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Waiting for Budge in Budget Battle; Twitter’s IPO Plans; Dimon’s Top Secret?

Dan Berman
Hot Stock Minute
Waiting for Budge in Budget Battle; Twitter’s IPO Plans; Dimon’s Top Secret?

There's no way to see what happened in September. The monthly jobs report postponed due to the government shutdown. Numbers would have been released right now. Consensus has been for about 180,000 new jobs, and for the unemployment rate to remain at 7.3%. That would be above the ADP payroll report released on Wednesday. It measured 166,0 new jobs. Despite the shutdown The Labor Department released weekly jobless claims yesterday. They came in below estimates at 308,000, but that number is sure to rise now with all the furloughs under the shutdown.

Now, allow us to characterize Twitter's IPO. The messaging service has now revealed its plans for going public. Twitter wants to raise up to $1-billion with the offering. Twitter recently valued itself at about $9.7-billion, and its filings suggest a worth as high as $12.8-billion. But some of the company's other numbers are disappointing. For instance, it generated revenue of $253-million in the first six months of this year, but lost $69-million during that time. Yahoo Finance Senior Columnist Mike Santoli has more on Twitter's IPO plan in the video above.

Jamie Dimon has quietly relinquished one of his titles. Documents released yesterday show Dimon is no longer chairman of JPMorgan Chase Bank. Note the distinction here: This is not JPMorgan Chase (JPM) itself, but rather its largest subsidiary which operates in 23-states and several foreign countries. According to the documents William Weldon became chairman back in July. Dimon remains both CEO and chairman of the parent company

Samsung is predicting record results for the quarter that just ended. The South Korean powerhouse puts profits in the range of $9.2 to $9.6-billion. Never mind that its Galaxy Gear smartwatch didn't get a very warm reception. Samsung's biggest hurdle right now may be similar to Apple's (AAPL) . It's sitting on such a large mound of cash shareholders may want some of it returned to them.


Facebook (FB) is getting added attention with the release of details on the Twitter IPO. But Facebook is also making news of its own, announcing a plan to sell advertising over its Instagram photo-sharing service. The social network's stock is up 17% in the last month on a number of upgrades. It has climbed 76% year-to-date as it masters mobile. The company has also staged quite a turnaround since its notorious IPO. Facebook stock is up 29% from its original offering price of $38 a share.

Tesla (TSLA) is up fractionally in early trading. The stock dropped another 4% yesterday because of that video of a Model S sedan up in flames. The tape shows a fireball by the side of a road in Washington State. The driver says he hit metal debris, causing the vehicle to catch fire. That video is the main contributor for an 8% drop in Tesla's stock over the past week. Nevertheless shares remain up 390% since the start of the year.

Now Adobe (ADBE) which is currently down more than 1%. The software giant says hackers have stolen source code to some of its most popular programs including Adobe Acrobat. Also taken: data about millions of customers. Adobe says it discovered the breach about two weeks ago, and so far there's no evidence of any cyber attacks Adobe has been having quite a year up almost 33%.

One of the few companies reporting today is car dealership operator Sonic Automotive (SAH). Analysts are looking for the company to post profits of 50-cents a share. That would be up 25% from a year ago. By the way, Sonic overseas 119-dealerships around the country. Most sell imports and luxury brands. Sonic's stock is up 12% in 2013, rather modest given the boom in auto sales.