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Ferrari IPO offers investors a distraction

Key Points


U.S. stock futures were higher this morning, after Wall Street snapped a three-session winning streak Tuesday as IBM (IBM) dropped 5.75 percent on weak revenue and forward guidance. (CNBC)

The pace of corporate earnings accelerates today, with two Dow components Boeing (BA) and Coca-Cola (KO) this morning, along with General Motors (GM). Another Dow stock, American Express (AXP), leads the after-the-bell list, along with eBay (EBAY). (CNBC)

Yahoo (YHOO) late Tuesday reported earnings, revenue, and forward guidance that were below expectations. Yahoo also announced a new search advertising deal with Google (GOOGL). (CNBC)

While companies are mostly beating on the bottom line, 60 percent have seen weaker revenue growth. Profits are expected to decline by about 4 percent this quarter. (CNBC)

Ferrari (RACE) priced its IPO at $52 per share, at the top of the expected range, valuing the luxury automaker at $9.8 billion. Fiat Chrysler (FCAU) sold 10 percent of its Ferrari stake in the offering. (CNBC)

Credit Suisse (CS) plans to raise a total of $6.2 billion in fresh capital through a rights issue and private placement, as its new chief executive tries to address investor concerns. (CNBC)

The European Union has ordered the Dutch government to recover money from Starbucks (SBUX) and Luxembourg to claw back funds from a Fiat Chrysler unit, in a widening crackdown on tax avoidance. (NY Times)

Toyota (TM) is recalling 6.5 million vehicles globally to fix a defect in the power window switch in models including the Yaris/Vitz subcompact, Corolla, Camry, and others. (Reuters)

Some children may not get their holiday wishes fulfilled this year as LEGO factories, although running at full speed, struggle to keep up with demand from toy stores in Europe. (Reuters)

The FTC said it's closed an investigation of Wal-Mart (WMT) ad claims, after the retailer addressed the problem of products pitched as "Made in USA" when they were not. (Reuters)

U.S. Attorney Preet Bharara, the New York federal prosecutor who shut down the U.S. online poker industry four years ago, has now set his sights on the daily fantasy-sports business. (WSJ)

A reluctant Rep. Paul Ryan, the 2012 Republican vice presidential nominee, has laid out a series of conditions under which he would seek to become House speaker, replacing retiring Rep. John Boehner. (Reuters)

Syrian President Bashar Assad traveled to Moscow in his first known trip abroad since war broke in his country in 2011, meeting Tuesday with his strongest ally, Russian leader Vladimir Putin. (AP)


China stocks posted their worst one-day performance in five weeks after being hit by a sudden bout of selling in small-caps late in the session. The Shanghai composite fell nearly 3.5 percent today.

Shares of LG surged more than 14 percent today, after the South Korean electronics giant announced it would be providing key components for GM's upcoming electric car, the Chevrolet Bolt EV.

Oil prices fell in early trading, after data from an industry group showed larger-than-expected U.S. crude stockpiles last week. The government releases its inventory report at 10:30 a.m. ET.

Recently implemented mortgage regulations have put loan applications on a roller coaster ride. Total volume increased 11.8 percent last week, after two weeks of sharp moves in opposite directions.


Chipotle Mexican Grill (CMG) missed estimates on earnings, but matched forecasts on revenue. Same-restaurant sales grew a better-than-expected 2.6 percent but far below last year's double-digit increases.

JPMorgan Chase (JPM) is close to completing a deal to spin off a $22 billion private equity unit, which has operated within the bank.

KLA-Tencor (KLAC) has agreed to be purchased by rival semiconductor equipment maker Lam Research (LRCX) for $10.6 billion in cash and stock.

The CEO of Syngenta (SYT) is stepping down, just two months after the Swiss agrochemicals spurned a $47 billion takeover approach from U.S. rival Monsanto (MON).

Expedia (EXPE) plans to put more information on airline fees on its travel sites, which include Expedia, Travelocity, Orbitz, and Hotwire.


The New York Mets could eliminate the Cubs on this "Back to the Future" day, after winning Game 3 of the NLCS last night. In the 1989 time travel sequel, Chicago won the World Series. (LA Times)

Today's celebration of "Back to the Future" day marks the date, Oct. 21, 2015, when Marty McFly and company journeyed from 1985 in the film trilogy's second installment. (AP)

Fandango, owned by CNBC's partent Comcast, said it sold eight times as many presale tickets for the upcoming "Star Wars: The Force Awakens" as it did for "The Hunger Games," the previous first-day record holder. (LA Times)