Two financial firms filed a $124 million lawsuit against Twitter on Wednesday, just days before the microblogging company is set to debut on the New York Stock Exchange. The firms, Precedo Capital Group and Continental Advisors, alleged that Twitter intentionally orchestrated a failed private sale of its shares in an attempt to increase investor interest before the company's initial public offering.
Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 150,000 jobs. The report is jointly developed with Moody's Analytics. The data comes against the backdrop of a federal government shutdown in the first half of the month, as congressional Republicans sought to undermine President Barack Obama's signature health care law as a condition of funding the government. Analysts fret that the impasse in Congress dragged on the economy. "Average monthly growth has fallen below 150,000," said Mark Zandi, chief economist of Moody's Analytics. Martin Sorrell, CEO of the world's largest advertising agency, says the President has a challenge
Stock index futures edged higher on Wednesday, a day after the Dow and the S&P 500 indexes hit a new closing record, on expectations that the Federal Reserve's monthly bond purchases of $85 billion will be extended into next year. On the earnings front, shares of General Motors rose 1.5 percent in premarket trading after the company posted better-than-expected quarterly profit, thanks to strength in its core North American market and a smaller-than-anticipated loss in Europe.
AT&T has rolled out the 4G LTE welcome mat to another six markets. The cities included in the latest LTE expansion are Red Bluff, Calif., Redding, Calif., Gallipolis-Point Pleasant, Ohio-W.Va., Marion, Ohio, Albany, Ore., and Watertown-Fort Atkinson, Wis. The additions bring AT&T's LTE total to 447 markets, covering almost 250 million people. The carrier plans to reach 270 million people with 4G LTE by the end of 2014. The rollout is expected to be substantially completed by next summer, with 300 million people covered by the end of 2014.