Hollis Johnson
Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox.
Snap Inc. announced the biggest redesign in Snapchat's six-year history, featuring a new kind of algorithmically sorted feed that borrows ideas from the likes of Facebook and Netflix. Business Insider first reported details of the planned redesign earlier this month. So far, markets have not responded enthusiastically.
Chipotle's founder plans to step down as the struggling chain begins the hunt for a new CEO - news that sent the company's stock soaring. The company is facing a reckoning - we visited a Chipotle and saw why it may never be the same again.
Secretive trading firm Jump Trading is undergoing a shakeup. CTO Steve Hunt has left the firm after a tenure of more than a decade, Business Insider reports.
US GDP surged to 3.3% in the third quarter - the best level since 2014.
In other markets news:
- Tech stocks are getting whacked, with shares of many of the major tech companies trading down more than 2% ahead of noon ET on Wednesday.
- GOLDMAN SACHS: Pain is coming for investors with markets the most expensive since 1900.
- The stock market's safety net is disappearing - but don't sound the alarm just yet.
- Short seller Andrew Left of Citron Research says Roku is a 'total joke'.
- Amazon smashed all records on Cyber Monday for its best day in history.
- The Nintendo Switch was the hottest product on Black Friday and Cyber Monday - and it wasn't even on sale.
- Bitcoin breaks $11,000, less than 24 hours after passing $10,000 for the first time.
- Nasdaq is set to launch bitcoin futures.
And in Washington:
- Top tax economist says the GOP bill is 'crazy' and 'stupid'.
- How your tax bracket could change under the Senate's tax plan, in two charts.
- One simple answer during Jerome Powell's Senate confirmation hearing could come back to haunt him.
- A huge difference between Janet Yellen and Jerome Powell helps explain how he landed the job.
ESPN is laying off another 150 employees, most of which worked behind the scenes. The network laid off almost 300 employees in 2015, and in April, 100 more employees were let go, including many on-air personalities.
Lastly, here are the 50 best beaches in the world, according to travel experts.