Twitter took flight Thursday in an impressive initial public offering that valued the company at $24.48 billion. Friday, the company's wings were clipped a bit as shares fell more than 7 percent. The smaller social network priced its shares at $26 a piece, opened with a healthy 73 percent pop at $45.10, then closed the day at $44.95. Clearly, investors were willing to give Twitter a pass on its money-losing business. If Twitter is to soar on the public market, however, the company will eventually need to turn a profit from the attention of its 232 million active users. Also, analysts say Twitter must continue to grow its user base. Nate Elliott, Principal Analyst, Forrester Research:
U.S. consumer sentiment unexpectedly dipped in November to a near two-year low as lower-income households worried about their job prospects and financial outlooks and negative views of the government lingered. The Thomson Reuters/University of Michigan's preliminary reading on the overall index of consumer sentiment fell to 72.0 in November, its lowest since December 2011. The one-year inflation expectation rose to 3.1 percent from 3.0 percent, while the five-to-10-year inflation outlook gained to 2.9 percent from 2.8 percent.
BlackBerry has ditched its plans to find a buyer, and its board has also rejected a proposal to break up and sell the Waterloo company in pieces. Reuters reports that Microsoft, Apple, Lenovo, and other companies were interested in buying parts of the company, but BlackBerry's board expressed that this move would not serve the interest of its stakeholders, which include its employees, customers, and suppliers. BlackBerry's most valuable assets are its enterprise business and patent portfolio: The former could fetch $550 million to $1.1 billion, according to estimates , while the latter could bring in $2 billion to $3 billion.
Regulators are fleshing out rules to ensure the orderly liquidation of big financial firms that get into trouble, Federal Reserve Chairman Ben Bernanke said on Friday, adding officials have the power to limit so-called 'moral hazard'. He went on to say "Regulatory and supervisory reforms, such as higher capital and liquidity standards or restrictions on certain activities, can directly limit risk-taking,"