Yahoo, China and 'a hedge fund killing field'

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Yahoo finally caved.

The tech company has reached a settlement with activist investor Starboard, and will add four of Starboard's independent directors to its board. Starboard CEO Jeff Smith will be among those joining Yahoo's board.

Apple's earnings were awful, but Wall Street has its eyes on the iPhone 7. And here's what Wall Street is saying about another disappointing quarter for Twitter.

An unlikely source predicted Chipotle's disastrous quarter, and it says a lot about the future of investing.

There is a bunch of China news this morning. Here are the highlights:

• There is a 20% chance China's debt bubble bursts, according to BlackRock CEO Larry Fink.
• Job growth in China fell to a four-year low in the first quarter, according to the China Beige Book.
• Here's the moment Jim Chanos knew betting against China was a once in a lifetime opportunity.
• China's economy is on steroids, and things could messy when they run out.

Dan Loeb, who like many hedge fund managers was betting on a devaluation of the yuan, described a "hedge fund killing field" in his latest Third Point investor letter.

"There is no doubt that we are in the first innings of a washout in hedge funds and certain strategies," he said.

Lastly, the world is 'turning its back' on one of the greatest economic trends of the past century

Here are the top Wall Street headlines at midday:

Peter Thiel and Mitt Romney invested $100 million in a company that wants to be the Apple of smart homes - Vivint, a smart home company based out of Provo, Utah, has raised $100 million in its first round of venture-capital funding.

FINK: Presidential candidates keep talking down the US, and it is hurting the economy - BlackRock CEO Larry Fink thinks that the US election is hurting the economy.

Baker Hughes just reported a massive miss on earnings - Baker Hughes reported a wider-than-expected earnings loss for the first quarter ahead of Wednesday's market open.

The US auto industry is on an epic run - but Wall Street isn't impressed - The US auto industry should be taking a victory lap: 2015 was a record sales year and profits continue to roll in.

Comcast is reportedly in talks to acquire DreamWorks Animation in a multibillion deal - DreamWorks is the animated film house behind blockbuster movies like "Kung-Fu Panda" and "Shrek," and headed by CEO Jeffrey Katzenberg.

Nomura outlines deep cost cuts after first quarterly loss in four years - Japan's biggest brokerage Nomura Holdings posted its first quarterly loss since 2011 on Wednesday and detailed deep cost cuts designed to get its global business back into the black.

The most hated airline in America is racking up major profits - Spirit is once again the most hated airline in America according to the American Customer Satisfaction Index.