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Alphabet, Amazon, and the US labor market in focus on Thursday

Thursday markets one of the year’s busiest day for earnings reports, and will be dominated by news out of tech majors Alphabet, Amazon, and Twitter.

Before the market open we’ll also get the latest weekly report on initial jobless claims, which economists expect will show initial filings for unemployment insurance remained below 300,000 for the 86th straight week.

Pending home sales and durable goods orders for September will round out the day’s economic data.

Earnings Overview

Alphabet, the parent company of Google, grabbed headlines late Tuesday when Bloomberg reported the company would cut 9% of its Google Fiber unit and that its head, Craig Barratt, would depart.

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Wall Street is looking for Alphabet to report earnings per share of $8.63 on revenue of $22.1 billion, according to estimates from Yahoo finance.

Retail giant Amazon, notorious in some circles for being light on profit despite massive revenues, is expected to turn a profit of $0.80 per share in the third quarter on revenue of $32.7 billion.

In focus will Amazon’s Web Services business, which brought in revenue of $2.6 billion in the second quarter, up 64% year-over-year.

Twitter, the social media network loved by journalists and shrugged off by most others, will also report after the bell Thursday. Bloomberg reported this week Twitter is planning to lay off 8% of its staff.

Earnings expected before the market open on Thursday include Bristol-Myers Squibb, UPS, and ConocoPhillips.

Wednesday’s Movers

Akami Technologies (+14%)

Western Digital (+5%)

Boeing (+4.7%)

Northrop Grumman (+4%)

Edwards Lifesciences (-17%)

Chipotle (-9%)

Southwest Airlines (-8.5%)

Apple (-2.6%)

Further Reading

Amazon is failing to steal Costco’s customers (Yahoo Finance)

Canada’s national housing agency issues its strongest warning yet on the frothy state of the real estate market (WSJ)

Apple’s biggest problem? Apple. (Yahoo Finance)

What a Hillary Clinton presidency could mean for stocks (Yahoo Finance)

The margin pressure felt by restaurants is set to hit the rest of the economy (Bloomberg View)

JP Morgan bankers have been barred from reading the Financial Times at work (Business Insider)

“East Asia’s aggregate 2015 external surplus was only a bit smaller, relative to the GDP of its trading partners, than it was prior to the global crisis.” (Council on Foreign Relations)

Tom Lee is still bullish (CNBC)

Uber launches an ‘Uber for trucking’ marketplace (Business Insider)

Myles Udland is a writer at Yahoo Finance.