Stocks Tumble, Oil Slides to Three-Month Low on Economy (Bloomberg)
Global stocks slumped the most since July and commodities erased this year’s gains as companies from DuPont Co. and 3M Co. to Alfa Laval AB reported earnings that spurred concern the economy is weakening. Oil slumped to a three-month low and Treasuries rose. “The earnings season has not gone as well as many would like,” said Tom Wirth, who helps manage $1.6 billion as senior investment officer for Chemung Canal Trust Co., in Elmira, New York. “In general, sales have been disappointing. There’s heightened concern about global growth.”
Apple Officially Unveils iPad Mini (Marketwatch)
Apple officially unveiled the new iPad Mini among a slew of other new products in time for the holiday season. Apple says it has sold 100 million iPads to date, and 94% of Fortune 500 companies use the device. The new iPad mini has an entry price of $329 with a 7.9-inch screen and will compete with the Kindle fire and Google Nexus 7 tablets.
Facebook Revenue Jumps 32% Amid Gains in Mobile (CNBC)
Social-networking giant Facebook reported its revenue jumped 32 percent in the third quarter, beating expectations, helped by gains in mobile. This is only the second earnings report since the company’s initial public offering in May. The company reported a net loss of $59 million, or 2 cents per share, compared with net income of $227 million, or 10 cents a share a year earlier. The most recent quarter’s results include charges for share-based compensation and related payroll tax expenses and income-tax adjustments. Excluding items, the company reported a profit of $311 million, or 12 cents per share.