Benzinga | Sep 13, 2013 08:26AM ET
announced that it was beginning the process for its initial public offering via a tweet on Thursday. The company, which has grown to more than 200 million users since its creation seven years ago, has been valued between $10 billion to $20 billion; consensus estimates value the company closer to $10 billion.
Twitter’s IPO has come much sooner than most expected, however the company was able to take advantage of the JOBS act which allows small companies to file privately initially so only the SEC can see it.
Top News
In other news around the markets:
Asian markets were mostly lower on Friday, the Shanghai composite lost 0.86 percent and the Hang Seng index was down 0.17 percent. Australia’s ASX 200 fell 0.44 percent and the South Korean KOSPI was down 0.49 percent.
European Markets
European markets retreated on Friday morning. The UK’s FTSE lost 0.27 percent and the eurozone’s STOXX 600 was down 0.25 percent. Italy’s MIB and the Spanish IBEX lost 0.45 percent and 0.47 percent respectively and the German DAX slid 0.39 percent.
Commodities
Crude futures slid on Friday morning, Brent futures lost 0.39 percent and WTI futures were down 0.49 percent. Gold lost 1.04 percent to $1,316.00 per ounce and silver was down 1.19 percent. Industrial metals were mixed with aluminum up 0.50 percent and tin down 1.93 percent.
Currencies
The euro and pound were flat against the dollar on Friday and the Yen remained below the 100 yen to one dollar mark at ¥99.62. The rupee lost 0.34 percent against the greenback.
Earnings Reported Yesterday
Notable companies that reported earnings on Thursday included:
, United Natural Foods, Inc. (AIG ) gained 0.24 percent in pre-market trade after the company began trading ex-dividend on September 10 .Earnings
No notable earnings reports expected.
Economics
Economic releases expected on Friday include US retail sales, continuing jobless claims, consumer sentiment, and PPI data, eurozone employment change data and Japanese industrial production.
BY Laura Brodbeck
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