What you need to know on Wall Street right now

Finance Insider is Business Insider's summary of the top stories of the past 24 hours.It is not uncommon for an investment banker to jump from one Wall Street firm to another.It is less common for five of themfrom the same teamto do it at the same time for the same rival. That's what happened at Credit Suisse's San Francisco-based technology team.In early June, just days after they gave their resignation, Credit Suissewent to court asking for a forensic search of their electronics, and for a judge to keep them from starting work at the rival firmJefferies.Business Insider's Portia Crowe tooka look inside the legal case everyone on Wall Street's talking about.The case for another interest-rate hike has strengthened in recent months, according to Federal Reserve Chair Janet Yellen.Stocks are tumblingin trading after the comments.There's economic havocon the horizon, according tolegendary investor Jim Rogers. Rogersis also worried about Donald Trump.In M&A news, Apollo Global is buying Rackspace for $4.3 billion, and it is crushing short-sellers.Billionaire investor Carl Icahn was recently in talks to sell his stake in nutritional supplement maker Herbalife to a group that included hedge fund manager Bill Ackman. These are the personality tests you take to get a job at Bridgewater, the world's largest hedge fund. And here's ahedge fund manageronhow to ace your next job interview.Here's why it's tempting for the CEO of Mylan to keep hiking the EpiPen price.Finally, here are the 10 biggest box-office bombs of 2016 so far.Here are the top Wall Street headlines at midday:Theranos fights back -Theranos is appealing thegovernment sanctions that have barred its CEO, Elizabeth Holmes, from running a blood-testing lab for two years.There's one bright spot in the US economy that keeps getting better -Consumers are still the biggest drivers of the US economy.Morgan Stanley says Amazon could eventually sell cars on its site -Morgan Stanley says Amazon is getting serious about enteringthe $1.2 trillion new and used car sales market, and could even start selling cars on its site, in a note published Friday.The bond market is about to cross a 'line in the sand' -Bond yields remain abnormally low across much of the developed world as policies of zero or even negative interest rates by the Bank of England, the Bank of Japan, theEuropean Central Bank, and the US Federal Reserve keep rates anchored.Gap and Abercrombie are trapped in retail's nightmarish cycle -Gap and Abercrombie & Fitchare trapped in a viciouscycle.The brands can't stop resorting to one of retail'sworst trends: rampant discounts.Las Vegas financiers are demanding a non-negotiable $750 million in public money for potential Raiders stadium -Backers of a $1.9 billion proposal for a new NFLstadium in Las Vegas for the Oakland Raiders are demanding$750 million in public money to fund the project, or else they say they will walk away.Get ready to say goodbye to a lot of electric cars -We are nearing the beginning of what we'recalling the "second great electric-car extinction." The first extinction happened after the financial crisis, when numerous electric-vehicle startups went bankrupt andvanished.SEE ALSO:This brilliant map renames each US state with a country generating the same GDPJoin the conversation about this story
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