What you need to know on Wall Street today
The US economy grew faster than expected in the third quarter even after hurricanes disrupted activity in some parts of the country. The Commerce Department on Friday said gross domestic product, the measure of all goods and services produced, increased by 3%.
But the US economy isn't quite as strong as it looks, according to Business Insider's Pedro da Costa. And Americans are already showing signs of maxing out on debt.
In deal news, CVS Health, the retail pharmacy giant, is in talks to purchase Aetna, one of the five large publicly traded health-insurance companies, according to The Wall Street Journal. The Wall Street analysts who called the potential deal last month explained why it could "realign" the entire industry.
News of the deal emerged shortly after it was reported that Amazon has been approved for wholesale pharmacy licenses for at least 12 states. Traders betting that drugstores will get Amazon'd have made almost $1 billion.
In investing news:
- Maverick Capital, a $10.5 billion hedge fund, told clients it may have "cracked the code"
- A legendary Wall Street strategist set out the stock market's "nightmare scenario"
- A $460 billion investment chief at JPMorgan has an unexpected worry about the global economy
- The investment strategist at $245 billion OppenheimerFunds identified the "biggest risk to markets right now"
And in earnings news:
- Amazon's stock skyrockets on strong earnings
- Traders see Amazon's stock soaring even higher after the company's blockbuster earnings
- Jeff Bezos regains the title of world's richest person
- Google's parent company Alphabet beats on earnings, brings in $27.77 billion in Q3
- Google told investors it needs to pay more money to an unspecified "partner" - and it looks a lot like Apple
- Microsoft reports a big beat on earnings, stock spikes
- JCPenney slides deeper into the retail apocalypse as it slashes profit forecasts
Lastly, these are the top nine investment bank internships.