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Facebook search has promise

The social media giant's new Graph Search service could generate revenue, Jefferies said in a note. Facebook's (FB) service, now in beta test mode, allows members to search for content posted by friends on the world's largest social media network. The search feature creates opportunities for local advertising, local recommendations, dating and recruiting, which could create more direct competition against career-oriented network LinkedIn (LNKD) and search giant Google (GOOG). Shares fell 0.8% to 29.85.