What you need to know on Wall Street today

Imagine the following scenario.

A Wall Street investment bank has just led the biggest tech initial public offering in years but makes a mistake in the first research note it publishes on the stock.

The error means the bank overstated the forecasted earnings over a five-year stretch by nearly $5 billion. Yet when the bank issues a correction and updates its earnings models, its price target on the shares remains the same.

How does that happen? The answer says a lot about the weaknesses in Wall Street analyst research and the closely watched price targets published by big banks.

Business Insider's Pedro da Costa once asked Fed chair Janet Yellen about the investigation in to the leaks. The question echoed much longer than he expected. And te sudden resignation of Lacker came with a huge hint that there's more to come, according to da Costa.

achine learning is now used in Wall Street dealmaking, and bankers should probably be worried. Someone made a $100 million trade with JPMorgan on their cell phone. And the world's biggest asset manager has slashed the fees it pays to Wall Street.

In markets news, ADP private payrolls crush expectations. The largest part of the US economy slowed in March amid uncertainty about Trump's policies. And twill deliver on one of his biggest economic promises

In deal news, the owner of Krispy Kreme and Keurig is buying Panera Bread for $7.5 billion, and Warren Buffett's favorite banker is investing in the deal. Boeing and JetBlue just invested in a tiny electric-jet startup that could revolutionize air travel.

Money is pouring in to a hot new area of science that could change the way we think about aging.

A senator found Medicare blowing hundreds of millions on a drug private insurers wouldn't touch — and nothing happened. And one of the most controversial drug companies in America is out of the industry's lobby.

Lastly, here's what it's like to eat a $295-per-person, 3-hour dinner at Eleven Madison Park, the best restaurant in the world.

There's one important reason this time is different for the Fed -

A JPMorgan asset manager overseeing $350 billion thinks Europe is an unexploited opportunity for investors -

Tesla is now bigger than Ford despite selling a fraction of the cars — and a threat is looming over the future- Tesla is having a big week.

Walgreens sees a surprise drop in sales - Drugstore chain operator Walgreens Boots Alliance Inc, reported a surprise drop in quarterly sales, citing challenging market conditions in continental Europe, and as a strong dollar reduced the value of sales outside the United States.

How Apple product pricing compares to its closest competitors, in one chart - cost $1,000 or more

The death of brick-and-mortar retail could hit these 9 companies hard in 2017 - The death spiral of traditional brick-and-mortar stores is having a ripple effect throughout the retail industry.

The 13 best US stocks you can buy right now, according to Credit Suisse- Credit Suisse just published a list of its top US stock picks.

What you need to know on Wall Street today

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