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Facebook Losses Slice UBS Profits (The Wall Street Journal)
The fallout over Facebook’s initial public offering escalated Tuesday as UBS AG went on the attack against Nasdaq OMX Group, blaming the stock-exchange operator for trading flubs that erased a sizable chunk of its second-quarter profit. The Swiss banking giant, in its earnings release on Tuesday, accused Nasdaq of “gross mishandling” and said it would begin legal proceedings to recoup all of its losses related to the problems, totaling $356 million. Reuters UBS did not fully explain why its losses were 10 times worse than other market makers, raising questions about how much liability Nasdaq could actually face. Meanwhile, Facebook shares fell to a new all-time low Tuesday, touching $21.61 in afternoon trading. Los Angeles Times The bank’s losses, and its determination to take legal action, could complicate Nasdaq’s plans to compensate brokerages that lost money in the much-hyped offering. Nasdaq last week filed a plan with the Securities and Exchange Commission to offer $62 million to repay investment firms that lost money in the process. TechCrunch One hundred two million people accessed Facebook solely from mobile in June, a massive 23 percent increase over the 83 million mobile-only users in March. And almost 19 percent of its 543 million monthly mobile users don’t even visit its desktop site. CBS News A photo of Mitt Romney on Facebook is at the center of a recent domestic abuse case in Tennessee. Lowell Turpin, 40, accused his live-in girlfriend of having an affair with a man he did not recognize in a photo on her Facebook page.
Shiny New Digg Goes Live (VentureBeat)
Iconic social news sharing site Digg launched a completely revamped version of the website and iPhone app Tuesday, one day ahead of schedule. It was completely rebuilt from scratch, which is why the team is calling this the new version 1. The New York Times Both are stripped-down feeds of news stories and articles, punctuated by photographs and the occasional Twitter post. The new homepage of Digg features articles and items that are gathering buzz around the Web on sites like Facebook and Twitter, using Betaworks’ own technology, which monitors which links are being shared around the Web. CNET
Users can see the breakdown of the new Digg score by rolling a cursor over scores. And for now, there aren’t any comments — however, they could resurface at a later date.
James Holmes Tumblr ‘Holmies’ Shock Internet (Mashable)
In the wake of the shooting at a movie theater in Aurora, Colo., a support group has rallied around the alleged gunman, James Holmes. More than two dozen Holmes-related Tumblr pages have sprouted up since the shooting.
Zynga COO Said to Lose Product Oversight as Growth Slows (Bloomberg)
Zynga chief operating officer John Schappert, who was wooed from Electronic Arts last year, was stripped of his role overseeing game development in a reorganization aimed at reviving growth and making more money from mobile services, people familiar with the matter said. David Ko, who runs Zynga’s mobile operations, and Steve Chiang, executive vice president of games, both of whom reported to Schappert, now report directly to chief executive officer Mark Pincus, said the people, who asked not to be identified because the plan hasn’t been disclosed.
Google Gets its Social Ad Start-Up by Buying Wildfire (AllThingsD)
Google has picked up Wildfire, which helps marketers manage their presence on social networks like Facebook and Twitter. No comment from Google about price, but people familiar with the transaction tell AllThingsD it’s around $250 million, plus earnouts, employment agreements, etc. Business Insider One of Facebook CEO Mark Zuckerberg’s sisters, Arielle, works for Wildfire as a junior product manager. So she’s soon going to be a Google employee, working to undermine her brother’s dominance in the social sphere.
Twitter at a Crossroads: Economic Value Vs. Information Value (GigaOM)
As Twitter tries to evolve from being a real-time information network into a multibillion-dollar commercial media entity, it is having to face the inherent conflict between those two goals. Many critics see the suspension of journalist Gary Adams’ account as a symptom of that conflict.
Microsoft Shifts Email Crown From Hotmail to Outlook.com (USA Today)
Microsoft has unleashed the preview of its new Outlook.com mail service, one that’s intended to lure people away from Google’s Gmail, while shoving Microsoft’s own Hotmail to the back burner. It lets you populate your address book with friends from Facebook, LinkedIn, Google, Twitter and others.
Netflix Dabbling in Crowd-Sourced Captioning (SocialTimes)
Netflix is starting a subtitling community in an effort to make their streaming content more accessible. The subtitling community is purely a test at this stage, but if it works it could mean big things for the future of the site.
Twitter Algorithm Predicts When You’ll Get Sick (Eight Days In Advance, With 90 Percent Accuracy) [STUDY] (AllTwitter)
Researchers at the University Of Rochester in New York have used Twitter to track the outbreak of flu through New York, and, using the learning model, have been able to determine when healthy people are about to fall ill with an accuracy level of some 90 percent. The study, undertaken by Adam Sadilek and his team, analyzed 4.4 million tweets that contained GPS location data from some 630,000 users in New York City over one month in 2010, using an algorithm that learned the difference between actual reports of illness and other, non-relative uses of words such as “sick.”