29 July, 2017, 12:00 am
Twitter shares drop
Twitter Inc shares plunged more than 14 per cent on Thursday after the social media platform disappointed investors with stagnant monthly active user growth in the second quarter. Despite its appeal among celebrities and public figures, Twitter has struggled to sustain its closely watched user growth even as it invests in features and live content to help draw viewers and boost user engagement.
Fibre assets deal
US wireless carrier Verizon Communications Inc is in talks to acquire cable operator WideOpenWest Inc’s fibre network in the Chicago area for more than $200 million, according to people familiar with the matter. There has been a flurry of dealmaking for fibre assets, as growing demand from US businesses for data transmission has fuelled a revival in fibre-optic services and is pushing large telecommunication companies to bulk up in fiber.
A swoon in technology and transportation shares led the S&P 500 slightly lower on Thursday on a day full of corporate earnings reports, but the Dow industrials set a record closing high, helped by a jump in Verizon. The Dow Jones Transport Average often looked at as a gauge of the economy’s health, closed down 3.1 per cent, dragged lower after a worrisome outlook from package delivery company United Parcel Service.