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Twitter CEO Costolo out

Thursday, June 11, 2015 - 01:52

Twitter shares rose in after hours trading on news that Twitter's CEO Dick Costolo is stepping down. Stocks rose after a strong retail sales report. Bobbi Rebell reports.

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Shares of Twitter rose after hours on news CEO Dick Costolo is stepping down. Co-founder Jack Dorsey will serve as Interim CEO, while Twitter looks for a new CEO. The company also confirmed its outlook for the second quarter of this year. During the regular trading day, stocks rocketed higher on solid retail sales data. Retail sales rose 1.2 percent in May, and sales for the previous two months were revised upward. Barclay's senior economist Michael Gapen: SOUNDBITE: MICHAEL GAPEN, SENIOR ECONOMIST, BARCLAYS CAPITAL (ENGLISH) SAYING: "It suggests, the consumer, actually, was strong in the first quarter than the data had initially reported. So, it helps some of that consumption puzzle. And, it suggests very solid momentum in the second quarter." Pulling up the Dow: Nike. The athletic goods maker wrestled away a merchandising and marketing contract from Adidas. It will be the exclusive uniform supplier to the National Basketball Association. Amazon's shares rose despite a new legal issue. The European Commission started probing its e-book business, saying its contracts with publishers could violate antitrust rules. Citrix Systems' shares jumped higher, topping the gainers' list on the S&P 500. Activist investor, Elliot Management, telling the software developer to sell some units, buy back shares, and cut costs. Lululemon may soon be totally free of its controversial founder. Chip Wilson is looking to sell his family's $1.3 billion stake in the yogawear maker. Shares fell. So too did those of Twenty-First Century Fox. Sources say Rupert Murdoch plans to step down as CEO. Replacing him will be his son, James. Auto makers' stocks drove shares higher in Europe. Strong sales of sport utilities boosted Daimler's second quarter outlook, and investors speculated that Fiat could take over Peugeot.

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Twitter CEO Costolo out

Thursday, June 11, 2015 - 01:52