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Facebook trounces Wall Street estimates with sharp ad sales growth

Photo illustration of 3D-printed models of people in front of a Facebook logoFacebook Inc provided more evidence on Wednesday that it can turn eyeballs into profit as the maker of the world's most popular app and social website trounced Wall Street's estimates, sending its shares to an all-time high. The leading social media company's mobile app and push into video attracted new advertisers and encouraged existing ones to spend more. "Facebook has shown that you can be a giant and you can be innovative," said analyst Patrick Moorhead of Moor Insights & Strategy.


Suncor turns to loss as wildfire shutdown drags on earnings

Suncor Energy head office is pictured in CalgaryBy Julie Gordon VANCOUVER (Reuters) - Suncor Energy Inc, Canada's largest oil and gas company, reported a second-quarter loss on Wednesday, as it was hit by a significant decline in oil sand production due to the shut in of operations during the Fort McMurray wildfire. Suncor said the fires reduced its second quarter oil sands production by some 20 million barrels. "The forest fires in the Fort McMurray area significantly impacted the region," said chief executive Steve Williams in a statement.


Wall St. banker merely discussed work with inside trader dad: lawyer

Former Perella Weinberg investment banker Sean Stewart exits the Manhattan federal court house in New YorkThe defense lawyer for a former Wall Street investment banker charged with giving his father inside information insisted on Wednesday that his client had no intention of conveying trading tips while discussing his work. Defense lawyer Mark Gombiner told jurors in Manhattan federal court that Sean Stewart, who worked at Perella Weinberg Partners and JPMorgan Chase & Co , never intended to help his father trade ahead of five unannounced mergers. Instead, Gombiner said Robert Stewart, the banker's father, overlooked the trust his son placed in him and worked with another man to make over $1 million executing trades based on company names his son mentioned while discussing his work.


Facebook trounces Wall St estimates with sharp ad sales growth

A man poses with a magnifier in front of a Facebook logo on display in this illustration taken in SarajevoFacebook Inc provided more evidence on Wednesday that it can turn eyeballs into profit as the maker of the world's most popular app and social website trounced Wall Street's estimates, sending its shares to an all-time high. The leading social media company's mobile app and push into video attracted new advertisers and encouraged existing ones to spend more. "Facebook has shown that you can be a giant and you can be innovative," said analyst Patrick Moorhead of Moor Insights & Strategy.


Disappointing earnings revive speculation on Twitter's future

Jack Dorsey, CEO of Square and CEO of Twitter, speaks during an interview with CNBC following the IPO for Square Inc., on the floor of the New York Stock ExchangeBy Yasmeen Abutaleb SAN FRANCISCO (Reuters) - Twitter Inc disappointed investors yet again on Tuesday with second-quarter earnings that missed estimates and a lower-than-expected outlook, reviving chatter about a possible sale of the company and the future of Chief Executive Officer Jack Dorsey. With the stock falling almost 15 percent Wednesday, Twitter shares are down 50 percent since Dorsey returned last summer to the helm of the social media company he co-founded. At a market cap of about $11 billon, compared with more than $40 billion at its peak, Twitter could now be a more attractive takeover target.


Wall St. ends lower after Fed keeps rates unchanged

Traders work on the floor of the New York Stock ExchangeWall Street ended lower on Wednesday after the Federal Reserve left interest rates unchanged but opened the door to a possible rate increase later this year. The Fed had not been expected to move interest rates at its two-day meeting, ended on Wednesday, but investors have been anxious for hints about when an increase might come in light of concerns about fallout from Britain's vote in June to leave the European Union. "A rate increase is warranted this year, most likely at the end of the year, but a lot has to do with a benign world arena." After investors shrugged off Britain's unexpected vote in late June to leave the European Union, the S&P 500 rallied and is up 6 percent year to date.


UniCredit to ask authorities to investigate possible market abuse

Logo of UniCredit bank is on display in MoscowUniCredit will ask authorities to investigate possible market abuse in relation to media reports over its upcoming strategic review, which on Wednesday affected its share price and that of two of its units, the Italian bank said in a statement. UniCredit said that, if necessary, it would "pursue other available means to ensure that its rights and reputation are protected." The bank said its shares and those of its units FinecoBank and Bank Pekao had experienced "unusual ... price movements." Shares in both UniCredit and its online broker Fineco fell 4 percent on Wednesday as the Milan stock market gained 1 percent . Bank Pekao lost 3 percent.


As Wall Street hits highs, some investors await transport catch-up

With the Dow industrials and S&P 500 indexes setting new all-time records in the past month, some investors are waiting for a key group of transportation stocks to hit fresh highs as well before becoming more confident the rally will keep chugging along. Long seen as a barometer of the U.S. economy, the Dow Jones transport average is closely watched as part of the "Dow Theory," which tracks performance of both the industrials and the transports to confirm major trends in the stock market. The 20-component transports index, which includes airlines, railroads, package delivery companies United Parcel Service and FedEx and other stocks, has climbed 12 percent in the past month, rebounding from a selloff stemming from Britain's vote to leave the European Union.
 
 
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