What goes up must come down. And Twitter's (TWTR) weeks-long climb fell into a sharp tailspin Thursday morning after a report surfaced that Google-parent Alphabet (GOOGL) is not pursuing a takeover bid.
Twitter shares had spiked earlier last month after rumors emerged that Salesforce (CRM) and Google could have been interested in nabbing the social media giant, especially after its market cap had roughly halved over the past 18 months. Takeover chatter was also sparked by Microsoft's (MSFT) June announcement that it will be acquiring social media website LinkedIn (LNKD) for about $26 billion, raising speculation on Wall Street over which more traditional Web company would be next to look to bolt on a social media arm. (Google shares are held in Jim Cramer's Action Alerts PLUS charitable trust.)
Shares of JD.com (JD) , the China-based electronics company, were also up before the opening bell after news that Wal-Mart (WMT) is boosting its stake in JD.com as part of its initiative to expand its footprint in China.
New York insurance firm MetLife (MET) was also up on Thursday morning, on news the company filed plans with the Securities and Exchange Commission to spin off a U.S. retail arm, after initially weighing an initial public offering. The news helps add to a months-long rally for Metlife, in which shares have climbed by more than 25% since late June.
U.S. stock index futures are indicating a lower open, with tomorrow's nonfarm payrolls report starting to take center stage.