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.
US Commerce Secretary Wilbur Ross said his department would slap new antisubsidy duties on Canadian softwood lumber imports. Homebuilding stocks are sliding in response, and the Canadian dollar is tumbling.
"I wouldn't regard the Canadian situation as being anything like the war with ISIS, but it certainly is a very precise set of tariffs on a very precise set of imports," he told CNBC.
The new antitrade push may force retaliation from two key allies, according to Business Insider's Pedro da Costa.
David Einhorn's Greenlight Capital is out with its first quarter letter to investors. The fund delivered 1.3% net of fees in the first quarter, below the S&P 500 index return of 6.1%. Einhorn identified his short position in Tesla as one of the biggest losers in the period.
"It was a difficult quarter to be short the bubble basket, and TSLA in particular," he said. He also laid out what's going on with his activist move on General Motors.
Folger Hill Asset Management, a highly-backed hedge fund that has struggled from its start, says it is cutting costs as it continues to look for fresh money to buoy assets. And a trading startup is setting out to tackle a key problem in the world's most important market.
Wells Fargo's management ejected an unruly shareholder from the bank's contentious annual meeting on Tuesday after an extended period of argument and what the chairman characterized as a "physical approach" to a director.
Online banking is all the rage. But that doesn't mean bank branches have been rendered irrelevant.
President Donald Trump may be the least popular president in modern history, but even his main detractors can't deny the stock market's strength under his administration. We're about to get a clear example proving the stock market is not the economy. And Goldman Sachs is sounding the alarm on a crucial barometer for the markets.
There's a bunch of company news:
- McDonald's crushes earnings expectations thanks to new Big Macs and all-day breakfast
- Tyson Foods is buying packaged-food maker AdvancePierre for $3.2 billion
- LVMH wants to consolidate control over Dior with £5 billion deal
- Caterpillar posts dynamite earnings but warns of "geopolitical and market uncertainty"
- A biotech's new drug sold 3 times better than expected - and the stock is taking off
- Coca-Cola's profit sinks 20% as labor costs weigh
- Netflix is going to China
- PULTEGROUP: The spring selling season "points to the ongoing strength in recovery for the housing industry"
- We're about to find out if Chipotle is overvalued
A huge pharma middleman just lost its biggest customer - and it shows how drug pricing really works.
Marissa Mayer will have $186 million in Yahoo stock when Verizon buys the company. Netflix CEO Reed Hastings saw his pay jump almost 40% to $23.2 million in 2016, but that's tiny compared to his net worth.
Mark Cuban is backing an app that's trying to help people avoid overdraft fees.
We went inside young Silicon Valley's elite meeting about the soul of the entire global economy.
Lastly, Delta is partnering with the on-demand helicopter startup Blade so that VIPs can avoid the airport.
Here are the top Wall Street headlines from the past 24 hours.
Nasdaq hits 6,000 for the first time - US stocks opened higher on Tuesday, building on a day-earlier rally, spurred by a raft of strong corporate earnings and an expected tax reform plan.
Procrastinating on filing taxes may be hurting the US economy - The first reading of the US economy's performance in the first quarter, scheduled to be released Friday, is expected to show growth of 1%.
New rules are going to fundamentally change the business models of brokers - It's been a long time coming but MiFID II (MiFID) is almost upon us.
SCOTT GALLOWAY: Netflix could be the next $300 billion company - Scott Galloway is a marketing professor at the NYU Stern School of Business and the founder of business intelligence firm L2. Galloway, appearing on the latest episode of The Bottom Line with Henry Blodget, explained why he thinks Netflix will be the next $300 billion company.
WEDBUSH: Amazon's share price could explode more than 35% higher - Wedbush Securities just put a $1250 price target on Amazon's stock.
New home sales unexpectedly jump in March - New home sales unexpectedly jumped in March, according to the Department of Commerce.
The top 10 bank stocks to own, according to S&P Global - Financials may have had a strong run, but that doesn't mean there isn't still more money to be made investing in banks.
United was plagued with a huge issue even before dragging a customer off a plane - United is America's worst legacy airline, according to a recent survey.
Here's where the name "Rolex" really came from - Rolex is a storied brand - one of, if not the most notable in the watchmaking world.