Twitter, Tesla please investors and stock rally evaporates

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It’s a jam-packed day on Wall Street as investors mull over more earnings and fresh data on the economy. An early morning rally in stocks has evaporated as the selling in global bonds intensified.

Tesla’s surprise

Tesla (TSLA) delivered only its second profitable quarter in its history. That surprised analysts who were expecting a loss. The company also beat Wall Street’s revenue forecast. The company’s last profitable quarter was in 2013, and the pressure was on this time because CEO Elon Musk needs cash to build the company’s mass market Model 3. Will he be able to make good on Tesla’s goal of delivering 500,000 vehicles in 2018?

Twitter (TWTR) is flapping its wings. The struggling social media company delivered better-than-expected earnings and revenue for the third quarter. Twitter reported 317 million monthly active users. That’s a rise of 3% from a year ago. The company also said it would eliminate about 350 jobs, or 9% of its workforce. Twitter shares have had a bumpy ride since speculation first started swirling about a potential takeover.

Biggest IPO of 2016

The biggest US IPO of the year is set to make its Wall Street debut. Chinese package delivery firm ZTO Express will begin trading on the NYSE this morning under the ticker ZTO. The company priced 72 million shares last night at $19.50 a piece, raising $1.4 billion for its initial public offering. ZTO is the biggest Chinese company to go public in the US since Alibaba (BABA) two years ago. Yahoo, the parent company of Yahoo Finance, owns about a 15% stake in Alibaba.

Chip deal

NXP Semiconductors (NXPI) is being bought by Qualcomm (QCOM). The deal is valued at about $47 billion, which includes debt. That translates to $110 per share. This comes as Qualcomm looks for ways to expand the reach of its chips from smartphones to cars. The combined company is expected to have annual revenues of more than $30 billion.

Apple Mac event

Apple (AAPL) remains in focus this morning. The stock fell more than 2% yesterday after quarterly results failed to impress investors. Today the focus shifts to the tech giant’s unveiling of a new upgraded Mac computer in Cupertino at 1 p.m. Eastern Time. Apple is in need of a new hit as it looks for ways to offset falling sales of iPhones. Separately, the company said it’s delaying the shipment of its wireless AirPod headphones, which were supposed to hit the market at the end of this month. Apple said the product needs “a little more time” before it’s ready for market, but did not say when the headphones would be available.

Google’s self-driving cars

Google’s parent Alphabet (GOOGL) is taking a big step in its pursuit of producing self-driving cars. The company is creating a stand-alone unit for the business, moving it out of its research lab called “X.” Google’s X lab started work on fully autonomous cars nearly eight years ago. Now it faces competition from Uber, Tesla and traditional carmakers. Will the move to create a stand-alone unit give it an edge?

Bill Clinton’s paid speeches

A hacked memo published by Wikileaks shows that fundraisers for the Clinton Foundation also pushed donors to steer paid work to former president Bill Clinton. The memo shows that a consulting firm called Teneo raised more than $8 million for the Clinton Foundation and also arranged for Bill Clinton to deliver more than $3 million worth of paid speeches. What does this mean for Hillary Clinton less than two weeks before the presidential election?

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