Wall Street climbs, boosted by eBay results, rosy data

NEW YORK (Reuters) - Wall Street rose on Thursday, with the S&P 500 hitting a five-year intraday high, as investors were cheered by rosy economic data and better-than-expected results from online marketplace eBay .


In encouraging signs for the labor and housing sectors, data showed the number of Americans filing new claims for unemployment benefits fell to a five-year low last week, while residential construction jumped in December.


"It reminds us that although the situation on the job front hasn't improved significantly, slowly but surely it is getting better," said Andres Garcia-Amaya, global market strategist at J.P. Morgan Funds, in New York.


EBay's shares rose 3 percent to $54.50 a day after it reported holiday quarter results that just beat Wall Street expectations. It gave a 2013 forecast that was within analysts' estimates.


The S&P climbed above an intraday peak set in September to its highest since December 2007.


Gains were capped by weakness in the financial sector, with Bank of America and Citigroup down more than 2 percent following results.


Bank of America's fourth-quarter profit fell as it took more charges to clean up mortgage-related problems. Citigroup posted $2.32 billion of charges for layoffs and lawsuits, while its new chief executive cautioned the bank needed more time to deal with its problems.


Bank of America fell 3.7 percent to $11.36, while Citigroup dropped 2.3 percent to $41.50.


The Dow Jones industrial average <.dji> gained 61.49 points, or 0.46 percent, to 13,572.72. The Standard & Poor's 500 Index <.spx> added 6.36 points, or 0.43 percent, to 1,478.99. The Nasdaq Composite Index <.ixic> rose 18.19 points, or 0.58 percent, to 3,135.73.


Overall, S&P 500 corporate earnings for the fourth quarter are expected to see a 2.3 percent gain, Thomson Reuters data showed. Expectations for the quarter have moderated significantly since October.


With investors anticipating the current earnings season to be lackluster, their focus will be on the corporate earnings outlook for the months ahead, analysts said.


Shares of Boeing extended recent declines after the United States and other countries grounded the company's new 787 Dreamliner after a second incident involving battery failure. That comes in the wake of a series of other recent mishaps that have raised safety-related concerns about the aircraft. Boeing slipped 0.8 percent to $73.77 and is down nearly 2 percent for the week so far.


(Editing by Bernadette Baum)



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Berlusconi Stirs Up Elections in Italy





ROME — The dark, double-breasted suits have long been a mainstay, but now former Prime Minister Silvio Berlusconi has taken to wearing the occasional fedora. It lends him a rakish, retro air as he embarks on what many Italians, foreign investors and no doubt Chancellor Angela Merkel of Germany hoped would never happen: another election campaign.




In recent weeks, Mr. Berlusconi, a center-right candidate, has blitzed the airwaves with a theatrical blend of anti-establishment populism, this from someone who governed Italy for the better part of the last decade. His prime targets are Prime Minister Mario Monti, a well-behaved technocrat now vying to retain his post, and Ms. Merkel, cast as the taskmaster of the austerity that is suffocating southern Europe.


With every hour that he appears on television, the medium he knows best and that made him rich, Mr. Berlusconi rises in opinion polls. His People of Liberty party is now in second place, after the center-left Democratic Party and before Mr. Monti’s nascent and still incoherent centrist bloc. They are trailed by the grass-roots Five Star Movement of Beppe Grillo, a comedian, which has tapped into a groundswell of antipolitical sentiment.


Analysts widely agree that there is little chance Mr. Berlusconi will govern Italy again after elections scheduled for February. But they say he is likely to win enough seats in Parliament to achieve his goals: protecting his interests on issues like justice reform, digital television rights and wiretap laws — and weakening the center-left Democratic Party and Mr. Monti, whose popularity has dropped since the economist became a candidate.


“It’s a very confusing time,” said Giuliano Ferrara, the editor of the conservative daily Il Foglio and a sometime Berlusconi adviser. “People don’t want the insider,” he said of Mr. Berlusconi, “and they don’t want the outsider,” he added of Mr. Monti.


Mr. Berlusconi, a skilled campaigner, has cast himself as an outsider while making an “insider” of Mr. Monti, who was lionized when he first took office in November 2011 precisely because he was seen as apolitical.


Despite his many legal tangles and the dire performance of Italy’s economy under his leadership, Mr. Berlusconi maintains a residual popularity through charm, mastery of the media and a lack of strong competing parties.


Last week, Mr. Berlusconi appeared for two hours on a television program hosted by one of his old enemies. Questioned about the number of politicians with criminal records elected on his party’s slate over the years, Mr. Berlusconi said he had not sought them out. “You take 100 priests and you don’t find 100 saints,” he said.


“This country is ungovernable!” he said with glee at one point, only to be reminded that his governments had the largest majority in postwar Italian history. At another moment, Mr. Berlusconi stood up in outrage, threatened to leave but eventually calmed down, deftly taking out a white handkerchief to brush off his chair before sitting back down.


The show drew nine million viewers, a quarter of the Italian audience share.


“He’s an ex-prime minister who is doing showmen’s gags on television,” said Marco Damilano, a political correspondent for L’Espresso, a left-wing weekly magazine, whom Mr. Berlusconi cheerfully pretended to hit on the head with a poster on a television program on Tuesday.


Always a savvy populist, Mr. Berlusconi now rails against the fiscal consolidation policies advocated by Germany, sounding not unlike the leftist Syriza party in Greece, which leads in opinion polls there. He has also taken to quoting the New York Times columnist Paul Krugman, a critic of austerity.


His message has struck a nerve in Italy and has helped put Mr. Monti, the darling of Europe and the United States, who calmed financial speculation and put Italy back on the world stage, on the defensive on television, a medium that Mr. Berlusconi dominates the way Fred Astaire did the dance floor.


Appearing on Italy’s most widely watched interview program on Monday evening, Mr. Monti, who routinely treats his predecessor with understated irony, compared Mr. Berlusconi to “the Pied Piper” who entranced Italy but ultimately led it to its death.


Gaia Pianigiani contributed reporting.



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Leaked BlackBerry 10 sales manual reveals new images and details







The buzz continues to mount leading up to the January 30th unveiling of Research In Motions’s (RIMM) next-generation BlackBerry 10 platform, but we’re not sure how much is left to learn. Many BlackBerry 10 features have already been announced, we’ve seen RIM’s first two next-generation handsets — the BlackBerry Z10 and the BlackBerry X10 — a number times, and now Rogers’ internal sales manual for BlackBerry 10 devices has leaked thanks to CrackBerry. The manual is packed full of images and it also confirms some specs reported a few months ago, and the full document is embedded at the source link below. RIM’s next-generation operating system and handsets will be unveiled during a press conference on January 30th, and BGR will be on hand reporting live.


[More from BGR: Dell’s bold plan to reinvent itself: A USB-sized PC that gives access to Windows, Mac OS, Chrome OS]






This article was originally published on BGR.com


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Joey Fatone Runs a Half Marathon - and a Full Marathon - in One Weekend















01/16/2013 at 10:25 AM EST



For two years, Joey Fatone cheered on his wife, Kelly, as she ran the Goofy Challenge at Walt Disney World: a half marathon followed by a full marathon the following day. But when Kelly fractured her foot two months ago, Fatone decided to run in her place.

"I just said, 'I'll do it for you,'" he tells PEOPLE. "And it became something I really wanted to do for her."

After competing on Dancing with the Stars, Fatone, 35, had decided to get into shape.

"I wasn't training to run a marathon," he says. "I just wanted to start working out. I wanted to build more muscle and upper body strength. I have no definition in my chest! So that's how I started. Then I decided, 'Let's see how far I can run.' And it went from there."

The night before the marathon, Fatone did something that could have derailed the entire thing: at the birthday party for his 3-year-old daughter, Kloey, he jumped on a trampoline for three hours. "I knew I could hurt myself," he says. "But it was her birthday. What was I going to do? I woke up the next day feeling really good and ready to run."

On Saturday, Kelly Fatone packed Joey a lunch – along with Advil and blister ointment. During the 13.1 mile trek, Fatone would run for a minute, followed by a minute of brisk walking. He finished the course in three hours, 10 minutes. "It really wasn't that bad," he says.

The next day, he tackled the 26.1-mile marathon. "I never thought, 'I'm not going to do this,' but I did think, 'What am I doing?'" he says.

Around mile 18, his left knee started to throb. "I knew if I stopped, I'd be screwed," he says. "So I just kept going."

Finishing the marathon in six hours, 19 minutes, Fatone was triumphant. "Your body can do so much if you mentally prepare," he says. "I really do feel like I can do anything now. It's a great feeling."

On another hot topic, pal Justin Timberlake's new song "Suit & Tie," Fatone has nothing but praise for his former boy bandmate. "I like it," he says. "It's a different sound for him, but Justin's music grows on you. After you hear it a few times, you love it!"

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ER visits tied to energy drinks double since 2007


SAN FRANCISCO (AP) — A new government survey suggests the number of people seeking emergency treatment after consuming energy drinks has doubled nationwide during the past four years, the same period in which the supercharged drink industry has surged in popularity in convenience stores, bars and on college campuses.


From 2007 to 2011, the government estimates the number of emergency room visits involving the neon-labeled beverages shot up from about 10,000 to more than 20,000. Most of those cases involved teens or young adults, according to a survey of the nation's hospitals released late last week by the Substance Abuse and Mental Health Services Administration.


The report doesn't specify which symptoms brought people to the emergency room but calls energy drink consumption a "rising public health problem" that can cause insomnia, nervousness, headache, fast heartbeat and seizures that are severe enough to require emergency care.


Several emergency physicians said they had seen a clear uptick in the number of patients suffering from irregular heartbeats, anxiety and heart attacks who said they had recently downed an energy drink.


More than half of the patients considered in the survey who wound up in the emergency room told doctors they had downed only energy drinks. In 2011, about 42 percent of the cases involved energy drinks in combination with alcohol or drugs, such as the stimulants Adderall or Ritalin.


"A lot of people don't realize the strength of these things. I had someone come in recently who had drunk three energy drinks in an hour, which is the equivalent of 15 cups of coffee," said Howard Mell, an emergency physician in the suburbs of Cleveland, who serves as a spokesman for the American College of Emergency Physicians. "Essentially he gave himself a stress test and thankfully he passed. But if he had a weak heart or suffered from coronary disease and didn't know it, this could have precipitated very bad things."


The findings came as concerns over energy drinks have intensified following reports last fall of 18 deaths possibly tied to the drinks — including a 14-year-old Maryland girl who died after drinking two large cans of Monster Energy drinks. Monster does not believe its products were responsible for the death.


Two senators are calling for the Food and Drug Administration to investigate safety concerns about energy drinks and their ingredients.


The energy drink industry says its drinks are safe and there is no proof linking its products to the adverse reactions.


Late last year, the FDA asked the U.S. Health and Human Services to update the figures its substance abuse research arm compiles about emergency room visits tied to energy drinks.


The Substance Abuse and Mental Health Services Administration's survey was based on responses it receives from about 230 hospitals each year, a representative sample of about 5 percent of emergency departments nationwide. The agency then uses those responses to estimate the number of energy drink-related emergency department visits nationwide.


The more than 20,000 cases estimated for 2011 represent a small portion of the annual 136 million emergency room visits tracked by Centers for Disease Control and Prevention.


The FDA said it was considering the findings and pressing for more details as it undertakes a broad review of the safety of energy drinks and related ingredients this spring.


"We will examine this additional information ... as a part of our ongoing investigation into potential safety issues surrounding the use of energy-drink products," FDA spokeswoman Shelly Burgess said in a statement.


Beverage manufacturers fired back at the survey, saying the statistics were misleading and taken out of context.


"This report does not share information about the overall health of those who may have consumed energy drinks, or what symptoms brought them to the ER in the first place," the American Beverage Association said in a statement. "There is no basis by which to understand the overall caffeine intake of any of these individuals — from all sources."


Energy drinks remain a small part of the carbonated soft drinks market, representing only 3.3 percent of sales volume, according to the industry tracker Beverage Digest. Even as soda consumption has flagged in recent years, energy drinks sales are growing rapidly.


In 2011, sales volume for energy drinks rose by almost 17 percent, with the top three companies — Monster, Red Bull and Rockstar — each logging double-digit gains, Beverage Digest found. The drinks are often marketed at sporting events that are popular among younger people such as surfing and skateboarding.


From 2007 to 2011, the most recent year for which data was available, people from 18 to 25 were the most common age group seeking emergency treatment for energy drink-related reactions, the report found.


"We were really concerned to find that in four years the number of emergency department visits almost doubled, and these drinks are largely marketed to younger people," said Al Woodward, a senior statistical analyst with the Substance Abuse and Mental Health Services Administration who worked on the report.


Emergency physician Steve Sun said he had seen an increase in such cases at the Catholic hospital where he works on the edge of San Francisco's Golden Gate Park.


"I saw one young man who had mixed energy drinks with alcohol and we had to admit him to the hospital because he was so dehydrated he had renal failure," Sun said. "Because he was young he did well in the hospital, but if another patient had had underlying coronary artery disease, it could have led to a heart attack."


___


Follow Garance Burke on Twitter at http://twitter.com/garanceburke


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Wall Street off five-year highs, Boeing weighs

NEW YORK (Reuters) - U.S. stocks fell off five-year highs on Wednesday as concerns about global economic growth offset strong bank results and shares of Boeing weighed on the Dow after two Japanese airlines grounded their Dreamliner fleets.


Goldman Sachs shares hit an 18-month high as its earnings nearly tripled on increased revenue from dealmaking and lower compensation expenses, while JPMorgan Chase said fourth-quarter net income jumped 53 percent and earnings for 2012 set a record.


JPMorgan shares were last down 0.8 percent at $46 and Goldman added 2 percent to $138.26.


Concern about global economic growth was weighing on the markets, said Peter Jankovskis, co-chief investment officer at OakBrook Investments in Lisle, Illinois.


A slow economic recovery in developed nations is holding back the global economy, the World Bank said on Tuesday, as it sharply scaled back its forecast for world growth in 2013 to 2.4 percent from an earlier forecast of 3.0 percent.


Shares of Dow component Boeing fell 3.5 percent to $74.25 on concerns about the safety of its new Dreamliner passenger jets. Japan's two leading airlines grounded their fleets of 787s after an emergency landing, adding to safety concerns triggered by a ream of recent incidents.


"It's certainly going to pull averages down, given Boeing's large market cap, but I don't see it as having broader market implications," Jankovskis said.


The Dow Jones industrial average <.dji> fell 61.79 points or 0.46 percent, to 13,473.1, the S&P 500 <.spx> lost 4.39 points or 0.3 percent, to 1,467.95 and the Nasdaq Composite <.ixic> dropped 2.72 points or 0.09 percent, to 3,108.06.


Losses on Nasdaq were limited by gains in Apple shares, which were up 2 percent at $495.75.


Talks to take Dell Inc private were at an advanced stage, with at least four major banks lined up to provide financing, two sources with knowledge of the matter told Reuters. Shares fell 3.6 percent to $12.69 after jumping more than 21 percent over the past two sessions.


U.S. consumer prices were flat in December, pointing to muted inflation pressures that should give the Federal Reserve room to prop up the economy by staying on its ultra-easy monetary policy path.


(Editing by Bernadette Baum)



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Blasts at Aleppo University Cause Casualties







DAMASCUS, Syria (AP) — Two explosions struck the main university in the northern Syrian city of Aleppo on Tuesday, causing an unknown number of casualties, state media and anti-government activists said.




There were conflicting reports as to what caused the blast at Aleppo University, which was in session Tuesday.


State TV said two rockets hit the university, killing students and people who had fled fighting elsewhere in recent months and taken refuge on the campus grounds. It did not say how many people were killed, and blamed rebels for the attack.


The Britain-based Syrian Observatory for Human Rights, which has a network of activists around the country, offered a slightly different account. It said 15 people were killed and "tens" wounded in two explosions near the university's dorms, but said it was not clear whether the blasts were the result of shells or bombs.


Aleppo, a former commercial hub, has been a major front in the country's civil war since July. Since then, the fight in the Syria's largest city has settled into a bloody stalemate between regime troops and rebels, with ferocious street battles, sniper fire and frequent exchanges of rocket and mortar rounds.


The city, along with the capital, Damascus, also has been hit by a wave of explosions in recent that have killed scores of people. Many of the bombings, which have largely targeted government buildings, have been claimed by Islamic extremists fighting on the rebel side.


Violence raged in other parts of Syria as well on Tuesday, with clashes in the suburbs of Damascus, and government air raids and shelling in other regions that killed dozens of people, activists said.


The violence came a day after Syria's deputy foreign minister said President Bashar Assad will not step down before scheduled presidential elections in mid-2014. Faisal Mekdad said Assad will run again for the post next year — a declaration which lowers already diminished expectations that a political settlement can be reached.


Since Syria's crisis began in March 2011, the opposition has said it will not accept anything less than Assad's departure.


Mekdad's comments appear to contradict a plan proposed by international envoy Lakhdar Brahimi. Since starting his job in the summer, Brahimi has sought to advance an international plan that calls for an open-ended cease-fire between rebels and government troops and the formation of a transitional government to run the country until elections can be held.


Brahimi did not mention Assad by name in the plan, but he has said the transitional government would have "full executive powers," meaning "all the authority of the state should be possessed by that government" — a description that would seem to exclude the incumbent Assad from a role.


Asked by a BBC interviewer if the president says he wants to run in 2014, Mekdad answered, "What's wrong with that?"


"The president and many other candidates who may run will go to the people put their programs and to be elected by the people," Mekdad said in English. "The ballot box will be the place where the future of the leadership of Syria will be decided."


"It is a coup d'etat ... if we listen to what the armed groups and those enemies of Syria are proposing," Mekdad said, referring to the opposition and countries that support it.


Earlier this month, Assad dismissed calls from the U.S. and others that he step down and vowed to keep fighting until the country is free of "terrorists" — his government's shorthand for rebels.


Last year, a new constitution drafted in Syria imposed a limit of two seven-year terms on the president, but the limit would not count the nearly 13 years that he has already held office. It means Assad could remain legally in power through 2028.


Assad took office in 2000 after the death of his father, Hafez Assad, who ruled Syria for 30 years.


Mekdad said it would be undemocratic to tell Assad not to run for the post again.


Also Tuesday, Syrian Prime Minister Wael al-Halqi arrived in Iran, Syria's strongest ally in the region, where he will discuss the country's crisis, including Assad's proposal to end the fighting, with Iranian officials.


Iran has tried to mediate in the past but the opposition rejected the offer saying Tehran is taking sides in the conflict.


Meanwhile, activists reported clashes in suburbs south of Damascus. The government is trying to drive rebels from their bases around Damascus from which they can threaten key facilities.


Away from Damascus, the Observatory and the Local Coordination Committees activist groups said troops bombarded the Houla region in the central province of Homs, killing at least 10 people including five women and two children. The LCC said 17 people were killed in Homs, most of them in Houla.


The U.N. says at least 60,000 people have been killed in the war and millions have fled their homes.


___


Mroue reported from Beirut. Associated Press writer Ali Akbar Dareini contributed to this report from Tehran, Iran.


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Tata Consultancy says demand in U.S. strong across segments






MUMBAI/BANGALORE (Reuters) – India’s top software services provider Tata Consultancy Services Ltd (TCS) said demand in the key U.S. market is strong across its business segments, with regional banks stepping up spending on technology.


The Mumbai-based company said on Monday that profit jumped 23 percent in the quarter ended December, beating analysts‘ expectations. TCS also gave an upbeat growth outlook, sending its shares up the most in more than eight months and prompting analyst upgrades on the stock.






Economic uncertainty in the United States had fuelled investor worry that clients may keep their IT budgets tight and postpone decision-making on technology spending.


“The U.S. is still a growth market,” Chief Financial Officer S Mahalingam told Reuters in an interview at his Mumbai office on Tuesday. “If it sneezes then we have got a big problem. (But) the demand is very good across all segments.”


The United States accounts for about half of TCS’ revenue, compared with more than 60 percent overall for India’s $ 100 billion outsourcing industry.


Banks, insurers and other financial services clients usually account for more than a third of the revenue at companies such as TCS’ rival Infosys Ltd , where better-than-expected results on Friday and an increased revenue outlook powered a 20 percent rise in its shares over two sessions.


“(The) U.S. economy has regional banks as well, and they are starting to spend. So there is growth,” Mahalingam said.


While Monday’s results prompted analysts from HSBC and CLSA to increase their ratings on TCS stock, some analysts said volume growth was not especially impressive.


Volumes, or billable hours, rose 1.25 percent on a sequential basis, while revenue in dollar terms increased 3.3 percent over the September quarter.


“The key disappointment was soft volume growth of 1.25 percent quarter-on-quarter. However, we remain assured by management’s optimistic outlook on FY14 growth,” Nomura analysts wrote in a note to clients.


(Editing by Tony Munroe and Ryan Woo)


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Sofia Vergara Wants Her Wedding to 'Be a Big Event'















01/15/2013 at 10:50 AM EST



Sofia Vergara doesn't know much about her eventual wedding day, but she's sure of one thing in particular: it's going to be over-the-top.

"If I'm going to do something, it's going to have to be a big event," the Modern Family star, who is engaged to Nick Loeb, told PEOPLE last Friday. "I just had my 40th birthday in Mexico. I had more than 100 people."

Unfortunately for the starlet, along with an extravagant affair comes appropriate planning, which she's too busy for these days.

"Now I don't have the time – and it will have to be one weekend when I have the time to plan something fun," she says. "I don't even know what I'm going to do."

One item she can cross of her list of things to worry about on her big day is designating someone to give a toast at the reception.

"We don't do that type of tradition," she explains. "[Nick and I want] more like of a party [with] music, dancing, a lot of food; not really sitting there hours and giving speeches."

Ironically, Vergara is the one doing some cheers of her own when she gives an impromptu wedding speech in the latest Diet Pepsi commercial, as part of her "Love Every Sip" campaign.

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Wall Street knocked lower by debt limit worries, Apple

NEW YORK (Reuters) - U.S. stocks fell on Tuesday on worries over the debate brewing in Washington over raising the U.S. borrowing limit, while Apple's stock extended its fall on concerns of weaker demand for its products.


Economic data offset some of the negative tone after retail sales rose more than expected in December. But manufacturing activity in New York state contracted for the sixth month in a row in January.


On Monday, President Barack Obama rejected any negotiations with Republicans over raising the U.S. debt ceiling. The United States could default on its debt if Congress does not increase the borrowing limit.


Resolving the debt ceiling debate is more a question of how than if. Investors don't expect a U.S. default, but they are also wary of another eleventh-hour agreement like the one in August 2011.


"The concern is just the uncertainty and the negotiating going down to the last minute," said John Fox, co-manager of the FAM Value Fund, in Cobleskill, New York.


Apple fell for the third day in a row, weighing on the Nasdaq after reports on Monday of cuts to orders for iPhone parts. Apple was down more than 2 percent at $491.96. The stock fell below $500 for the first time in almost a year on Monday.


The Dow Jones industrial average <.dji> slipped 29.55 points, or 0.22 percent, to 13,477.77. The Standard & Poor's 500 Index <.spx> fell 4.35 points, or 0.30 percent, to 1,466.33. The Nasdaq Composite Index <.ixic> gave up 18.82 points, or 0.60 percent, at 3,098.68.


Although Tuesday's economic data was mostly positive, reaction in the market was likely to be limited since investors' attention centered on the negotiations over the debt ceiling and spending cuts, said Hugh Johnson, chief investment officer of Hugh Johnson Advisors LLC in Albany, NY.


"'Fiscal Cliff Two' is now the principal focus of investors," he said.


An expected lackluster earnings season also kept investors from taking aggressive bets. Analyst estimates for the quarter have fallen sharply since October. S&P 500 earnings growth is now seen up just 1.9 percent from a year ago, Thomson Reuters data showed.


Homebuilder Lennar reported a sharp rise in quarterly profit, but the stock fell 2.2 percent to $40.11 on worries that growth in orders was slowing.


Shares of Dell rose 3.1 percent to $12.67 the day after sources said the company is in talks with private equity firms on a potential buyout.


Facebook added 0.6 percent to $31.11 ahead of a major news event at its headquarters. The secretive nature of the event has triggered a guessing game about what the company could unveil.


(Editing by Kenneth Barry)



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