Post Bell Buzz: Facebook Climbs on Catalyst, UBS Preparing Lawsuit Against Nasdaq
After closing 3 percent higher on Friday, Facebook (NASDAQ:FB) shares gained .63 percent in late trading. The social-media company recently announced that it plans to launch an app center for its mobile platform that would allow users to get personalized app recommendations on their smartphones. The app store will let users download Facebook-integrated apps for both Apple’s (NASDAQ:AAPL) iOS and Google’s (NASDAQ:GOOG) Android devices, including popular apps like Instagram, Pinterest, and Draw Something.
Shares of UBS (NYSE:UBS) edged slightly higher after the closing bell. Reports indicate that the bank could be sitting on losses as high as $350 million, due to the Facebook initial public offering debacle. People familiar with the matter told CNBC that UBS is preparing to take legal action against Nasdaq (NASDAQ:NDAQ).
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Citigroup Inc. (NYSE:C) shares increased .25 percent in extended trading. The bank said it is going back to the Federal Reserve with a new capital plan on Monday. Citi’s original plan was rejected earlier this year, but it call itself “one of the best capitalized banks in the world.”
Chesapeake Energy Corp. (NYSE:CHK) shares closed 2.86 percent higher and continued to gain in late trading. The company recently announced it is looking to sell roughly 450,000 acres of its holdings in Northern Michigan to cover an expected $9 billion to $10 billion cash shortfall, according to a prospectus released by one of its advisors on the matter. Chesapeake CEO Aubrey McClendon said the United States’ second-largest natural gas producer is on pace to sell up to $14 billion in assets this year.
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