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Facebook Drops 6% on ‘Uncertain’ 2021 Warning; J.P. Morgan Raises PT

Facebook shares fell 6.3% on Friday after the social media giant said that “looking ahead to 2021, we continue to face a significant amount of uncertainty.” At the same time, the company posted 3Q revenues of $21.5 billion jumping 22% year-over-year and coming ahead of analysts’ estimates of $19.8 billion. Facebook earned $2.71 per share during the quarter, surpassing the Street consensus of $1.91. EPS grew 28% from the year-ago quarter.Facebook’s (FB) daily active users (DAUs) rose 12% year-over-year to 1.82 billion, beating analysts’ estimates of 1.79 billion users. Monthly active users (MAUs) also increased by 12% year-over-year to 2.74 …read more […]

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Surging Libyan Oil Output Nears 1 Million Barrels a Day

(Bloomberg) — Libya’s oil production is rising rapidly toward 1 million barrels a day, as a truce in the nation’s civil war allows the state energy firm to ramp up operations at previously idled fields and ports.Daily crude output has reached 800,000 barrels and the country is targeting 1.3 million by the beginning of 2021, Mustafa Sanalla, the chairman of state-run National Oil Corp., said in an interview Saturday in the eastern city of Brega.The OPEC member was pumping less than 100,000 barrels a day in early September. The quick revival of its production — following an almost total shutdown …read more […]