News About Banking Industry

Facebook shares surge to record high, Expedia jumps

Wall Street appears pleased with Facebook following the social network’s third-quarter results. Meanwhile, Expedia is mounting a challenge to Airbnb after confirming its acquisition of HomeAway.Indian Start-up Acquired By Facebook

Facebook. Shares of the social network are up nearly 5% in morning trading after reporting a revenue surge of 41% during the third quarter. Shares are trading at a record high above $108, while its market cap topped $300 billion. Mobile advertising revenue remained strong in the third quarter, representing 78% of total ad revenue for the quarter. Facebook also says it averages 8 billion daily video views, double the number as of April.

Expedia. The online travel site’s shares are up more than 2.5% after confirming it will acquire vacation rental site HomeAway for $3.9 billion. The deal will be finalized during the first three months of next year. Shares of HomeAway soared 23%.

Qualcomm. Despite topping Wall Street estimates, shares of the chip maker sunk 9%. CNBC reports the company’s fourth quarter outlook came in below expectations.

Nvidia. The chip maker reports third quarter earnings after the markets close Thursday. Analysts forecast earnings of 25 cents a share on revenue of $1.18 billion.

Microsoft. The tech giant is allowing consumers in the U.S. and China to sign up and test Cortana, the company’s digital voice assistant. The iOS beta test will only include a handful of Cortana’s features, reports The Verge.