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Twitter Warning Sinks Stock In After Hours

29 Oktober 2014
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Twitter Warning Sinks Stock In After Hours
Twitter projected lower sales in the holiday quarter, sending its stock lower despite revenues that doubled last quarter. Stocks close flat. Bobbi Rebell reports.

Twitter quarterly revenue more than doubled- beating forecasts- and it's overall earnings were in line with forecasts

Bareksa.com - Twitter quarterly revenue more than doubled- beating forecasts- and it's overall earnings were in line with forecasts. But the messaging service forecast 4th quarter sales that may miss targets, and its stock sank in after hours trading.

Energy and economics dragged stocks lower for most of the session on Monday following last week's huge rally. U.S. crude dipped below the key $80 level at one point after Goldman Sachs slashed its oil price forecasts, citing ample supply and tepid demand. Oil drilling-related stocks like Schlumberger, Baker Hughes and Weatherford slipped after that forecast.

The Dow, the S&P 500 and the Nasdaq though closing mixed- and relatively flat by the end of the session..

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Eric Wiegand, senior portfolio manager, U.S. Bank:

SOUNDBITE ERIC WIEGAND, SENIOR PORTFOLIO MANAGER, U.S. BANK (ENGLISH) SPEAKING:

"In this most recent rally, we've actually seen more interest-sensitive shares, particularly real estate investment trusts, have really come to the fore again. I think it's really a matter of investors broadly resetting their expectations as far as interest rates."

In the interest sensitive housing sector, contracts to buy previously owned homes bounced back less than expected last month. And the services sector in October grew at its slowest pace in six months.

In earnings news, Dow component Merck's profit dropped because patents on some drugs expired, exposing them to generic competition. Deep cost cuts helped profit beat forecasts but couldn't offset the decline in drug sales.

Valeant Pharmaceuticals says it's ready to up the ante to buy Allergan. But Allergan dismissed the move as a tactic to distract investors from Allergan's earnings.

Drug maker Sarepta Therapeutics' stock plunged after the U.S. Food and Drug Administration asked for more data on its experimental muscle disorder drug.

The ETF, iShares MSCI Brazil Index, tumbled after the country's leftist president, Dilma Rousseff, got re-elected.

In Europe, an equities rally following the release of banks' stress tests petered out fast. Investors took profits, and a slide in German business sentiment also pressured stocks. (Source: Reuters)

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