Yum Brands announced yesterday the company is cutting its China unit loose after a string of difficulties that management has been unable to fix, highlighting the shifting fortunes for global companies in the world’s most populous market.  By the end of next year, Yum China will become a separate, publicly traded franchisee of Yum Brands (WSJ)
 
Ferrari raced to a near $10bn valuation as it completed a long awaited IPO.  The company sold 17.2m shares at $52 apiece, drawing strong investor demand.  The italian luxury carmaker is being spun off from Fiat Chrysler in a bid to reduce debts at the parent company.  Ferrari is planning to planning to lift annual production to more than 10,000 vehicles.  (FT)
 
Yahoo has signed a search advertising deal with Google, providing a potential boost to Marissa Mayer's efforts to turn around the company. The deal with Google builds on an existing search partnership with Microsoft under which the company gets a percentage of revenue from ads displayed on its sites. The move follows disappointing Q3 results from Yahoo that missed expectations and unveiled cost cuts, content write-offs, and more soft guidance. (FT)
 
In earnings news before the bell this mornings, Boeing beat estimates, and raised guidance – leading shares higher in pre-market trading.  Coke also beat analyst estimates, but missed on the top line, shares are down slightly before the open.  GM smashed analyst estimates – on record margins, and even including $1.5bn in charges related to ignition switch issues. (SA)