What you need to know on Wall Street today
When Laszlo Birinyi talks about the stock market, it's in your best interest to listen.
The legendary investor and president of Birinyi Associates has repeatedly nailed his predictions since the start of the bull market. And in an interview with Business Insider, Birinyi laid out his arguments for why the rally could continue. He also poked holes in many of the most popular bearish stock arguments - from high valuations, to record-low volatility, to breadth. He doesn't buy any of it.
In related news, markets are shrugging off North Korea's latest missile launch.
Exactly nine years ago, on September 15, 2008, Lehman Brothers became the largest bankruptcy in US history. And although Lehman Brothers ceased operations almost a decade ago, merchandise produced by the bank for its employees can still be found online. Here are our favorite Lehman Brothers items currently for sale on eBay.
Elsewhere in finance news, one graphic explains everything going on in money management right now. Wall Street banks are prepping to move bankers from London to Milan. Elizabeth Warren launched an investigation into the Equifax hack. SoFi CEO Mike Cagney will resign effective immediately instead of finishing out the year.
And hedge fund manager Hugh Hendry is closing his flagship fund after 15 years.
In economics news, US retail sales unexpectedly fell in August. And more and more older Americans are slipping into poverty.
In tech news:
- Alphabet is reportedly considering investing $1 billion in Lyft
- Facebook millionaire Chamath Palihapitiya raises $600 million in IPO for his blank-check firm
- Japan's Softbank wants to invest $10 billion in Uber, but only if it gets a big discount
- Oracle beats on the top and bottom lines - but its outlook is a drag
- EVERCORE: Here's why Nvidia could soar to $250
- Amazon is bringing its biggest weapon to Whole Foods to make sure it succeeds
- Amazon innovation chief: "We are failing and will continue to fail"
In other news, the Ferrari IPO is causing major headaches for other carmakers. And it's time for a "GM revolution," according to Morgan Stanley.
Lastly, here are the 46 hottest cars at the 2017 Frankfurt Motor Show.