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Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

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1

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

2

Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'

3

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
Tech5 things

Credit Suisse and Ferrari heads to Wall Street–5 things to know today

By
Laura Lorenzetti
Laura Lorenzetti
and
Geoffrey Smith
Geoffrey Smith
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By
Laura Lorenzetti
Laura Lorenzetti
and
Geoffrey Smith
Geoffrey Smith
Down Arrow Button Icon
October 21, 2015, 6:33 AM ET
ZURICH: Credit Suisse Group AG Chief Executive Officer Tidjane Thiam Earnings News Conference & Interview
Tidjane Thiam, chief executive officer of Credit Suisse Group AG, speaks during a news conference at the bank's headquarters in Zurich, Switzerland, on Wednesday, Oct. 21, 2015. Credit Suisse will raise about 6.05 billion Swiss francs ($6.3 billion) of capital as part of a broad reorganization that will increase the bank's focus on Switzerland and wealth management in Asia as it scales back the securities unit. Photographer: Alessandro Della Bella/Bloomberg via Getty ImagesPhotograph by Alessandro Della Bella — Bloomberg via Getty Images

Hello friends and Fortune readers.

Wall Street stock futures are higher this morning, shaking off concerns about the global economy. Crude oil futures are sharply lower after a surge in U.S. stockpiles, while the dollar is flat against the euro.

Today’s must-read story is by Fortune’s Stephen Gandel on the end of the IPO boom. Investors have turned on the IPO market after a couple of years of high returns. That doesn’t bode well for private companies looking to head to the public market, especially the so-called unicorns. Read more here.

Here’s what else you need to know today.

1. Credit Suisse’s new broom, Tidjane Thiam, sweeps clean

Credit Suisse AG (CS) 0.78% has set out plans to raise 6.05 billion Swiss francs ($6.3 billion) in fresh capital, as new chief executive Tidjane Thiam boosts the Swiss bank’s financial strength to underpin its biggest overhaul in almost a decade. The new boss will shrink the investment bank (although not by as much as some expected) and put an increased emphasis on growth in Asia. He’s also shaking up the management board.

2. General Motors updates investors.

GM (GM), the top U.S. automaker and No. 6 in the most recent Fortune 500 rankings, reports its third-quarter earnings today as it as looks to reassure investors that its problems are in the past. China’s struggling economy has likely dampened sales in that country, though the automaker is expected to show improving sales in Europe and North America. Yearly earnings are anticipated to come in between $5 and $5.50 per share for the year, excluding one-time charges, GM said earlier this month.

 

3. Coca-Cola reports.

Beverage giant Coca-Cola (KO) reports its quarterly earnings on the heels of rival PepsiCo, which surpassed analysts’ expectations for sales and profits. Coke has been trying to unload its low-margin assets, including selling nine production facilities, while edging up prices in North America. Much of its sales increases are a credit to higher prices and its distribution of Monster energy drinks. Investors will also be interested in any comments on the performance of Keurig’s new Kold drink making machine.

Also reporting today: American Express (AXP), Boeing (BA), Abbott Laboratories (ABT), Biogen (BIIB) and EMC (EMC).

4. Twitter’s annual developer conference.

Twitter’s newly permanent CEO Jack Dorsey will give the keynote address at the company’s second annual mobile developer conference, Flight, today in San Francisco. Twitter (TWTR) debuted a collection of software products called Fabric last year, which made it easier for app developers to add more services into their products. This year, it looks like Twitter is going to be pushing to extend tweets beyond its own platform, especially given slowing new user growth.

5. Ferrari debuts on Wall Street.

Ferrari goes public today as it debuts on the New York Stock Exchange under the ticker RACE. The initial public offering was officially priced at $52 a share, maxing out the proposed range of $48 to $52 a share. At that IPO price, Ferrari has a market capitalization of about $9.8 billion. Fiat Chrysler (FCAU), the parent company of Ferrari, will make about 10% of its shares available to the public, raising about $900 million. Fiat Chrysler owned 90% of the company with the Ferrari family owning the other 10%.

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