Morning Business Headlines
Thursday, November 07, 2013 10:13 AM
Fannie Mae income rises nearly $7 billion
RTT News: Mortgage guarantor Fannie Mae reported that its third quarter net income surged to $8.74 billion, from $1.82 billion in the third quarter of 2012. Fannie Mae said its strong third quarter results were driven primarily by continued stable revenues and credit-related income.
Twitter IPO priced at $26 a share, above proposed range
Bloomberg: Twitter Inc. raised $1.82 billion in its initial public offering, seizing on demand for its shares to price the stock above a proposed range. Today's sale, the largest IPO by a technology company since Facebook Inc.'s debut in May 2012, values the short-messaging website at $14.2 billion. Twitter presold 70 million shares at $26 each, after offering them for $23 to $25, the San Francisco-based company said in a tweet.
U.S. economy grew faster than expected in third quarter
Reuters: The U.S. economy grew faster than expected in the third quarter as businesses restocked shelves, but a slowdown in consumer and business spending pointed to an underlying weakness. The U.S. Commerce Department said gross domestic product expanded at a 2.8 percent annual rate, the quickest pace since the third quarter of 2012. It was an acceleration from a 2.5 percent clip in the second quarter and beat economists' expectations for a 2 percent rate.