Mortgage Rates Jump Amid Fed Rate-Hike Talk
Average long term U S mortgage rates rose this week as expectations grow the Federal Reserve may raise its key rate. Freddie Mac reports 30 year fixed at 3.87 up from 3.76 and 15 year at 3.09 up from 2.98. Postal Service projects 15.5 billion pieces of holiday mail and 600 million packages between Thanksgiving and New Year’s Eve. Productivity growth slowed to a 1.6 percent annual rate in Q3 with labor costs at 1.4 percent.
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Facebooks Ad Revenue Seesiplunge: Skeptics Left Behind
In May 2012 investors doubted Facebook could capture TV ad dollars, but the company posted a 41 percent rise in revenue to 4.5 billion in the third quarter, with ad prices up 61 percent year over year. Shares surged to around 306 billion in market value, dwarfing Twitter and rival peers.
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Zuckerberg’s Wealth Surges After Facebook Gains
Facebook reaches a market value of 3064 billion ranking seventh in the S P 500 surpassing General Electric and briefly overtaking Amazon. Analysts foresee continued growth with 22 percent adjusted profit this year and 31 percent next year while Zuckerberg’s stake climbs to 46.4 billion as it gains 30.2 billion since the IPO.
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ExxonMobil climate change disclosures under New York probe
New York Attorney General subpoenas ExxonMobil seeking financial records and climate change related materials dating to 1977. Investigators aim to determine if the company timely and accurately disclosed climate research risks and long term environmental shifts impacting financial fortunes. Peabody Energy is also noted as previously investigated.
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