Facebook's 83 Million Fake Accounts|
Facebook (FB) announced on Thursday, via a Quarterly filing with the Securities
and Exchange Commission that as many as 83 million Facebook accounts are fake.
Reportedly, the fake accounts are concentrated in developing markets, according
to the filing. On top of that, the social media phenom reported that as many as
5% of its active users have duplicate accounts - the company 'reported'
membership grew to 955 million this year which is evident, by their admissions,
is untrue. The company also said 1.5% of its accounts are likely spam or
accounts set up for other malicious activity. Facebook blames people who created
accounts for non-human entities such as, their pets. "We are continually seeking
to improve our ability to identify duplicate or false accounts and estimate the
total number of such accounts, and such estimates may be affected by
improvements or changes in our methodology," the filing continued. Shares of the
company were higher by 9% trading at $21.78 in late afternoon trading on Friday.
The CBOE Market Volatility Index (VIX) dropped Friday as favorable payroll data
boosted stocks. The so-called "fear index" fell 7.2% to 16.30 in recent
activity, moving lower, farther away from both its 50-day and 200-day moving
averages of 19.56 and 21.41 respectively.
The Institute for Supply Management reported on Friday that U.S. services
activity accelerated in July to 52.6% from 52.1% in June, compared with
analysts' expectations of 52%. The business activity/production index rose 5.5
points, the new orders component rose 1 point and the employment component fell
3 points but is now contracting.
The Labor Department reported on Friday that job growth picked up a bit in July
as total nonfarm payrolls increased by 163,000. The unemployment rate moved
slightly higher to 8.3% in July from 8.2% in June, striking highest rate since
February. Average hourly earnings increased 2 cents or 0.1% to $23.52. Earnings
are up 1.7% in the past year. The average workweek was unchanged at 34.5 hours.
President Barack Obama said Friday that the latest reading on unemployment fits
with expectations that the economy’s recovery will be gradual. “We haven’t had
to come back from an economic crisis this deep, or this painful, since the
1930s,” Obama said in a statement at the White House. “We knew if we were
persistent, and kept at it, that we would gradually get to where we need to be,”
Obama said. Obama noted that the economy has added 1.1 million new jobs this
year. “But let’s acknowledge, we’ve still got too many folks out there that are
looking for work,” Obama said. In his White House statement, Obama urged
Republicans to agree to pass middle-class tax cuts and delay consideration of
tax provisions on the wealthy until after the November election.
On Thursday, Congress left town for a lengthy summer break without agreeing on
any new stimulus for the struggling economy or taking steps to avert the looming
fiscal cliff. Well that alone should make all Americans step back and think
about how our Congressional leaders really care about Main Street America.
Senate Democrats and House Republicans both passed partisan tax plans that had
no chance of becoming law. The House voted on Wednesday to extend all Bush-era
tax cuts. In July, Senate Democrats voted to pass a measure, supported by Obama,
to let tax cuts on the wealthy expire.
A drug developed by Sanofi SA (SNY) and Regeneron Pharmaceuticals Inc. (REGN) -
Zaltrap - to treat advanced colon cancer, got approval by the U.S. Food and Drug
Administration Friday. The FDA approved Zaltrap for use in combination with a
chemotherapy regimen called Folfiri, in patients whose cancer has spread beyond
the colon. The approval is also for so-called second line therapy for use in
patients previously treated with an oxaliplatin-based regimen. Zaltrap, also
known by its generic name aflibercept, is designed to block the growth of blood
vessels that help tumors grow and targets an additional protein believed to be
involved with vessel growth. Zaltrap's approval was based on a study involving
1,226 patients who had been previously treated with oxaliplatin with all of the
patients treated with the Folfiri chemotherapy combination. About half of the
patients were given Zaltrap while the other half received a placebo. The main
study goal looked at overall survival after an average treatment time of about
22 months with patients being treated with Zaltrap lived for an average of 13.5
months compared to 12 months for patients receiving the placebo. FDA said
Zaltrap was approved with a boxed warning, which is the strongest warning a drug
carries. The warning states the drug can cause severe and sometimes fatal
bleeding, including gastrointestinal bleeding and the development of holes in
the gastrointestinal tract. Zaltrap can also make it more difficult for wounds
to heal, FDA said.
On Friday, the U.S. Treasury Department launched an offering of $4.5 billion of
its American International Group, Inc. (AIG) common stock. Before the sale,
Treasury held 61% of AIG shares outstanding. Treasury said that AIG has
indicated it will purchase up to $3 billion of the stock sold by the government
at the offering price. Underwriters have a 30-day option to purchase up to an
additional $675 million in AIG stock from the U.S. Treasury to cover
over-allotments. Citigroup Global Markets, Deutsche Bank Securities Inc.,
Goldman Sachs & Co., and J.P. Morgan Securities LLC, have been retained as joint
book runners for the offering.
You can track
the call performance of our moderators from inside our live Trading Rooms
throughout the trading day by following us on
Twitter. Also join us on
trial to our Day Trading Rooms
for stocks, futures and forex plus, Weekly Swing
Trades for stocks. Professional Training
Programs available for stocks, futures and forex traders.
trading calls focus on NYSE, NASDAQ and AMEX. Futures
trading calls focus on YM, NQ and ES. Forex
based on New York trading session focus on GBPUSD, USDCAD, USDJPY, EURUSD,
GBPJPY, USDCHF, EURJPY, EURAUD, AUDJPY, CHFJPY, EURCAD, GBPCAD and AUDUSD.
Detailed historic performance available on our Market
Trading Lesson provides new trading subject every month.
Opt-in to our free Weekly Market
News sent via email, first trading day of the week. Includes recap of
markets from previous week as well as active stocks plus, see what is ahead for
the upcoming trading week.
Free Chat Rooms - penny stocks, options, stocks, futures and forex! Chat
with other traders during off-peak market hours.
Aug 3, 2012