Stocks wobbly … Twitter disappoints … Durable goods orders tumble … New home sales fall
NEW YORK (AP) – Stocks are wobbling between gains and losses this morning as traders review a mixed batch of corporate profits and financial forecasts. Technology stocks have made the strongest gains, while most other sectors have edged lower. Communication companies fared the worst as Twitter plunged on weak results.
SAN FRANCISCO (AP) – Twitter’s quarterly earnings report has sent its shares sharply downward. Disappointing third-quarter profit and revenue numbers overshadowed surprisingly strong user growth. Net income was $37 million in the quarter, compared with adjusted net income of $106 million in the same period last year. Twitter also lowered its outlook for the fourth-quarter and the year.
WASHINGTON (AP) – Orders to U.S. factories for big-ticket manufactured goods tumbled 1.1% in September, the largest amount in four months. Meanwhile a closely watched category that tracks business investment fell for a second month. The declines underscore the troubles manufacturing is having in the face of a global slowdown and trade war uncertainty.
WASHINGTON (AP) – New home sales fell slightly in September with all regions of the country except the Midwest showing declines. The Commerce Department says sales of new homes fell 0.7% following a big 6.2% surge in sales in August. Many economists had expected sales to keep rising in September, reflecting declining mortgage rates and ultra-low unemployment.
FRANKFURT, Germany (AP) – The European Central Bank has left unchanged its key interest rates and stuck to its previously announced stimulus programs as Mario Draghi wraps up eight years as president. The bank is keeping the rate on overnight deposits from banks at minus 0.5%. Former International Monetary Fund head Christine Lagarde takes over as ECB president on Nov. 1.