GM's $1.3 billion recall cost wipes out profit

CNNMoney: General Motors Co.'s recall crisis virtually wiped out the company's profit for the first three months of the year, as it said Thursday that the cost of repairing millions of vehicles would come to $1.3 billion. The cost of the recall and some other accounting charges left the company with a profit of only $108 million in the quarter.

 

Facebook first-quarter revenue grows 72 percent on rising mobile ads

Reuters: Facebook Inc.'s mobile advertising business accelerated in the first three months of the year, helping the Internet social networking company top Wall Street's financial targets. Shares of Facebook were up nearly 3 percent at $63.05 in after-hours trading on Wednesday. Facebook said that mobile ads represented 59 percent of its advertising revenue in the first quarter, up from 30 percent in the year-ago period.

 

E-cigarettes to fall under FDA review as popularity grows

Bloomberg: Makers of electronic cigarettes, such as Lorillard Inc. and Altria Group Inc., will for the first time face regulatory oversight, including having to pass a review to stay on the market, under a U.S. plan that doesn't ban TV ads or flavored versions of the new products. The Food and Drug Administration today said it planned to extend its reach over the tobacco industry to include the $3 billion market for e-cigarettes such as NJOY and blu, as well as cigars. The rules, if finalized, will limit sales to minors, ban free samples and require nicotine addiction warnings.