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U.S. eyes long prison term for Wall Street scion's fraud

Andrew Caspersen departs after a hearing at the U.S. Federal Court in New YorkU.S. prosecutors on Thursday said Andrew Caspersen, the scion of a wealthy Wall Street family, should spend as long as 15-2/3 years in prison after he pleaded guilty to defrauding friends, family and a charity out of more than $38 million. In papers filed with the federal court in Manhattan, prosecutors said Caspersen, 40, who had worked at a unit of investment banker Paul Taubman's PJT Partners Inc, abused the trust of his victims through his "long-running, significant and elaborate" fraud. Prosecutors said the son of late Wall Street financier Finn M.W. Caspersen ran a Ponzi-like scheme from November 2014 to March 2016 to defraud more than one dozen investors, claiming he would use their funds to make loans to private equity firms.

Google parent Alphabet beats on revenue, earnings; sets buyback

A Google search page is seen through a magnifying glass in this photo illustration taken in BerlinGoogle parent Alphabet Inc reported stronger-than-expected quarterly revenues and earnings on Thursday, helped by strong advertising sales on mobile devices and YouTube, and the search company authorized a $7 billion repurchase of its Class C stock. Alphabet, along with Facebook Inc, dominates the fast-growing mobile advertising market. Shares of Alphabet, the world's No. 2 company by market value, were up 1.6 percent in after-hours trading.

Twitter's video-sharing mobile app Vine to close

People holding mobile phones are silhouetted against a backdrop projected with the Twitter logoBy Amy Tennery NEW YORK (Reuters) - Twitter Inc announced Thursday that it would discontinue the video-sharing mobile app Vine, as it moves to cut 9 percent of its workforce worldwide to keep costs down after beating Wall Street quarterly earnings expectations. The decision comes on the heels of a failed attempt to sell Twitter as it fights against stagnant user growth and mounting competition from other social media platforms. In a post published jointly by Twitter and Vine to the blog platform Medium, the social media services said that the Vine website would stay live even after the mobile app is discontinued, giving users the chance to download and save any videos.

Amazon forecast for holiday season disappoints as investment rises

File photo of's logo at Amazon Japan's office building in Inc provided a disappointing forecast for the holiday season quarter while posting earnings that missed Wall Street estimates in the third quarter, as it invested heavily on shipping, video offerings and other projects, sending its shares down nearly 5 percent. Investors and analysts are trying to gauge how much more Amazon plans to invest in its various ventures, and it unnerved some that it offered wide ranges in its outlook. "Amazon really doesn't know what's going to happen this quarter," said analyst Jan Dawson of Jackdaw Research, noting investors disapproved of the "uncertainty" in the company's guidance.

China courier ZTO delivers year's biggest U.S. IPO

The logo of ZTO Express is seen in BeijingBy Lauren Hirsch NEW YORK (Reuters) - Chinese package delivery company ZTO Express said it raised $1.4 billion in the biggest U.S. initial public offering of the year on Wednesday as its backers cashed in on China's booming online-shopping industry. The stock market debut, the biggest by a Chinese company since the $25 billion IPO of e-commerce giant Alibaba Group Holding Ltd in 2014, gave the Shanghai-based company a market value of more than $12 billion. ZTO's U.S. listing is a head start over rivals in the world's largest express delivery market because it gives the company faster access to cash to expand.

British data prompts global bond sell-off; Wall Street falls

A worker shelters from the rain as he passes the London Stock Exchange in LondonBy Hilary Russ NEW YORK (Reuters) - Strong growth data out of Britain prompted the biggest daily sell-off in government debt for months and pushed yields on the world's benchmark bonds higher on Thursday, as expectations eased for a Bank of England interest rate cut. The bond sell-off gained momentum in the United States after upbeat jobless claims data pointed to another robust non farm payrolls number next week. Wall Street closed lower, dipping in a choppy session after the latest round of earnings reports. ...

GLOBAL MARKETS-British data prompts global bond sell-off; Wall Street falls

Strong growth data out of Britain prompted the biggest daily sell-off in government debt for months and pushed yields on the world's benchmark bonds higher on Thursday, as expectations eased for a Bank ...

Stocks dip as earnings pour in, consumer discretionary lags

Traders work on the floor of the NYSEU.S. stocks dipped in a choppy session after the latest round of earnings reports, as a decline in the consumer discretionary sector and interest-rate sensitive stocks outweighed gains in healthcare names. The S&P 500 healthcare index rose 0.53 percent to help keep the S&P 500 near the unchanged mark, buoyed by strong results and forecasts from Bristol-Myers , up 5.4 percent and Celgene , up 6.4 percent. The two drugmakers were the top boosts to the S&P 500.

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