Stronger Than Expected Earnings From Facebook, Yahoo and More
Less than two weeks to go until the election!
In recent weeks, polls had been showing an ever-tightening race, but on Thursday, it appeared that Romney’s momentum had stalled. Out of eight daily polls, Obama was seen to gain in five of them, and Romney in only one. (Two were unchanged from the week before.)
The fallout from the 2008 financial crisis is still reverberating, and not only on the campaign trail: On Wednesday, The United States sued Bank of America for $1 billion for the role its Countrywide Financial unit played in the mortgage housing crisis. (B of A acquired the company in 2008.) The government said that Countrywide Financial eliminated loan-quality checks and misrepresented the quality of the home loans they were selling to mortgage firms Fannie Mae and Freddie Mac.
In business news, several companies reported earnings this week, including:
- Yahoo, which beat expectations in its first earnings report under new CEO Marissa Mayer.
- Facebook, which surpassed expectations, sending its beleaguered stock up 20%, its biggest one-day gain since the IPO.
- Apple came out with a mixed report: profit fell below Wall Street expectations but revenue was higher than what analysts had projected.
- Amazon reported a loss in the third quarter due to investments it has made to spur long-term growth.
- Online gaming company Zynga performed well in an IPO last year, but its stock is down 75% this year and this week the company announced layoffs. Still, its earnings report this week beat analysts’ expectations, giving the stock a boost.
In the latest tech wars news, Apple unveiled an iPad Mini to compete with smaller-sized tablets and Microsoft unveiled its new Surface tablet and tablet-friendly Windows 8 operating system to rival the iPad.
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image: Microsoft Surface Tablet (SpicaGames/Flickr)