What you need to know on Wall Street today
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Pharmacies are acquiring insurers. Hospitals are getting into the drug business. And insurers are starting to own doctors offices. And a pharmacy giant - Walgreens - is reportedly looking into acquiring a $20 billion drug distributor.
The boundaries of the healthcare business are changing. Instead of growing by acquiring other companies in the same business, companies have started to move into new lines of business, with no two combinations looking exactly the same. It's anybody's guess what's going to happen next.In finance, 48-year-old billionaire Jonathan Gray is replacing Tony James as Blackstone's COO.
Elsewhere, a bunch of shell-shocked Wall Streeters met in paradise during the market meltdown - here's what scares them most.
Here's what's going on in the markets:
- The stock market's most important driver hasn't looked this good in over a decade
- A $470 billion investment chief at JPMorgan tells us the one thing that could turn a healthy market correction into a deeper slump
- Stock market turmoil has created a make-or-break situation for a group of investors once left for dead
- Only one thing is left keeping stocks afloat
- The stock market is in a bubble - just not the kind we're used to seeing
- 'Red flags' for the oil market are popping up all over the world
- UBS: Buy these 10 undervalued stocks to cash in on market volatility
- Xerox is sliding after being sued by one of its largest shareholders
Snap is making its most aggressive bid yet for digital ad dollars by opening up its platform to the ad masses. The guys who helped build Jay-Z's streaming service Tidal are raising money to follow your every move.
- Litecoin is sliding after its first competing fork is announced
- JPMorgan explains why a bitcoin ETF is a 'holy grail' that could change the game
- So far it looks like very few US citizens are telling the IRS about their crypto trading
- Wall Street is worried that Nvidia could get caught in a cryptocurrency 'downdraft.'
- Iceland may use more electricity mining bitcoin than powering homes this year.