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Twitter beats estimates, cuts jobs with eye on 2017 profitability

A 3D-printed logo for Twitter is seen in this picture illustrationTwitter Inc said Thursday it would cut 9 percent of its global workforce to keep costs down even as quarterly results eclipsed Wall Street's beaten-down expectations, lifting shares that had fallen after a failed effort to sell the company. More than 300 Twitter employees will be affected by the layoffs, a figure similar to an earlier round of reductions announced a year ago. Twitter, which has seen user growth stall amid competition from nimbler rivals such as Instagram and Snapchat, said its user base ticked up 3 percent to 317 million average monthly active users in the quarter.

Wall Street reverses course as discretionary, industrials weigh

A woman passes by the New York Stock Exchange during the morning commute in New York CityU.S. stocks reversed course late Thursday morning as weak results from several industrial and consumer discretionary companies eclipsed gains from healthcare stocks. The top drag on the S&P 500 and the Nasdaq was Comcast, which fell 2.7 percent following price target cuts from Barclays and Deutsche Bank, citing increased competition from AT&T-owned DirecTV Now. Comcast, along with Ford, whose quarterly net income fell by more than 50 percent, were chiefly responsible for the consumer discretionary index to fall 0.77 percent.

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

A man unloads parcels from a vehicle of the ZTO Express delivery in BeijingChinese 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.

Aetna tops Street 3Q expectations, narrows 2016 forecast

Aetna tops Street 3Q expectations, narrows 2016 forecastAetna's third-quarter earnings rose nearly 8 percent to top Wall Street forecasts, as growing government business and cost cutting countered higher costs from the health insurer's Affordable Care Act coverage. ...

Volkswagen raises earnings outlook as it returns to profit

FILE - In this Oct. 5, 2015, file photo, the VW sign of Germany's Volkswagen car company is displayed at the building of a company's retailer in Berlin. Volkswagen is scheduled to present its third quarter figures Thursday, Oct. 27, 2016. (AP Photo/Markus Schreiber, File)FRANKFURT, Germany (AP) ? Volkswagen raised its sales and earnings outlook Thursday after bouncing back to a profit of 2.34 billion euros ($2.55 billion) in the third quarter from a large loss a year earlier, when it took a big charge from its car emissions scandal.

Deutsche Bank lags Wall Street in bond trading comeback

Deutsche Bank benefited from the rising tide in bond trading in the third quarter of 2016, but as it struggles with the protracted overhaul of its investment bank, Wall Street rivals are stealing a march. The volatile markets between July and September, sparked by Britain's vote to leave the European Union and bouts of anxiety about monetary policy around the world, would normally be perfect conditions for Deutsche Bank's fixed-income business to turn a hefty profit. Indeed revenues at its cash-cow bond trading division were up 14 percent compared with the same period last year to nearly 2.1 billion euros ($2.29 billion), helping the German lender post an unexpected quarterly profit on Thursday.

Software tycoons eye 300m payday even as IPO market stalls

Software tycoons eye 300m payday even as IPO market stallsA group of software entrepreneurs are drawing up plans for a 300m flotation or sale even as London's market for new share offerings continues to stall. Sky News understands that CHP Consulting, which provides end-to-end software across industries including automotive finance?, has appointed bankers at Rothschild to review options for the future of the company. CHP, which is said to be likely to be worth more than 300m, plans to decide next year whether it will pursue a sale or stock market listing, according to people close to it.

Buyout firm Blackstone third-quarter earnings beat estimates

The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock ExchangeBlackstone Group LP , the world's biggest alternative asset manager, posted stronger-than-expected third-quarter earnings on Thursday as its real estate, private equity and credit investments posted sharp turnarounds. Performances across all of Blackstone's main businesses -- buyouts, real estate, hedge funds and credit -- improved markedly compared with year ago, when a plunging U.S. stock market pushed investments into the red.

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