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Facebook beats Wall Street targets, stock hits record high

A portrait of the Facebook logo in VenturaBy Alexei Oreskovic SAN FRANCISCO (Reuters) - Facebook Inc's fast-growing mobile advertising business helped drive a 61 percent increase in revenue during the second quarter, beating Wall Street's financial targets and sending shares to a record-high in after-hours trading on Wednesday. Facebook now counts 1.5 million advertising customers and the company's ad business saw strong growth across all of its geographic regions, Chief Operating Officer Sheryl Sandberg told Reuters in an interview on Wednesday. Investors bid up shares of Facebook roughly 5 percent to $75.13 in after-hours trading on Wednesday, giving the Internet company a roughly $190 billion valuation, putting it on par with IBM Corp . Facebook's operating margin expanded to 48 percent of revenue in the second quarter, up from 31 percent in the year-ago period.


SEC considering action against S&P over ratings

Standard & Poor's said Wednesday that regulators have told the rating agency they are considering taking civil enforcement action against it over ratings it gave to six deals in 2011 involving securities ...

Qualcomm struggles to collect royalties in China, stock falls

Visitors walk past the Qualcomm stand at the Mobile World Congress in BarcelonaBy Noel Randewich SAN FRANCISCO (Reuters) - Qualcomm Inc's outlook for the September quarter was below Wall Street's expectations and its shares fell on Wednesday after the leading mobile chipmaker said it was having trouble collecting royalties in China. A new high-speed 4G network in China is driving fresh demand for smartphones with leading-edge technology, but Qualcomm has also faced legal and regulatory problems there, including an ongoing investigation by the country's antitrust regulator. Now Qualcomm is struggling to collect licensing revenue from some device makers in China, including a growing number of local manufacturers the U.S. chipmaker has done little or no business with in the past. "There was some impact in the quarter that we just reported in Q3 and we expect the impact will be larger in the next quarter and potentially for a number of quarters until we can get these things resolved," Qualcomm President Derek Aberle said in an interview.


BHP Billiton, Anglo American seek to sell joint manganese assets -WSJ

BHP Billiton Plc and Anglo American Plc are looking to sell their jointly owned manganese assets portfolio in South Africa and Australia, the Wall Street Journal reported, citing people familiar with the ...

Facebook 2Q earnings, revenue soar

MENLO PARK, Calif. (AP) ? Facebook is on a roll. The world's largest online social network posted sharply higher earnings on Wednesday as revenue from mobile advertising continued to grow, and more people used it, more often.

S&P 500 ekes out record high as earnings roll in

FILE - A sign for Wall Street is shown in this March 8, 2010 file photo near the New York Stock Exchange. Global stocks mostly rose Wednesday, July 23, 2014, bolstered by solid U.S. earnings and home sales as tensions between Russia and the West over Ukraine eased. (AP Photo/Mark Lennihan, File)NEW YORK (AP) ? The stock market eked out a record high Wednesday, as investors weighed positive earnings from the technology industry against disappointing news from Boeing and other companies.


TSX jumps as BCE, Talisman fuel takeover action

A man walks past an old Toronto Stock Exchange sign in TorontoBy Alastair Sharp TORONTO (Reuters) - Canada's main stock index rose on Wednesday with oil company Talisman Energy Inc soaring on an approach from Spain's Repsol about a possible deal, while telecom BCE Inc said it wants to buy all the shares in regional affiliate Bell Aliant Inc that it doesn't already own. The stock reaction - Talisman jumped 13.3 percent to C$11.97 and Bell Aliant surged 11.9 percent to C$31.53 - pushed the Toronto stock market's benchmark index to its fifth record high in the last six sessions. "It seems like the markets are looking for reasons to go up, more so than looking for excuses to go down," said Shailesh Kshatriya, a strategist focused on Canadian markets at Russell Investments.


Stocks rise on solid earnings, S&P sets new record high

Traders work on the floor of the New York Stock ExchangeGlobal equity markets edged higher on Wednesday as a backdrop of solid corporate earnings buoyed risk appetite, but worries over the Middle East and Ukraine kept demand strong for safe-haven assets such as bonds. Of the 149 companies in the S&P 500 that have reported results, 68.5 percent have beat expectations, a bit better than the past four quarters and five percentage points above the 20-year average of 63 percent, according to Thomson Reuters data. "There's just not a lot of bad news out there when it comes to corporate earnings," he said. The S&P 500 gained 3.48 points, or 0.18 percent, to 1,987.01 and the Nasdaq Composite added 17.681 points, or 0.4 percent, to 4,473.697.


 
 
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