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Updated: 1 year 4 months ago

TVA to Close 8 Coal-Powered Units in Alabama and Kentucky

Thu, 11/14/2013 - 1:10pm
The nation’s largest public utility has voted to close six coal-powered units in Alabama and replace two more in Kentucky with a new natural gas plant. At a Thursday meeting, Tennessee Valley Authority CEO Bill Johnson said increasingly stringent environmental regulations and flat power demand have made it necessary to rethink how the utility generates power. Senate Republican Leader Mitch McConnell met with Johnson last month to seek continued operation of the coal-burning Paradise Fossil Plant in Drakesboro, Ky. One coal-fired unit will remain there. The board also voted to close all five units at the Colbert plant in northwest Alabama and one of two remaining units at the Widow’s Creek plant in northeast Alabama. Board members from Alabama and Kentucky said the closures were difficult but necessary.  
Categories: Financial News

It’s Definitely Time for Big Banks to Beware

Thu, 11/14/2013 - 12:52pm
The Senate Banking Committee held a confirmation hearing for Janet Yellen this morning, who has been nominated to be the 15th Chair of the Federal Reserve (and the first woman). Though Fed chairman and candidates for the position are usually at pains to say as little as little as possible of substance during these public exchanges, this two-plus hour hearing did shine some light on where Yellen’s priorities are and what we might expect from her chairmanship. Here are three takeaways: 1. ‘Too Big To Fail’ banks should be afraid, very afraid: Big Wall Street banks know that they’re not well-regarded around the country, but they’re usually able to keep that populist anger at bay with lobbyists who keep tabs on both lawmakers and the regulatory rule making process. But today’s hearing shows that these large institutions aren’t totally out of the woods yet. Senators from both sides of the aisle expressed concern that we still haven’t dealt with the problem of too-big-too fail, and the subsidy big banks get from lenders who assume that they will bailed out by the federal government if anything goes wrong. (MORE: Foroohar: Yellen to Become Most Important American in the World) Senator Vitter, a Republican from Louisiana, for instance, reiterated his desire to see the capital standards on the largest banks raised in order to reduce the need for federal intervention in a crisis, and to level out the playing field between the largest and smaller banks. Yellen agreed that large banks are still getting a subsidy from the marketplace, and that “Addressing too-big-to-fail has to be one of the most important goals of the post-crisis period.” With higher capital requirements on the largest, systematically important banks still to be decided upon, the emphasis placed on this issue both by lawmakers and Yellen says a lot. 2. Yellen isn’t too afraid of Quantitative Easing’s risks: In her statement, Yellen paid lip service to the idea that the Fed’s long-term bond-buying program poses risks towards financial instability, but her statements in the hearing indicate that she
Categories: Financial News

Google Beats Authors in Digitial Books Case

Thu, 11/14/2013 - 11:54am
A U.S. Circuit court judge on Thursday dismissed a lawsuit brought against Google by authors who accuse the search giant of illegally coping millions of books and posting them on the Internet without permission, ruling that Google making “snippets” of the books available for online searches is protected under fair use law. “In my view, Google Books provide significant public benefits,” Circuit Judge Denny Chin said in accepting Google’s’ fair use argument, Reuters reports. [Reuters]
Categories: Financial News

Janet Yellen Is Poised to Become the Most Important Person on Earth

Thu, 11/14/2013 - 11:51am
Federal Reserve vice chairwoman Janet Yellen is a few hours into her grilling by the Senate banking committee, which is part of the process that will most likely confirm her as the first-ever female head of the Federal Reserve. That would make her not only the most important person in finance, but arguably the most important person in the world right now—at least if you measure that position by the ability to fix the economic and employment issues facing the U.S., which is still the world’s largest economy. So far in her testimony, Yellen has made it clear that unemployment is where her focus is. Speaking to the record number of long-term unemployed in the US, she said, “We know that those long spells of unemployment are particularly painful for such households.” Which is one of the reasons she still believes that when it comes to the Fed’s record $85 billion a month asset buying spree, “the benefits exceed the costs.” Asked about the risk of market bubbles from continuing this kind of monetary stimulus for too long, she said, “I would agree that this program cannot continue forever” and that the Fed takes risks to financial stability “very seriously.” Still, she’s made it as clear as possible from her comments that we shouldn’t look for a hasty tapering of asset buying, despite fears that it’s distorting the global economy. That speaks to a point that I’ve made often, which is that in lieu of any real job oriented fiscal policy coming out of Washington, the Fed has become the economic stimulator of last resort via monetary policy. One of the reasons that “quantitative easing” as the asset buying program is called, has gone on so long is that Ben Bernanke (and Yellen) believe that monetary policy can substitute for fiscal policy to a certain extent in terms of propping up unemployment. And given the dysfunction in Congress, he clearly felt he was the last man standing in Washington who could actually do something about jobs. (MORE: Did Google Basically Just
Categories: Financial News

Lockheed Martin Cutting 4,000 Jobs, Closing Plants

Thu, 11/14/2013 - 10:59am
(BETHESDA, Md.) — Lockheed Martin is cutting 4,000 jobs, about 3.5 percent of its workforce, as the defense contractor continues to look for ways to lower costs amid reduced government spending. “In the face of government budget cuts and an increasingly complex global security landscape, these actions are necessary for the future of our business,” CEO Marilyn Hewson said Thursday in a statement. Across-the-board spending cuts by the federal government have helped trim U.S. budget deficits. Budget negotiators in Congress are holding talks centered on find ways to cut spending and tax breaks to replace the automatic cuts that started earlier this year that are slamming the Pentagon and domestic agencies. Bethesda, Md.-based Lockheed Martin Corp., maker of Patriot missile defense system and the F-35 and F-16 fighter planes, will close plants in Goodyear, Ariz.; Akron, Ohio; Newtown, Pa.; and Horizon City, Texas; as well as four buildings at its Sunnyvale, Calif. campus, by mid-2015, eliminating 2,000 jobs. Another 2,000 positions will be cut in its information systems and global solutions, mission system and training, and space systems units by 2014′s end. Lockheed Martin said it will shift work and some employees to facilities in Denver and Valley Forge, Pa. The company is also reviewing other possible plants to which it could relocate programs, including facilities in Owego, N.Y. and Orlando, Fla. Lockheed Martin said it has cut its workforce to 116,000 employees from 146,000 since 2008. Last month the company said that revenue would decline “slightly” next year on likely federal budget cuts. Shares dipped 5 cents to $137.21 in morning trading. The stock is up 49 percent this year.
Categories: Financial News

After Nokia, a Mobile Games Boom in Finland

Thu, 11/14/2013 - 10:54am
(HELSINKI) — From mobile phones to mobile games. Finland has found there’s life after Nokia in a bustling startup scene that’s produced hugely popular game apps such as “Angry Birds” and “Clash of Clans.” Mobile gaming is fast becoming Finland’s new flagship export industry, with revenues expected to double to 2 billion euros ($2.7 billion) this year. About 150 game developers are showcasing their ideas to global investors this week at the annual Slush conference — a hotspot for startups in Europe. The conference, which ends Thursday, has tripled in size from 2012 with investors representing venture capital funding worth more than $60 billion. Meanwhile, Finland is nearing an end of an era as the mobile phone division of Nokia — once the industry bellwether — is being taken over by Microsoft.  
Categories: Financial News

U.S. Worker Productivity Rises at Modest Pace

Thu, 11/14/2013 - 10:49am
(WASHINGTON) — U.S. workers increased their productivity from July through September at roughly the same modest pace as the previous three months. Steady gains in productivity could dissuade companies from ramping up hiring. The Labor Department said Thursday that productivity increased at a 1.9 percent annual rate in the third quarter, about the same as the 1.8 percent rate in the previous quarter. The second quarter figure was lower than the 2.3 percent rate previously estimated. Productivity measures the amount of output per hour worked. Greater productivity raises living standards because it enables companies to pay workers more without spurring inflation. And it’s a good sign for corporate profits. But more productive workers also show companies that they are getting steady gains from their existing labor forces and needn’t add more employees. Labor costs fell in the third quarter, a sign that inflation will remain mild. Productivity growth is flat over the past year. But that’s because the gains from the past six months have been offset by declines in previous six months. Worker productivity is improving partly because economic growth has accelerated. The economy expanded at a 2.8 percent annual rate in the third quarter, up from 2.5 percent in the previous quarter. At the same time, hiring has been only modest. Still, productivity growth has slowed in the past three years after jumping in the aftermath of the recession. It increased just 1.5 percent in 2012 and 0.5 percent in 2011. Those gains followed much healthier increases of 3.3 percent in 2010 and 3.2 percent in 2009. Productivity rose faster after the recession because businesses boosted output after slashing their workforces during the downturn. The Federal Reserve monitors productivity and labor costs for any signs that inflation could pick up. Mild inflation has allowed the Fed to keep short-term interest rates at record lows and to buy bonds to try to keep long-term rates down.  
Categories: Financial News

Walmart Sales Dip as Low-Income Americans Close Wallets

Thu, 11/14/2013 - 9:17am
Walmart posted its third straight quarterly decline in United States sales on Thursday, pushing its stock price down 1.3 percent in pre-market trading and signaling a reluctance to spend among the company’s low-income customer base. U.S. sales at the world’s largest retailer, including both in-store and online, declined 0.3 percent in the third quarter ending Oct. 31. “That low-end customer is just not willing to step out and buy those discretionary items,” an analyst told Reuters. With an end to the payroll tax holiday and stagnating wages, low-income customers have been reluctant to open their wallets. [Reuters]
Categories: Financial News

U.S. Produced More Oil Than It Imported In October

Thu, 11/14/2013 - 8:20am
The United States produced more crude oil than it imported in October for the first time in almost 20 years, the federal Energy Information Administration announced Wednesday. The U.S. also produced more oil in September than it has in any one-month period over the last 24 years, partially as a result of the rise of hydraulic fracturing, and the country is importing less than it has in 17 years. The country is still the world’s largest consumer of oil and the largest importer of crude oil.  The following interactive graph allows you to compare the source of energy consumed in the U.S. between any two years over the last four decades.
Categories: Financial News

U.S. Unemployment Benefit Applications Dip to 339K

Thu, 11/14/2013 - 7:41am
(WASHINGTON) — The number of people applying for U.S. unemployment benefits slipped 2,000 last week to a seasonally adjusted 339,000, the fifth straight decline that shows businesses see little need to cut jobs. The Labor Department says the less volatile four-week average fell 5,750 to 344,000. The average has dropped 11 percent in the past year. Applications, which are a proxy for layoffs, are back near pre-recession levels after spiking in early October because of the partial government shutdown and the processing backlogs in California. The steady declines are the latest sign that companies are firing very few workers. Last week’s report on hiring and unemployment in October showed that businesses are also adding workers at a steady pace.
Categories: Financial News

Dell (Yes, Dell) Is About to Make History

Thu, 11/14/2013 - 7:17am
Now that Michael Dell has taken his company private after a brutal eight-month battle over the future of the company, is the company better positioned to turn itself around? Perhaps, in time. But until then it’s looking like Dell could shake things up in the market for corporate cloud coumputing. During Dell’s 29-year history, the company has made its mark on the tech industry. In an era when many of the most successful brand-name tech companies hailed from Silicon Valley, Dell became success story in Round Rock, Texas. Had you invested $1000 in the company in early 1990, it would have been worth nearly $113,000 ten years later. Part of that surge would have come from the dot-com boom, but much of it would have happened before it, when Dell was seen as a leading innovator in laptops, just as they were becoming fast, powerful and portable enough to be popular with corporate and consumer customers. Dell faced IBM, Toshiba, Sony Compaq and others but consitently grew its market share. Dell computers had the reputation for being reliable and affordable, depending on the models, but what really set it apart was the just-in-time ordering system Michael Dell built. It steered buyers to an online site that let them customize PC to their preferences, shaving overhead costs and allowing Dell to better compete on both price and service. If, on the other hand, you had the bad timing to buy Dell’s stock at $54 a share in early 2000 and sold when the stock was trading near $9 a share, your investment would have fallen by 84%. The biggest challenges Dell faced in that period were changes to the PC market: first, price wars that turned PCs into low-profit commodities; then the rise of tablets and smartphones that reduced demand for larger computing devices. (MORE: ‘Tis the Season to Beg, Pressure, and Guilt Retailers to Stop Ruining the Season) In 2007, Michael Dell returned to the role of CEO at the company, determined to steer it away from its reliance on
Categories: Financial News

Will Your Facebook Profile Sabotage Your Job Search?

Thu, 11/14/2013 - 7:12am
Facebook, Twitter and their ilk are digital catnip for hiring managers, but this addiction isn’t a harmless buzz: New research shows that what’s in our profiles has little bearing on how well we do our jobs, even though a large number of recruiters operate under the assumption that it does.  Social media? Everybody’s doing it — everybody in HR, that is. According to one survey by recruiting software company Jobvite, 93% of recruiters surveyed are likely to look at a candidate’s profile in the course of filling a job. More than 40% have reconsidered a job candidate based on what was in a social media profile, and 60% say improper grammar or punctuation, along with four-letter words, make them think poorly of the applicant. When it comes to profiles and performance, “For some reason, there’s this impetus to think it’s related,” says Philip Roth, professor of management at Clemson University. ”Companies are inspecting social profiles to weed out candidates and to get a sense of whether a particular applicant is likely to fit into the culture or not. What you post or Tweet can have positive or negative impact on what recruiters think of you,” Dan Schawbel wrote in TIME last year. “To me the complications that go with that logic are pretty substantial,” Roth says. The temptation of using sites like Facebook to take a peek at what job-seekers say and do when they’re off the clock is its accessibility and the sense that it offers a real-life window into someone’s unguarded thoughts. ”It’s easy,” Roth says. “The information is just too alluring.” The trend and the assumption of a correlation between what people display online and what kind of behaviors they display in the workplace also can be ascribed to a misplaced faith in the power of technology to provide better insights than the low-tech methods that preceded it, Roth says. “People also look at this through a technological lens — technology is good, we’ll try it — but if you look at it as an employment test it ought to have a proven record of predicting
Categories: Financial News

Why Wall Street Hedge Funds are Trying To Force Treasury to Hand Over Fannie Mae and Freddie Mac

Thu, 11/14/2013 - 7:11am
When mortgage giants Fannie Mae and Freddie Mac were taken over by the Bush Administration in 2008, the nearly $200 billion bailout was the largest in history. Since that time however, and aided by the rapid recovery of the housing market, the two housing giants have once again become profitable, and as of last week they had paid the government in dividends an amount equal to to the original bailout. Don’t call it payback though. The federal government still owns the 80% stake in the companies it bought five years ago, and the risk taxpayers took in 2008 when it bought those stakes entitles them to far more than just getting their money back. That being said, the government is surely glad that Fannie and Freddie are throwing off cash once again, especially as it’s helping dampen the budget deficit. But not everyone is pleased about Fannie and Freddie’s newfound profitability, or at least that the money is going in Treasury coffers. According to a report today in the Financial Times, a group of private investors are preparing to put forward a proposal which would transfer the housing giants back into private hands, and ultimately end a dispute over the remaining privately-held Fannie and Freddie stock which was not eliminated during the original bailout. (MORE: Did Google Basically Just Ruin YouTube?) Let’s step back a bit to describe what has these investors so upset. Back in 2008, when the federal government put Fannie and Freddie into conservatorship, it provided backstop financing and in return required the companies to pay the government a ten percent dividend before any money went to private stakeholders. What the federal government did not do was fully nationalize these companies — as this would have required it to put Fannie and Freddie’s debt on its own books. But this decision came back to bite the government when the firms’ fortunes turned around in 2012. Now that the entities were profitable, the bailed out shareholders of the universally-despised Fannie Mae and Freddie Mac would be set to benefit
Categories: Financial News

‘Tis the Season to Beg, Pressure, and Guilt Retailers to Stop Ruining the Season

Thu, 11/14/2013 - 7:09am
In what’s become an annual holiday tradition, Americans are organizing protests and petitions to try and stop retailers from ruining the holidays. For the past two years, hundreds of thousands of consumers have resorted to online petitions and even worker strikes to voice their anger at retailers that decided to open their doors—thereby requiring employees to work—on Thanksgiving. This year, retailer creep into the holiday has reached new highs (lows?), with some stores opening on Thanksgiving morning and many more launching their “Black Friday” sales that night. You know: four, five, or even seven hours before it’s actually Friday. It’s now so commonplace for stores to open on Turkey Day that retailers like P.C. Richards, Costco, BJ’s, and Nordstrom stand out—and score some points with employees and good PR among those who want to keep the holiday a holiday—by actually staying closed on a day when virtually every business used to stay closed. As far back as 2007, Nordstrom made a public stand against store hours on Thanksgiving or even midnight openings. “We just like the idea of celebrating one holiday at a time,” has been the company line, along with an opening time on the morning of Black Friday. A recent BJ’s press release highlighted some of the deals it will making available during the week of Black Friday, while also crowing about how wonderfully family-friendly and contrarian the warehouse retailer is being by making a stand against a Thanksgiving opening: Once again, BJ’s is bucking the retail trend of putting sales on Thanksgiving above family time and will continue its tradition of not opening on Thanksgiving Day, allowing Team Members to enjoy the holiday with friends and families. (MORE: How to Ruin Thanksgiving And/Or Avoid Family, an Hour-by-Hour Guide for Shoppers) Meanwhile, P.C. Richard & Son, a family-owned electronics chain with 66 locations in Connecticut, New Jersey, and New York, took out a full-page ad in the Sunday Star-Ledger (N.J.) to “Save Thanksgiving!” and bash the many retailers that are disrespecting traditional values by opening on the national
Categories: Financial News

JPMorgan Cancels Twitter Q&A After an Epic #Fail

Thu, 11/14/2013 - 5:37am
JP Morgan Chase canceled an online Q&A with a senior executive planned for Thursday after being bombarded with hostile questions and jokes to its #AskJPM hashtag. The country’s largest bank by total assets had planned the to host an online discussion with vice chairman James B. Lee Jr., who Dealbook calls the bank’s top dealmaker. But when JP Morgan’s Twitter account made a request for queries, they got more than they bargained for: When you locked people out of their homes & ruined their lives, did you still send them credit card invitations just to rub it in? #AskJPM— Schoun (@schoun) November 13, 2013 Would you rather negotiate with 1 horse-sized Eric Holder, or 100 duck-sized Eric Holders? #AskJPM— Kevin Roose (@kevinroose) November 13, 2013 #askJPM Any plans to return illegally foreclosed homes to their rightful owners? If not, how do you justify your continued existence?— Elisabeth Carey (@ElisabethCarey) November 13, 2013 When you paid $309M for illegal credit card practices, did you say #whatev we have $28BN set aside for fines? huffingtonpost.com/2013/09/19/cfb… #AskJPM— alexis goldstein (@alexisgoldstein) November 13, 2013 Do you think maybe this whole #ASKJPM idea was not well thought out?— Rudolf E. Havenstein (@RudyHavenstein) November 13, 2013 After word got out about the cancellation, some were bummed out for practical reasons: Well now I'm really bummed that JPMorgan cancelled #AskJPM tomorrow, cause I have a few queries: dealbook.nytimes.com/2013/11/13/a-b… #AskJPMFail— Daniel Drezner (@dandrezner) November 14, 2013 A spokesman for the bank emailed Dealbook , “#Badidea! Back to the drawing board!” As of Thursday morning, it’s a bad idea that won’t go away, as jokes, questions and criticism are still flooding into the #AskJPM hashtag on Twitter. [New York Times-Dealbook]
Categories: Financial News

When It Pays to Go Green

Thu, 11/14/2013 - 4:45am
“When is it less expensive to go green?” —@riimzonline on Twitter If you’ve been thinking about going green, join the club. It typically costs a bit more to shop organic or buy environmentally friendly products, but millions of Americans are doing so. Sales of green household products by the lighting and consumer-products company Philips rose 28% last year, for instance. Procter & Gamble exceeded its goal of $50 billion in sales of sustainable cleaners and other items. Automakers of all stripes now offer hybrid and electric cars. Even Wall Street is rewarding socially responsible companies with a flood of capital. In fact, so many companies are labeling products eco-friendly, it can be hard to cut through the hype. Here’s a primer: Your Car: In general, the lighter the vehicle, the more eco-friendly it is. (Think sedan vs. pickup truck.) Hybrids using a combination of gas and electricity trump traditional gas vehicles. Meanwhile, some cars have more recyclable parts; others take better care of what they spew from the tailpipe. It all matters. What about fully electric vehicles like the Nissan Leaf and Tesla Model S? They aren’t necessarily greener than hybrids, says Therese Langer, transportation-program director at the American Council for an Energy-Efficient Economy. Generally, she says, electric cars are a good choice in the Northeast and West, where more energy is generated from relatively clean natural gas, nuclear plants and hydropower. In the Midwest and Southeast, the use of coal-powered electricity to recharge car batteries offsets the green benefits of electric cars. Bottom line, the council rates the Toyota Prius, Honda Civic and Volkswagen Jetta hybrids best overall. Many hybrids are priced at a 15% premium over comparable vehicles. But counting the total cost, with fuel and other savings, narrows the premium to 3% or less. And if gas prices rise, that percentage goes down. Your Home: Home efficiency is mostly a matter of insulation, which cuts down on energy consumption. Sealing and insulating the attic might cost up to $4,000, but through energy savings you’ll get paid back in five to 10
Categories: Financial News

Eurozone Recovery Hits Snag in Third Quarter

Thu, 11/14/2013 - 4:16am
(BRUSSELS) — Official figures show that the recovery from recession in the 17-country eurozone continued in the third-quarter of the year — but only just. Eurostat, the EU’s statistics agency, says Thursday that the region posted economic growth of 0.1 percent during the July to September period compared with the previous three-month period. That was in line with market expectations but below the previous quarter’s 0.3 percent growth. The eurozone emerged from its longest-ever recession in the second-quarter, but the Eurostat figures dash hopes that the recovery might accelerate. The weak economic backdrop is one reason why the European Central Bank cut its main interest rate last week to a record-low 0.25 percent. Thursday’s figures show the recovery has run out of steam in the core economies such as Germany and France.
Categories: Financial News

German Economy Slows in Q3 as Exports Drag

Thu, 11/14/2013 - 3:24am
(BERLIN) — German economic growth slowed in the third quarter as exports weighed on the economy. The Federal Statistical Office said Thursday that Europe’s largest economy grew by a quarterly rate of only 0.3 percent in the July to September period, down from the 0.7 percent growth recorded in the second-quarter. Individual growth components are slated for release later in the month but the office said “positive contributions were made only by domestic demand.” It added that “the balance of exports and imports… had a downward effect on GDP growth.” ING analyst Carsten Brzeski said factors like low unemployment, increasing wages and strong external demand for German products indicate the country’s “economy remains the stronghold of the Eurozone.” He says “there is little reason to doubt the stability of the German economy.”
Categories: Financial News

Pumpkin Spice Season: It’s All About The FOMO

Thu, 11/14/2013 - 2:00am
As you can see in this New York Times video, food manufacturers are using that old chestnut of a marketing ploy to boost sales of pumpkin-flavored products: your fear of missing out. Add some chemicals and flavorings and what do you have? The taste of fall!
Categories: Financial News

Snapchat Thinks Its App for Self-Deleting Sexts Is Totally Worth More Than $3 Billion

Wed, 11/13/2013 - 4:45pm
The messaging and photo-sharing app Snapchat has reportedly declined an offer from Facebook to purchase the company for about $3 billion in cash, according to the Wall Street Journal. Unnamed sources familiar with the matter told the Journal that the company’s co-founder and CEO Evan Spiegel is optimistic that the app’s growing number of users and message volume would warrant an even higher valuation at a future point in time. Though a company spokesperson refused to comment, the sources said he would probably not consider acquisition offers until early 2014. In September, Snapchat announced that nearly 350 million messages were sent through service daily, according to CNBC, up from 200 million three months earlier. The company has received more than $75 million in funding to date, and is in talks with investors for additional backing, but has no revenue. Had it been accepted, the $3 billion offer would have made Snapchat Facebook’s largest acquisition to date. The social media giant purchased social network Instagram for about $1 billion in 2012. While there are many messaging apps on the market, Snapchat is unique in that its messages, which include photos and videos, disappear from recipients’ mobile devices a few seconds after they’ve been opened. Many spectators were quick to weigh in on the deal that wasn’t on Twitter: Dumb move. Snapchat Spurned $3 Billion Acquisition Offer from Facebook m.us.wsj.com/articles/BL-DG…— Craig Elimeliah (@CraigElimeliah) November 13, 2013 No one rational would have turned down $3 billion for SnapChat. But, no one rational would have built SnapChat in the first place.— Aaron Levie (@levie) November 13, 2013 Today everyone is an expert on Snapchat. Everyone thinks they should sell. So, why hasn't everyone started a company Facebook wanted to buy?— Om Malik (@om) November 13, 2013 Even the Jersey Shore’s Pauly D weighed in… SnapChat Turned Down 3Billion From Facebook #Wtf ??!!— DJ Pauly D (@DJPaulyD) November 13, 2013 Only time will tell if Spiegel’s decision will pay off.
Categories: Financial News

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