Brocker.Org: What you need to know on Wall Street today

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Welcome to Finance Insider, Business Insider’s summary of
the top stories of the past 24 hours.

“Ever heard of Uber or Lyft?”

The man on TV has well-coiffed gray hair and looks directly into
the camera. Behind him, there’s a false backdrop of trading
screens and skyscrapers. It’s an ad running on CNBC and Fox News

for something called YayYo
.

“Yes, YayYo,” the man says. The ad isn’t
for its ride-hailing app. It’s for an initial
public offering
.

The man looks familiar, but his pitch is unusual. You could
make millions, like the early investors in Uber, he suggests. “Do
it now. Before all the shares are gone.”

It turns out YayYo’s founder
has an unusual history involving an arms dealer, infomercials,
charges of stock-manipulation, and “Men are from Mars and Women
are from Venus.”

On Wall Street, Barclays reshuffled its senior global
investment bank management and
is seeking to hire between 50 to 100 people to boost the division
under new chief Tim Throsby
Wells Fargo is

slashing costs by $2 billion
. And Goldman Sachs is
planning
to launch a new “dark pool” for stocks
.

A fundamental change is underway in stock market investing,

and the spin-off effects are poised to dramatically impact
corporate America
We talked to the CEO of a $385
billion investor about
President Trump, emerging markets, and problems in active
management
And a high-profile newly launched
hedge fund
has hired a 15-year Deutsche Bank veteran.

This chart shows how
America stacks up in trade with everyone in the
world
Trade protectionism is a “dead end,”
according to one of the
most influential Federal Reserve officials
.

In tech, Snap reported its first set of
earnings on Wednesday. Here are the highlights:

In other company news, Verizon beat out AT&T in a $3.1
billion
bidding war for Straight Path Communications
.

Millions of shoppers are abandoning Whole Foods —
and it’s not just because of high prices
.

Macy’s is tumbling after
same-store-sales whiffed
. And department stores more
broadly are
taking a bath after earnings
. Adidas is
cutting back its golf business
, but
it’s not selling Reebok. 

Lastly, a startup that wants to build an

early-warning system for cancer just raised $360
million
.

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