1. Twitter Inc (N:TWTR) will lay off up to 336 employees, or about 8 percent of its workforce, as co-founder Jack Dorsey readies to revive growth in the microblogging service provider's user base in his second stint as chief executive.
The layoffs, primarily in the company's product and engineering functions, come a week after Dorsey took over as permanent CEO. Shares of Twitter, which had about 4,100 employees globally as of June 30, rose as much as 6 percent in morning trading on Tuesday.
2. The U.S. dollar rose against its Canadian counterpart on Tuesday, as it mildly recovered from speculation the Federal Reserve will most likely hold off from raisinginterest rates this year, although gains were expected to remain limited.
USD/CAD hit 1.3067 during early U.S. trade, the pair's highest since October 7; the pair subsequently consolidated at 1.3072, gaining 0.57%.
3. U.S. stocks were lower on Tuesday after weak China trade data added to worries about slowing global economic growth.
Data showed Chinese imports fell 20 percent in September due to weak domestic demand, indicating that growth in the world's second-largest economy was sputtering.
The selloff was broad based - all 10 major S&P sectors were down, with the industrial sector's <.SPLRCI> 0.54 percent fall leading the decliners.
4. Oil futures swung between gains and losses in volatile trade on Tuesday, amid ongoing uncertainty about how quickly the global glut of crude is set to shrink.
Crude oil for delivery in November on the New York Mercantile Exchange tacked on 92 cents, or 1.95%, to trade at $48.02 a barrel during U.S. morning hours. Prices traded in a wide range between $46.64 and $48.13. A day earlier, Nymex oil prices plunged $2.53, or 5.1%.
5. Johnson & Johnson (N:JNJ) reported a 7.4% fall in quarterly sales as the impact of a strong dollar more than offset higher sales of its older drugs.
Revenue fell to $17.10 billion in the third quarter from $18.47 billion a year earlier.
International sales fell nearly 14% to $8.31 billion in the quarter, including a currency impact of 15.8%, the company said. The company receives nearly half of its revenue from outside the U.S.
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