Twitter to cut 9% of workforce; Citi upgrades VMware; Tesla shares rise

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VMware (VMW) – Citi raised its price target on VMware’s stock by 20% and lifted its rating to a buy. Citi’s upgrade comes on the heels of VMware’s strong third-quarter report.

Twitter (TWTR) – The company reported better than expected third-quarter earnings, topping analysts’ estimates on both earnings per share and revenue. Twitter also announced plans to lay off 9% of its global workforce in an effort to cut costs.

Tesla (TSLA) – The electric car maker reported its first quarterly profit in more than three years and its CEO Elon Musk said the company could turn a profit again in the current quarter. Tesla also reiterated its plan to boost annual production to 500,000 cars in 2018, up from just 50,000 last year.

UPS (UPS) – The package delivery company reported third-quarter earnings that matched Wall Street expectations before the bell on Thursday. UPS reported earnings per share of $1.44 on revenue of $14.92 billion. The company also reaffirmed its full-year guidance, expecting diluted earnings per share of $5.70 to $5.90.

Piper Jaffray (PJC) – The company posted adjusted earnings per share of $1.37 on revenue of $200.85 million. Analysts were expecting earnings per share of 93 cents.

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