By The Associated Press
Twitter sets $17 to $20 per share range for IPO
NEW YORK (AP) a¿¿ Twitter set a price range of $17 to $20 per share for its much-anticipated initial public offering and says it could raise as much as $1.6 billion in the process.
The company said in a regulatory filing Thursday that it is putting forth 70 million shares in the offering. If all the shares are sold, the underwriters can buy another 10.5 million shares.
At the $20 share price, Twitter's market value is around $12.5 billion. That's based on 625.2 million outstanding shares expected after the offering, including restricted stock units and stock options.
Twitter's valuation is relatively conservative a¿¿ some analysts had expected the figure to be as high as $20 billion.
The caution shows that Twitter learned from Facebook's rocky initial public offering last year. Rather than set expectations too high, Twitter is playing it safe and will very likely raise its price range closer to the IPO, and thus fuel demand.
Higher profits from Ford, others drive stocks up
NEW YORK (AP) a¿¿ Another dose of strong corporate earnings, this time from Ford, Southwest Airlines and others, helped push the stock market higher on Thursday.
It's one of the busiest weeks on Wall Street for companies posting their quarterly results. Roughly a third of the Standard & Poor's 500 index will report earnings, including some of the world's best-known companies.
For investors, this week has also been a welcome return to business as usual. Wall Street has been focused for weeks on what's going on in Washington, with the government shutdown, the near-breach of the nation's borrowing limit and questions about what's next for the Federal Reserve's massive bond-buying program.
Fed proposes big banks hold more cash, assets