The New York Stock Exchange isnt taking any chances with Twitters initial public offering.
The Big Board said Friday it would allow trading firms to conduct a dry run of their systems to prepare for Twitters IPO. The NYSE test will occur on Saturday, Oct. 26, according to a notice sent out to traders.
The exchange seems to want to avoid the technical problems that marred Facebooks debut on the Nasdaq Stock Exchange in May 2012. The glitches were a major embarrassment for Nasdaq, and resulted in a big fine.
The microblogging service is expected to go public sometime in November, possibly before Thanksgiving. It will trade under the ticker TWTR on the NYSE.
Twitters IPO is the biggest technology debut since Facebooks. While Nasdaq won Facebooks listing, one of the biggest IPOs in years, the debut was hit with trading delays and order failures. As a result, the Securities and Exchange Commission in May fined Nasdaq $10 million, the largest ever levied against an exchange.
Twitter said earlier this week that it had chosen to list with the NYSE over rival Nasdaq.
J.C. Penney to open on Thanksgiving
J.C. Penney is opening its doors on Thanksgiving evening to kick off the holiday shopping season, as the beleaguered retailer hopes to get back in the game for the crucial selling period.
The Plano, Texas, chain will open most of its 1,100 stores at 8 p.m. on the holiday, the same as rival Macys, and will be open 25 hours straight, closing at 9 p.m. the following day.
The Thanksgiving evening opening is much earlier than last year, when Penney didnt open until 6 a.m. Friday. That made the retailer one of the laggards for the unofficial kickoff to the season.
Penney is also bringing back a tradition it ditched last year: It will give away nearly 2 million holiday snow globes starting at 4 a.m. on the Friday after the turkey feast.
Obviously, we were one of the last to open (last year), said Tony Bartlett, Penneys executive vice president of stores. But he noted this year, Were all in.
Boeing reduces 747 production rate
Boeing will slow down production of its double-decker 747 jumbo jet as demand continues to be weak.
Counting cancellations, Boeing has not booked any new orders this year for that plane.
Boeing said on Friday that it will slow 747 production to 18 a year, or 1.5 a month. Boeing originally planned to build 24 a year, but slow sales had already prompted it to make plans to cut the rate to 21 a year.
The slowdown begins early next year, and Boeing said it will stay at that lower rate through 2015.
The slower rate doesnt change our confidence in the 747-8 or our commitment to the program, said Eric Lindblad, Boeings vice president and general manager for the 747, in a prepared statement.
Shutdown causes delay in jobless report
The Indiana Department of Workforce Development said Friday that the partial federal government shutdown will result in a delay in the states monthly employment report.
Statistics on joblessness were to be released Tuesday, but officials could only say that they will get the information out as soon as possible.