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New York Breaking News: Facebook Nears $38 IPO Price for 1st Time

Wochit 0:54 mins

Facebook's stock came within pennies of its $38 IPO price for the first time since its rocky initial public offering more than a year ago. The world's biggest online social network has been on a roll since it reported stronger-than-expected earnings on July 24. Investors are especially upbeat about its fast-growing mobile advertising revenue. Stocks rose modestly in midday trading on Wall Street after several big companies turned in solid earnings. New York City's plan to ban large sugary drinks from restaurants and other eateries was an illegal overreach of executive power, a state appeals court ruled, upholding a lower court decision in March that struck down the law.

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