TOP STORIES 
 
GDP REBOUNDS AT 2.9% AFTER WEAK FIRST HALF 

U.S. economic growth accelerated at a 2.9% rate in the third quarter, the fastest recorded in two years, giving voters their last comprehensive look at the economy's health before the election.

EXXON WARNS ON RESERVES AS IT POSTS LOWER PROFIT 

Exxon Mobil said that it may be forced to recognize that billions of barrels of its reserves are no longer profitable to produce. The disclosure came as the oil producer reported a 38% decline in quarterly profit.

U.S. STOCKS MIXED AS GDP GROWS 2.9% 

U.S. stocks were mixed Friday while shares in Europe mostly fell, following the latest batch of corporate earnings and a higher-than-expected reading on the health of the U.S. economy.

U.S. EMPLOYMENT COSTS ROSE 0.6% IN THIRD QUARTER 

U.S. labor costs continued to grow at a moderate pace over the summer, extending the recent trend of stronger but still-unspectacular gains for worker pay and benefits as the job market tightens.

MASTERCARD PROFIT, REVENUE TOP EXPECTATIONS 

MasterCard profit grew 21% in the latest period, as card companies have been trying to increase transactions by adopting new payment methods.

U.S. CONSUMER CONFIDENCE SLIDES IN OCTOBER 

U.S. consumer confidence slipped in October as concerns about the economy grew.

NORTHERN IRELAND COURT RULING DEALS BLOW TO OPPONENTS OF BREXIT 

Brexit can happen without the approval of Northern Ireland lawmakers, a Belfast court ruled on Friday, dealing a blow to opponents of the U.K.'s plans for leaving the EU.

GENERAL ELECTRIC PURSUES DEAL WITH BAKER HUGHES 

General Electric is in talks to merge its oil-and-gas business with Baker Hughes, according to people familiar with the matter, a transaction that would dramatically reshape the industrial giant.

HERSHEY REVENUE AND PROFIT RISE IN LATEST QUARTER 

Hershey Co. said revenue and profit rose in its third quarter as the chocolate maker continues to search for a new leader and craft a path forward as an independent company after a rejected takeover.

PHILLIPS 66 POSTS REVENUE AND PROFIT DECLINE 

Phillips 66 said profit and revenue dropped as low commodity prices continued to hurt results, and it lowered its forecast for annual capital expenditures to about $3 billion.

CHEVRON RETURNS TO PROFIT, BUT REVENUE SLIDES 

Chevron said its quarterly profit plunged 35% from a year earlier and revenue slid more than expected amid low oil prices, though the company returned to the black after three straight quarters of losses.

HONG KONG REGULATOR PROBES UBS OVER IPOS 

The Swiss lender said Hong Kong's Securities and Futures Commission is investigating its role in some initial public offerings it has brought to market.

UBS PROFIT FALLS AS RISK-AVERSE CLIENTS CURB REVENUE 

UBS said net profit declined as it continued to cope with wary clients, and that a Hong Kong regulator is scrutinizing its work bringing companies to the public markets.

GOODYEAR TRIMS OUTLOOK FOR YEARLY VOLUME 

Goodyear Tire cut its outlook for yearly volume and said its revenue and earnings came in below Wall Street expectations amid what it said was a volatile U.S. commercial truck-tire business.

SAUDI ARAMCO SAYS EMPLOYEE TOOK BRIBE FROM EMBRAER 

The Saudi Arabian Oil Co. has confirmed that it has evidence of corruption involving one its employees and Brazilian aircraft maker Embraer SA involving the purchase of three aircraft from the company.

AUTONATION TO EXPAND OPERATIONS; PROFIT FALLS 

AutoNation unveiled a $500 million expansion plan that includes the creation of stand-alone used-car stores and recorded lower third-quarter earnings, hurt by the Takata air-bag recall.

XEROX SETTLES WITH SHAREHOLDER, REPORTS DECLINE IN REVENUE 

Xerox reached a settlement with a major shareholder granting him special shares in the copier maker's two businesses after its split. The company also reported a bigger-than-expected decline in revenue but still swung to a profit.

AB INBEV CUTS REVENUE FORECAST 

Anheuser-Busch InBev, in the midst of digesting its $100 billion-plus acquisition of SABMiller, cut its revenue growth forecast for the year after the world's largest brewer reported weaker-than-expected third-quarter results.

APOLLO GLOBAL'S PROFIT, ENI TOP VIEWS 

Apollo Global Management's third-quarter profit rose amid gains in its private-equity and credit holdings.

LEGG MASON EARNINGS TOP VIEWS 

Legg Mason reported earnings that topped expectations in the latest quarter, though revenue came in below estimates.

 
 
 
  ======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES ======= 
 
 
Business 
MERGER DEALS SET MONTHLY RECORD, EVEN AS ELECTION LOOMS 
 

Less than two weeks before the election, U.S. companies have unleashed a wave of deals, culminating in Qualcomm's pact Thursday to buy NXP Semiconductors for $39 billion, making this month the busiest ever for M&A.

 
Technology 
AMAZON DELIVERS PRIME PROGRAM TO CHINA 
 

The U.S. e-commerce behemoth launched its Prime membership program in mainland China on Friday, in an effort to capitalize on Chinese consumers' desire for overseas products.

(END) Dow Jones Newswires

October 28, 2016 10:40 ET (14:40 GMT)

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