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Wednesday Evening Business Brief

January 22, 2014, 7:01 PM by Chris Dexter

Wednesday Evening Business Brief

NEW YORK (AP) - Stocks are little changed today after a mixed batch of company earnings. The S&P 500 index rose a point, or 0.1 percent, to close at 1,844. The Dow Jones industrial average was down 41 points, or 0.3 percent, at 16,373. And the Nasdaq composite rose 17 points, or 0.4 percent, to 4,243.

  • The price of oil is up nearly 2 percent today. Oil has started flowing through a new pipeline to the Gulf Coast and traders are anticipating another decline in U.S. supplies. Benchmark U.S. crude for March delivery rose $1.76, or 1.9 percent, to close at $96.73 a barrel on the New York Mercantile Exchange. Oil last closed above $96 a barrel on Dec. 31.
  • EBay is reporting higher earnings and revenue for the last three months of 2013, driven by a strong holiday season for its e-commerce site and PayPal. EBay says it earned $850 million, or 65 cents per share. That's up 13 percent from $751 million, or 57 cents per share, a year earlier. Adjusted earnings were 81 cents per share, Revenue grew 13 percent to $4.53 billion.
  • Facebook says it's testing out its own ad network that would deliver advertisements to mobile applications outside of its own. The social networking company says in a blog post that while it has run similar tests in the past, the current program is more like a mobile ad network. Mobile ads accounted for nearly half of Facebook's $1.8 billion advertising revenue in the third quarter.
  • A federal appeals court says federal regulators conducted inadequate environmental studies before selling $2.7 billion in petroleum leases off Alaska's northwest coast. The ruling could affect leases acquired in 2008 by Royal Dutch Shell in the Chukchi Sea. The company is considering additional exploratory drilling there this year.

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