Facebook, Inc. (NASDAQ:FB): Jessica Herrara, transportation program manager with Facebook, told a transportation conference in Hamilton that Facebook, Inc. pays for their employees to get to work as long as they don’t drive. The goal is to cut vehicle trips into their Menlo Park, California campus because the social media mammoth will soon have to pay a large amount of money for extra vehicles traveling in and out. They will be allowed to double their density at the site from 3,300 to 6,600, but could not offer more than the existing 3,200 parking spaces and would have to seriously control traffic coming and going. The number of trips was capped at 2,600 during the morning rush and 2,600 in the afternoon rush hour. For every extra vehicle, including cars, buses and delivery trucks, Facebook will pay $50 each day for the first two months. If the company goes over their limit two months in a row, the fee will go up to $100 per vehicle. The fee doubles again if the limit is exceeded over the next two months. The counting system and implementation schedule are yet to be worked out. The fees are a big incentive to keep car traffic down, but Herrara said the seven-year-old collossus that now has a billion users is committed to the environmental and social benefits of reducing car use. She stated that this is something Facebook employees want, too.
AT&T, Inc. (NYSE:T): AT&T, Inc. revealed a new $14 billion investment plan on Wednesday in which many homes in the local-phone service areas will see the company becoming more competitive with cable for broadband service. However, in more outlying areas, they will begin shifting customers from regular phone lines to wireless service. Similar to other phone companies, AT&T is having a hard time competing with cable broadband in much of their service area since regular “DSL” broadband is now much slower than what cable companies offer. After reviewing their options, AT&T concluded that they will not sell off phone lines in outlying areas like Verizon Communications Inc. did. Instead, they will pursue a split strategy of upgrading some areas to higher speeds and abandoning phone lines in less dense areas in favor of wireless.
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Nokia Corporation (NYSE:NOK): Microsoft’s Canadian arm has announced, via Facebook, that Rogers will start selling both the Nokia Lumia 920 and the HTC 8X on November 12. Rogers has already shipped some Lumia 920 units out to people who had pre-reserved them, but November 12 will represent the date when the general availability of Nokia’s new flagship will begin with the Canadian carrier.
Northern Oil and Gas, Inc. (AMEX:NOG): Northern Oil and Gas, Inc. reported a third quarter revenue $60.1 million with a consensus of $80.40 million.
Bank of America (NYSE:BAC): According to the Wall Street Journal, following President Barack Obama’s win, JPMorgan (NYSE:JPM) and Bank of America took a hit. In lieu of this, many leading option traders in the Financial Select Sector SPDR Fund, a popular exchange-traded fund, fled failed election bets “in epic proportions.”
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