market chaos. In a second quarterly private letter that was reviewed by Business Insider, Baupost said that the problem lies with a signature feature of current markets: low volatility. That low volatility could be the harbinger of a crisis to come.
A hedge fund started by Steve Cohen's former chief operating officer might be turning itself around. Betterment has taken its first step into one of the hottest areas of investing. And the head of Yale's $26 billion endowment is calling out Wall Street.
Here's the inside story on the decades-long quest to bring down financial information giant Bloomberg.
Jeff Gundlach trolled Chipotle after its latest food scare. Traders betting against Chipotle have been doing it all wrong. And here's the best way to trade the market's hottest stocks.
McCormick & Co is buying the food business of British consumer goods conglomerate Reckitt Benckiser for $4.2 billion. BP is thinking about an IPO for its US pipeline assets. Blue Apron's IPO is a big flop - here's how it compares to other popular startups. And here's what it's like behind the scenes at QVC - the retail powerhouse that plans to buy rival HSN for $2.1 billion.
In tech, Marissa Mayer wants to be a CEO again, but she says she isn't in talks with Uber. Walmart is developing a robot that identifies unhappy shoppers. Amazon has launched a shoppable social network called Spark.
And here's how the CEO of a $50 billion drugmaker sees tech companies "disrupting" healthcare.
Lastly, here are 21 of the world's most beautiful restaurants.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema
- In second consecutive week of decline, forex kitty drops $2.28 bn to $640.33 bn
- SBI Life Q4 profit rises 4% to ₹811 crore
- IMD predicts severe heatwave conditions over East, South Peninsular India for next five days
- COVID lockdown-related school disruptions will continue to worsen students’ exam results into the 2030s: study
- India legend Yuvraj Singh named ICC Men's T20 World Cup 2024 ambassador
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market