Stock market news today July 26

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Facebook’s earnings disaster has it on pace to lose $115
billion in market value

Facebook is on pace to make the wrong type of
history.

The Mark Zuckerberg -led
social-media titan saw shares drop more than 18% on Thursday
following a disastrous second-quarter earnings report. The damage
was swift and unforgiving in the after-market on Wednesday as
Facebook plummeted as much as 24% within an hour. The selling has
now spilled over into regular trading.

Investors took issue with sales and subscriber numbers that fell
short of expectations. But, perhaps most damaging of all, the
company warned of a growth
slowdown . Facebook is now headed for its
biggest single-day drop since it started trading publicly in May
2012.

In other Facebook news, an activist
Facebook shareholder is drawing up a new proposal to fire Mark
Zuckerberg as chairman. 

‘The next frontier for us’: Inside State Street’s multi-
billion dollar bet on financial data

State Street recently announced a deal to buy the financial-data
firm Charles River Development for $2.6 billion. The deal was
seen as a step toward Wall Street trading floors for the company.

It’s a big bet. When State Street announced the deal alongside
the cancellation of a big buyback, the company’s stock dropped
8%.

According to Lou Maiuri, an executive vice president at State
Street, the deal is meant to help the firm pipe in tools it’s
been quietly working on to trading floors everywhere.

It represents the next step in the company’s efforts
to create a one-stop shop for Wall Street firms looking for
solutions from the back office, where State Street helps
custody assets, to the front office, where traders pick winning
stocks.

A former Goldman Sachs exec is joining a crypto-trading
firm as it eyes a major global expansion

Circle, the cryptocurrency exchange operator, has
snagged a former Goldman Sachs executive to help navigate the
murky regulatory waters as it expands globally, Business Insider
has learned.

Benedicte Nolens, who joined the firm directly from Hong Kong’s
Securities and Futures Commission, has been named Circle’s head
of global regulatory affairs, as well as head of compliance for
its operations in Europe and Asia.

Previously, Nolens was an executive director at Goldman Sachs,
working at the firm for more than a decade. She also once served
as chief compliance officer for Credit Suisse, the Swiss bank.

In markets news