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There’s a ton of news today, so let’s jump right in.
President Donald Trump sided with Democrats during a crucial meeting on the debt ceiling and other congressional priorities Wednesday, bucking his own Treasury secretary and leaving key members of his party furious.
According to a source briefed on the meeting, the two sides had come to a stalemate on the length of the debt ceiling extension. Trump interjected and sided with the Democrats, eventually sealing the deal with a three-month suspension of the limit, a three-month funding bill, and a package for Hurricane Harvey relief. Here’s the latest:
- Conservative GOP leader says “there’s going to be rebellion against everybody” if Republicans don’t get something done
- Conservatives are blasting Trump’s deal with Democrats
- Paul Ryan just signaled that Republicans won’t deliver on one of Trump’s biggest tax cut promises
- Trump is reportedly unlikely to consider nominating Gary Cohn as the next Fed chair
- Steve Bannon says Gary Cohn “absolutely” should have resigned after Charlottesville
- Trump’s souring on Cohn has ominous implications for the one thing Wall Street cares about most
After steamrolling several Caribbean islands, Hurricane Irma appears to be heading directly toward the Turks and Caicos islands, according to the latest forecast. After that, its path leads straight to South Florida, parts of which are under hurricane and storm-surge watches as of 11 a.m. ET Thursday. Here’s the latest:
- Here are all the areas in Hurricane Irma’s path and when the storm could arrive
- These photos show how Hurricane Irma has trashed the Caribbean — and it’s heading for the US next
- Richard Branson says Hurricane Irma “utterly devastated” his private island, urges everyone to take shelter from monster storm
- Parts of Florida are running out of gas as Hurricane Irma approaches
- American Airlines is capping all of its flights out of Florida at $99 as Hurricane Irma nears
- A Delta jet made a miraculous escape from Hurricane Irma by flying between the storm’s bands
In finance news, the Bank of England has “significant concern” over the post-Brexit approval for Deutsche Bank’s UK branch, according to a leaked document seen by Business Insider. Standard Chartered reportedly lost $400 million on risky loans to a cadre of diamond barons. And Lloyd Blankfein tweeted a picture of himself from his Harvard days.
Employees at Bridgewater, the world’s largest hedge fund use iPads to rate each other’s performance in real-time — see how it works. A couple of 30-something guys swapped high finance for farmland and now manage $575 million. And Steve Cohen’s giant penthouse is now on sale for $57.5 million, half of its original price.
In deal news:
- The inside story of Gilead’s $12 billion deal for a revolutionary cancer treatment came together
- 23andMe gets $200 million in funding to bring its genetic testing to the masses
- The Florida company that sells NBA and NFL jerseys online got $1 billion from Softbank and others
- Wuxi NextCODE, a company that wants to be the “global standard network of genomic data,” raised $240 million
- Investors including Google Ventures poured $93 million into Gritstone Oncology, a company that’s building personalized cancer vaccines
Here’s what Wall Street analysts are talking about:
- JPMorgan: GE’s fall is “worse than we think”
- TOP ANALYST: Starbucks could be an “indirect casualty” of the retail apocalypse
- ANALYST: Amazon’s domination of retail comes down to 5 simple areas
- BANK OF AMERICA: Here’s how to make a killing from the next tech boom with “limited risk”
- Stock pickers are betting big against these 10 retail stocks
And in tech news:
- FACEBOOK RESPONDS: Sales chief says Wall Street research note on data errors is being misconstrued
- Apple needs the next iPhone to solve a giant financial headache
- Apple’s iPhone 8 may cost as much as $999 — and there’s a smarter way to buy it
- GoPro is skyrocketing after forecasting an adjusted profit
- Larry Ellison won’t get paid any more equity unless he gets Oracle’s stock up to $80
- Disney sinks after CEO Bob Iger gives disappointing guidance
- Comcast warns it’s going to lose as many as 150,000 video subscribers in the third quarter
- Kombucha, climbing walls, free plane tickets for parents, and hard work — A day in the life of a Silicon Valley intern
Lastly, cconcierges at six world-renowned hotels told us the insane demands of super-rich guests.