What you need to know on Wall Street today

Advertisement

warren buffett coke

AP Photo/Nati Harnik

Billionaire Warren Buffett says he drinks five Cokes a day.

Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign up here to get this newsletter delivered straight to your inbox.

Third Point, a $18 billion activist hedge fund founded by billionaire Dan Loeb, has taken a massive stake in Nestlé.

While Third Point owns only about 1.4% of the Swiss company - Third Point's 40 million shares are worth more than $3.5 billion - it's one of the biggest activist plays ever. Here's what you need to know.

Advertisement

Warren Buffett's Berkshire Hathaway just made a bet on real estate investment trust Store Capital. And Store Capital's stock price is getting a huge boost from everyone's favorite Nebraskan investor.

Elsewhere in deal news, hopes are fading that a bidder will battle Amazon for Whole Foods, and a Chinese logistics company backed by Alibaba filed for a US IPO.

And in hedge fund news, Robert Soros is stepping down from his father's legendary fund to start his own venture.

Advertisement

In markets news, a crucial stock market indicator just got its most bullish reading on record. There's a surprising new champion of the stock market. And investors betting trillions on ethically-appealing stocks may not be getting all they expect.

Through conversations with portfolio managers, JPMorgan has found that investors are piling into the same positions. And it's created a tenuous situation.

Gold traders were greeted with a jolt Monday morning. And in cryptocurrency news, Ethereum is plunging despite flash-crash victims getting their money back, and bitcoin is dropping.

Advertisement

An ex-Tesla exec revealed how the company is transforming itself into a data powerhouse. And Avis is soaring after partnering with Google's self-driving car company.

Lastly, go inside the extravagant wedding of Treasury Secretary Steve Mnuchin and 36-year-old actress Louise Linton.

Advertisement

NOW WATCH: HENRY BLODGET: High valuations mean low expected returns