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Microsoft surged as much as 5.6 percent to an all-time high of $60.45, while McDonald's was up 3.1 percent. "If companies cannot beat estimates in this (low-rate) environment, it raises the question of what will happen when the Fed raises rates in December," said Adam Sarhan, chief executive at Sarhan Capital. At 11:03 a.m. ET the Dow Jones Industrial Average was down 94.54 points, or 0.52 percent, at 18,067.81.
(Reuters) - AT&T Inc is in advanced talks to acquire media conglomerate Time Warner Inc , and a deal could come as early as this weekend, the Wall Street Journal reported. The talks around the cash-and-stock deal have come together quickly, the Journal reported on Friday, citing people familiar with the matter. Time Warner's shares were up 8.2 percent at $89.77 in late morning trading.