Twitter has started trading on the New York Stock Market on Thursday under the ticker symbol "TWTR." Twitter priced the initial public offering of stock at $26 per share, valuing the company at more than $18 billion based on its outstanding stock, options and restricted stock that'll be available after the IPO. CHRIS BAGGINI is a SENIOR PORTFOLIO MANAGER for TURNER INVESTMENTS. If all shares are sold, the IPO will raise $2.09 billion, making it the biggest IPO for an Internet company since Facebook raised $16 billion last year.
Deutsche Bank Chairman Paul Achleitner said the supervisory board at Germany's flagship lender decided to extend co-chief executive Juergen Fitschen's contract until 2017, despite knowing about a criminal probe against him. "We know Mr Fitschen and his personal integrity, and we were informed about the Munich investigation when his contract was extended with unanimous consent," Achleitner told an audience at a conference in Hamburg on Thursday. A Deutsche Bank spokesman declined to comment on his behalf, and referred to an earlier statement in which the lender said, "The bank is absolutely convinced that this suspicion will prove to be unfounded." Still, Fidel Peter Helmer, a trader with Hauck and Aufhaeuser Bank, says the scandal is bound to hurt share prices.
Whole Foods Market is down more than 9% on its earnings, which came out after yesterday's closing bell. The company actually beat earnings estimates by a penny with 32-cents a share but sales disappointed, failing to break the $3-billion mark. Perhaps more critical, the company reported slowing growth, and lowered its sales forecast for 2014. Overall, Whole Foods shares were up 40% year-to-date.
The American economy grew at an annual rate of 2.8 percent in the third quarter, significantly better than economists had expected and the fastest pace this year. The Commerce Department report had originally been scheduled to come out on Oct. 30, but was delayed by the government shutdown last month. Economists surveyed by Bloomberg News had estimated an annual growth rate of 2 percent in the third quarter, but that forecast had been drifting lower recently.