scorecardWhat you need to know on Wall Street right now
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What you need to know on Wall Street right now

What you need to know on Wall Street right now
Finance2 min read

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Wall Street has long been the center of the American financial universe.

Home to the New York Stock Exchange, the New York Federal Reserve, and many important financial institutions, Lower Manhattan has historically held enormous sway over the financial industry.

That, however, is changing. Wall Street is abandoning Wall Street because it's too expensive.

Shares of private-prison providers plunged in trading on Thursday following news that the Department of Justice plans to end the use of such facilities.

Walmart reported second-quarter results that topped expectations. Investors are losing patience with Citigroup. Hedge fund group Och-Ziff reportedly considered selling part of itself to PIMCO.

Mick McGuire, the founder and CEO of Marcato Capital Management, released a harsh letter to James Damian, the chairman of Buffalo Wild Wing's board of directors, on Wednesday. He also published a brutal presentation.

In related news, fried chicken sales are down because of the oil crash.

Howard Marks, the billionaire cofounder of Oaktree Capital Management, thinks Republican presidential nominee Donald Trump is delusional. He also used a weird reference to 'jumbo shrimp' to skewer America's politicians.

Hedge funds have started bashing themselves - here's what they're saying.

Finally, here's how much you'll get paid as a Wall Street banker.

Here are the top Wall Street headlines at midday:

Inside Goldman Sachs' program to develop a new generation of coders - "Does anyone know where the cloud is?" asks Wilfred Amuri, an engineer in the cloud platform team at Goldman Sachs.

Wall Street is no longer New York City's biggest job engine - It has lost its throne to Silicon Alley.

Oh look, another nasty problem for Valeant - T. Rowe Price is reportedly suing Valeant Pharmaceuticals, alleging fraud.

This private investor document perfectly shows why people are sick and tired of hedge funds - Hedge funds have been getting throttled since the beginning of 2016, and because of that people are starting to ask questions about their worth.

The job market just did something it hadn't done in 46 years - Initial jobless claims fell more than expected. Claims have now been below 300,000 for 76 straight weeks - the longest streak since 1970.

'The weather' is a good excuse only when it's not an excuse - CEOs, investors, and economists love to blame the weather.

China got it right - Remember what happened a year ago? China shocked financial markets with a sudden devaluation of the renminbi, cutting it by 3% against the dollar over the course of five trading days.

Volvo is quietly becoming a tech superpower - When you think of high-tech cars, you probably think Tesla or BMW. But there's another automaker that is quietly becoming one of the industry's most tech-centric brands.

The 9 best cities to live in the world - The Economist Intelligence Unit just released a report that ranks the best and worst cities to live in the world.