Qualcomm has agreed to buy NXP Semiconductors (NASDAQ:NXPI) in a deal that values the chip maker at $110 a share, or $47B, including debt, as it seeks to expand the reach of its chips from phones to cars. "The combined company is expected to have annual revenues of more than $30B, serviceable addressable markets of $138B in 2020 and leadership positions across mobile, automotive, IoT, security, RF and networking," Qualcomm (NASDAQ:QCOM) said in a statement. QCOM +2.1%; NXPI +3.2% premarket.

Economy

The British economy grew by a much better-than-expected 0.5% in the third quarter, the first time impacts from the Brexit vote could fully be analyzed. The dominant services industry, which accounts for almost 80% of the economy, was once again the driving force, expanding by 0.8%. Initial predictions of doom post-Brexit have yet to materialize - with the exception of the crashing pound - and economic data has broadly held up well.

Remarkably steady growth rates for three straight quarters in China had some economists suspicious, but the country's state media agency said Beijing is not "data smoothing" its GDP numbers. "The reality is that the government simply has no incentive or necessity to whitewash the real economic picture," according to Xinhua. Separately, China's industrial profit growth slowed in September as several sectors showed weak activity.

Although Belgium moved closer to a deal on the EU-Canada trade pact on Wednesday, Prime Minister Justin Trudeau still canceled his trip to Brussels as negotiations failed to break the impasse before daybreak. Backed by all 27 other EU governments, CETA has been seven years in the making, but was rejected by the French-speaking region of Wallonia. Current reports coming out of Belgium now suggest politicians may have reached a deal to break the deadlock.

The United States has for the first time abstained from voting against the annual U.N. resolution calling for an end to its economic embargo against Cuba. "After 55+ years of pursuing the path of isolation, we are choosing to take the path of engagement," Ambassador Samantha Power declared, adding that the abstention "doesn't mean that the U.S. agrees with all of the policies and practices of the Cuban government", including "serious human rights violations".

Stocks

Racing higher... Tesla (NASDAQ:TSLA) reported its first quarterly profit in 3 years and CEO Elon Musk said no extra capital is needed to fund the Model 3, sending shares up 4.3% AH. The results provide some vindication for Musk, who tempered the automaker's cash burn ahead of a Nov. 17 shareholders vote on the proposed merger with SolarCity (NASDAQ:SCTY). Tesla also maintained its forecast for 50,000 cars delivered in this year's second half, after shipping 24,800 Model S and Model X's during the quarter.

Volkswagen made €2.3B in net profit in the third quarter after a massive loss a year ago over its emissions cheating scandal. Brands such as Skoda, Bentley and Porsche (OTCPK:POAHY) managed to improve operating profit through increased sales and exchange rate effects. VW (OTCPK:VLKAY) also raised its full-year guidance for group revenue despite setting aside an additional €400M in Q3 relating to Dieselgate.

After separating its car group's finances from its research lab X earlier this year, Alphabet (GOOG, GOOGL) is now transforming its self-driving-car into a stand-alone business project under the Alphabet umbrella. It's a major step in the vehicles' path to commercial operations, writes the WSJ's Jack Nicas, and as its own operation, the car group would likely be expected to soon begin generating revenue (though not necessarily a profit).

Surprise! Deutsche Bank reported a third-quarter profit on lower than estimated litigation and restructuring costs, but set aside an additional €501M as it "works hard" to settle a mortgage probe with the DOJ. Net income came in at €256M compared with a €6B loss in the year-earlier period. Deutsche (NYSE:DB) also agreed sell its Mexico units to InvestaBank, an exit that is part of CEO John Cryan's plan to revive the struggling German lender.

More European earnings: Nokia's (NYSE:NOK) quarterly profit fell less than expected, boosted by resilient broadband demand and a patent licensing payment from Samsung (OTC:SSNLF). Telefonica (NYSE:TEF) grew out its customer base during Q3, but decided to cut its dividend to speed up debt reduction. Reflecting Brexit worries and investment delays, ABB's orders slipped while the firm appointed a new CFO. Statoil (NYSE:STO) reported a net loss and cut its 2016 capital expenditure again due to persistently low oil prices. Barclays (NYSE:BCS) posted big pre-tax profits on a bond-trading boom, but also revealed a £600M fine for mis-selling PPI.

Speaking at WSJ.D Live in California, Salesforce (NYSE:CRM) CEO Marc Benioff described the recent pair of key acquisitions that got away. Twitter (NYSE:TWTR): "We've never had a deal leak before... We had to stop because I'm running the business in partnership with my shareholders." LinkedIn (NYSE:LNKD): "We really liked some of the business fundamentals, [as opposed to Microsoft (NASDAQ:MSFT) executives who] specifically said they will create a product that will create a barrier to entry of other companies."

The costly recall of its flammable Galaxy Note 7 dragged Samsung Electronics (OTC:SSNLF) to its lowest quarterly profit in two years, all-but erasing earnings from its mobile unit in the three months to October. "We know we must work hard to earn back your trust," said Co-Chief Executive J.K. Shin, disclosing company considerations of a share buyback, talking up its semiconductor business and promising to consider proposals for a corporate makeover from hedge fund Elliott Management.

Apple is delaying the shipment of its AirPods - the $159 wireless headphones it had expected to deliver by the end of October. "The early response to AirPods has been incredible," an Apple (NASDAQ:AAPL) spokeswoman said. "We don't believe in shipping a product before it's ready, and we need a little more time before they're ready for our customers."

Viacom is close to naming longtime executive Bob Bakish interim chief executive officer as the company explores a possible merger with CBS, sources told Bloomberg. While the decision isn't final, Bakish will have the opportunity to become permanent CEO. A graduate of Columbia Business School, he has worked at Viacom (VIA, VIAB) since 1997 and has run the company's international networks since 2011.

Another Bloomberg report suggested that Snap Inc. (Private:CHAT), formerly known as Snapchat, is looking to raise as much as $4B in a potential initial public offering. That could value the company at $25B-$35B, but the figure could climb as high as $40B. A Snap IPO early next year could set the stage for a resurgence of technology listings after a slow 2016 (just nine tech companies have priced U.S. listings since January).

More IPO news... A Shanghai-based logistics company tied to China's booming online-shopping industry has raised $1.4B in the largest U.S. initial public offering so far this year. ZTO Express, which delivers parcels for businesses including Chinese e-commerce giants Alibaba (NYSE:BABA) and JD.com (NASDAQ:JD), priced its 72.1M shares at $19.50 each, giving it a market value of more than $12B. The company will begin trading on the NYSE today under the ticker symbol "ZTO."

General Electric will pay €549M for a 75% stake in Concept Laser GmbH, after its plan to acquire another German 3-D printing company, SLM Solutions (OTC:SLGRF), fell through earlier this week. It also raised its bid for Arcam AB (OTCPK:AMAVF) to $696M. GE and its competitors have begun to invest seriously in additive manufacturing, which produces parts with less work than traditional production methods, generates less scrap material and expands design possibilities.

Exxon Mobil and accounting firm PwC must turn over documents related to the oil major's representations of the impact of climate change on its business and assets, according to a NY Supreme Court ruling. AG Eric Schneiderman's office asked the court in August to compel PwC to hand over the filings, but Exxon (NYSE:XOM) said it would not permit the auditor to do so due to accountant-client privilege.

Looking to speed up development of a Zika vaccine, Sanofi (NYSE:SNY) has struck a collaboration deal with Brazil's Fiocruz public health center, consolidating the drugmaker's leading position in the race to defeat the mosquito-borne virus. The deal follows a tie-up in July between Sanofi and a U.S. Army research institute, which gave the company access to one of the furthest advanced vaccines in development.

Not only are Obamacare premiums on the rise for 2017, deductibles will also be getting more expensive, according to an analysis by insurance comparison site HealthPocket. Deductibles for individuals enrolled in the lowest-priced Obamacare health plans will average more than $6,000 next year, the first time that threshold has been cracked in the three years that Affordable Care Act marketplaces have been in business. Families enrolled in the bronze plans will average deductibles of $12,393. Related tickers: UNH, AET, ANTM, CI, HUM, WCG, CNC, MOH, GTS, HQY

Wednesday's Key Earnings

Barrick Gold (NYSE:ABX) +1.4% AH keeping a lid on costs.
Biogen (NASDAQ:BIIB) +3.7% after topping expectations.
Boeing (NYSE:BA) +4.7% posting a big beat, raising guidance.
Coca-Cola (NYSE:KO) -0.2% following a narrow Q3 beat.
Comcast (NASDAQ:CMCSA) -3% despite robust rollouts.
Groupon (NASDAQ:GRPN) -11% AH on many international exits.
Western Digital (NYSE:WDC) +5.3% AH following strong Q3 results.
Tesla (TSLA) +4.3% AH after generating a profit.
Texas Instruments (NYSE:TXN) volatile AH on mixed results.
VMware (NYSE:VMW) +2.4% AH after beating estimates.

Today's Markets

In Asia, Japan -0.3% to 17336. Hong Kong -0.8% to 23132. China -0.1% to 3112. India +0.3% to 27915.
In Europe, at midday, London -0.1%. Paris -0.3%. Frankfurt -0.1%.
Futures at 6:20, Dow +0.2%. S&P +0.2%. Nasdaq +0.2%. Crude +0.5% to $49.44. Gold +0.4% to $1271.
Ten-year Treasury Yield +4 bps to 1.83%

Today's Economic Calendar

8:30 Durable Goods
8:30 Initial Jobless Claims
9:45 Bloomberg Consumer Comfort Index
10:00 Pending Home Sales
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
1:00 PM Results of $28B, 7-Year Note Auction
4:30 PM Money Supply
4:30 PM Fed Balance Sheet