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Shares of Twitter Inc (NYSE: TWTR) spiked sharply around 2:38 p.m. ET amid two announcements.

Business Insider reported that Facebook Inc (NASDAQ: FB) is said to be working on a standalone mobile news app that sounds similar to Twitter. The application seems to fit in the Facebook for Business initiative, and sources familiar with the matter told BI that Facebook has already chosen a few companies to test the app.

While the company declined to comment on the issue, sources said the app will work very much like Twitter: users will chose who to follow (as well as topics they are interested in) and will receive breaking news alerts from or about them. The mobile alerts will be limited to 100 characters of text and a link.

Shares hit a high of $29.89 on the day, but began selling off around 2:45 p.m. ET. Shares traded recently at $29.46, down about 0.2 percent.

Separately, Twitter announced in a blog post that it has expanded the scope of its biannual transparency report, which covers government requests and copyright notices, to include trademark notices and email privacy practices.

In addition, the company redesigned the whole site for easier access. Check out the latest Transparency Report at

Posted-In: Business InsiderNews Rumors Movers Tech


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