Twitter's shares rose 73 percent on the company's first day on
the market on Thursday.
The highly anticipated IPO drove Twitter's value up to $25
billion dollars and proved that many believe the social networking
site is an indispensable part of the internet despite disappointing
losses last quarter.
In other news around the markets:
Top Iranian and Western officials are moving closer to reaching
a deal on Iran's nuclear program at talks which began on Thursday.
The two sides have announced that they could come to an agreement
as early as Friday. Under such an agreement, Iran would make its
nuclear program more transparent in exchange for easing
The eurozone took a fresh blow on Friday after Standard &
Poor's lowered its credit rating on France from 'AA+' to 'AA'. The
firm cited high unemployment and the need for structural reforms
for the downgrade. French Finance Minister Pierre Moscovici said
the downgrade was an "inaccurate criticism." After Coca-Cola blamed
its missed sales targets on a slowdown in Europe and Asia, the
company has decided to invest more than $4 billion in new Chinese
plants from 2015-2017. Coca-cola has already earmarked an
additional $4 billion for China from 2012-2014.
Groupon's Eric Lefkofsky blamed Gmail for the company's
disappointing earnings release, saying the email website's decision
to filter out promotional emails to a separate folder has taken
away from the company's sales, which were heavily reliant on coupon
Asian markets ended the week on a low, the Japanese NIKKEI was
down 1.00 percent, China's Shanghai composite lost 1.09 percent and
the Shenzhen composite lost 1.35 percent. Only New Zealand's NZ 50
posted gains, up 0.58 percent.
After a strong day on Thursday, European markets were down
across the board heading into the weekend. The UK's FTSE lost 0.48
percent and the eurozone's STOXX 600 fell 0.58 percent. France's
CAC 40 fell 0.74 percent and the Spanish IBEX was down 0.72
Energy futures had modest gains, Brent futures were up 0.03
percent and WTI futures rose 0.17 percent. Gold gained 0.03 percent
and silver was up 0.20 percent. Industrial metals were down across
the board with copper down 0.11 percent and zinc down 0.65
The euro sunk further to $1.34 and the pound also lost against
the dollar, down 0.10 percent. The yen was down 0.08 percent
against the greenback and the Australian dollar to American dollar
ratio was unchanged.
Notable earnings released on Thursday included:
Priceline.com Incorporated (NASDAQ:
) reported EPS of $17.33, compared to last year's EPS of $12.40 per
share on revenue of $1.71 billion. Groupon, Inc. (NASDAQ:
) reported EPS of $0.02 on revenue of $595.10 million, compared to
last year's EPS of $0.03 on revenue of $568.55 million. Walt Disney
) reported third quarter EPS of $0.77 on revenue of $11.60 billion,
compared to last year's EPS of $0.68 on revenue of $10.78 billion.
Health Net Inc. (NYSE:
) reported third quarter EPS of $0.83 on revenue of $2.78 billion,
compared to last year's EPS of $0.38 on revenue of $2.78 billion.
Stocks moving in the Premarket included:
Caterpillar Inc (NYSE:
) gained 0.24 percent in premarket trade after a week of choppy
trading. Transocean Ltd. (NYSE:
) lost 1.33 percent in premarket trade after climbing 11.43 percent
over the past week.
Earnings reports expected on Friday include:
Covidien plc. (NYSE:
) is expected to report EPS of $0.90 on revenue of $2.57 billion,
compared to last year's EPS of $1.02 per share on revenue of $3.00
billion. Vaalco Energy Inc (NYSE:
) is expected to report EPS of $0.34, compared to last year's EPS
of $0.13. Eldorado Gold Corporation (NYSE:
) is expected to report third quarter EPS of $0.07 on revenue of
$270.32 million, compared to last year's EPS of $0.11 on revenue of
Friday's economic calendar will be dominated by US data
including US wholesale trade, US nonfarm payrolls, and the US
unemployment rate. Trade balance data will be coming from several
European countries including Britain, France, and Germany.
For a recap of Thursday's market action click .
Tune into Benzinga's pre-market info show with Dennis Dick and
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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