Stocks Start Higher on Earnings

U.S. stocks started higher on Friday, after Microsoft Corp. (MSFT) and Amazon.com Inc.(AMZN) reported
quarterly revenue that beat expectations. The Dow Jones Industrial Average lately rose 29.02 points, or
0.19%, to 15,538.23. The S&P 500 index added 4.24 points, or 0.24%, to 1,756.31. The Nasdaq Composite surged 26.71 points, or 0.68%, to 3,955.67.

A gauge of U.S. business investment plans fell sharply in September in a possible sign companies shut their
wallets out of concern a budget battle brewing in Washington would damage the economy. New orders of non-
military capital goods other than aircraft, an indicator of business spending plans, fell 1.1 percent last
month, the Commerce Department said on Friday.

Twitter Inc said its initial offering would raise up to $1.6 billion and value the company at up to about
$11 billion. The valuation was more conservative than the $15 billion some analysts had expected for the
social media phenomenon, potentially attracting investors who might consider the money-losing company’s
listing price a better deal, with room to rise.

Procter & Gamble Co (PG) is chugging along with its turnaround, posting a quarterly profit that met Wall
Street’s expectations and holding to its annual forecasts as the world’s largest household products maker
gets a lift from cost cuts and a lower tax rate. P&G said it had earned $3.03 billion, or $1.04 per share,
in the first quarter ended on September 30, up from $2.81 billion, or 96 cents per share, a year earlier.

United Parcel Service Inc.’s (UPS) third-quarter revenue rose on increased domestic and international
shipments. UPS reported earnings of $1.1 billion, or $1.16 a share, up from $469 million, or 48 cents a
share, a year earlier. Revenue grew 3.4% to $13.52 billion.