UMich sentiment rises to 92.1 in October, first increase in four months

WASHINGTON (MarketWatch) – Consumer sentiment rose in October after three straight monthly declines. Sentiment rose to a preliminary October reading of 92.1 from a final September level of 87.2, according to reports on the University of Michigan gauge released Friday. Economists polled by MarketWatch had expected an October figure of 88.5. Economists follow readings on confidence to look for clues about consumer spending, the backbone of the economy.

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Twitter’s new executive chairman makes $50,000 a year

Twitter’s new executive chairman of the board, Omid Kordestani, will make a salary of $50,000 a year, according to an SEC filing Friday. He will also receive a one-time “grant of options” to buy 800,000 shares of Twitter’s common stock and a one-time stock award of performance-based restricted stock units amounting to 400,000 shares of common stock. The performance-based shares are eligible to vest every year for four years starting in 2016, depending on company performance. Kordestani was formerly the chief business officer at Google Inc. and was appointed chairman of the board Tuesday.

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U.S. stocks open little changed, eye modest weekly gains

U.S. stocks opened little changed on Friday while the main indexes were on track to end the week with modest gains. The S&P 500 opened 3 points, or 0.2%, higher at 2,027. The Dow Jones Industrial Average added 40 points, or 0.2%, to 17,180. The Nasdaq Composite began the day up 4 points, or 0.1%, at 4,872.

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U.S. industrial production down 0.2% in September, matching expectations

WASHINGTON (MarketWatch) – Industrial production fell 0.2% in September and capacity utilization declined, according to data released by the Federal Reserve on Friday. Economists polled by MarketWatch had expected a 0.2% drop. August’s decline was revised higher to a drop of 0.1% from the prior estimate of a 0.4% decline. The only major market group to post a gain in September was consumer goods. Capacity utilization fell to 77.5% from an upwardly revised 77.8% in August, a bit above the 77.4% expected.

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New ETF to be based on Twitter chatter

Market Prophit, a startup focused on financial data, hopes to soon launch an ETF based on its index that measures Twitter sentiment on various securities, according to an ETF.com report. The Market Prophit Social Media Sentiment Index, which launched in May, tracks tweets that use a “cashtag,” meaning a ticker with a dollar sign in front of it, says the report, which came out Thursday.

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Honeywell posts rise in quarterly earnings on lower sales, backs 2015 view

Honeywell International Inc. on Friday reported a rise in third-quarter earnings above analyst expectations. Net earnings attributable to the industrial conglomerate came in at $1.26 billion, or $1.60 a share, compared with $1.17 billion, or $1.47 a share, a year ago. Analysts polled by FactSet had expected earnings of $1.55 a share. Net sales fell to $9.61 billion from $10.11 billion in the same period last year. Analysts were looking for sales of $9.85 billion. Honeywell also backed its 2015 earnings forecast of $6.10 a share.

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Uber wins London black-cab battle in U.K. court: reports

Uber has won a key court case in the U.K., as the High Court ruled that its smartphone app is legal, media reports said Friday. The ruling will allow Uber to continue operating as before in London, although the Licensed Taxi Drivers Association reportedly said it will appeal the court’s decision. The court had to consider whether Uber’s app operated as a taximeter, which only black-cab drivers are legally allowed to use.

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