TODAY

– July 28, 2014

Beyond Twitter: The next wave of tech IPOs brews

(AP) — Just as one high-tech breakthrough often paves the way for the next big thing, technology IPOs move in virtuous cycles, too.

Twitter's scintillating stock market debut punctuated a procession of highly anticipated coming-out parties over the past two-and-half years, providing a springboard for a new generation of rapidly growing startups to make the leap to Wall Street.

The next wave of potentially hot IPOs includes trendy services such as AirBnB, Square, Spotify, Dropbox, Uber, Snapchat, Pinterest, Box, Scribd, Flipboard and King.com. Most of their services are tailor made for smartphones and tablets, a crucial characteristic that helped feed the rabid demand for Twitter's stock in its initial public offering last week.

Despite the short-messaging service's unprofitable history, Twitter is now worth about $29 billion — a valuation that has enriched its founders, employees and early investors.

"Twitter just made it clear that the IPO window is open and a lot of success can be had," says Ira Rosner, an attorney and shareholder for Greenberg Traurig, a law firm that helps prepare companies for IPOs.

Other startups —and the venture capitalists who provide them with rounds of funding— will be angling for similar windfalls by filing their own plans to go public over the next two years, Rosner believes.

"There is no question that a successful offering encourages other offerings," he says. "It gets people excited and it creates buzz."

Even before Twitter's IPO, good vibes were rippling through the stock market as the Dow Jones industrial average and Standard & Poor's 500 indexes repeatedly set new highs. The fertile conditions have produced 199 IPOs in the U.S. this year, according to the research firm Renaissance Capital. At the current pace, 2013 is on track to be the biggest year for IPOs in a decade.

Sentiment among venture capitalists is also strong — the highest since 2007 according to a survey by Mark Cannice, a University of San Francisco professor of entrepreneurship who polls Silicon Valley financiers every three months.

The companies generating the most interest from venture capitalists include Uber, the provider of on-demand car services that received $258 million so far this year and Pinterest, which nabbed $425 million. Pinterest's latest round of financing, for $225 million, valued the popular online pinboard service at nearly $4 billion. The San Francisco company just recently began trying to generate revenue, which means it could be several years before it becomes profitable. Snapchat, meanwhile, recently turned down a $3 billion buyout offer from Facebook, according to a Wall Street Journal report citing anonymous people briefed on the matter. The report also said China's Tencent Holdings had offered to invest in the company at a $4 billion valuation. A Snapchat representative did not immediately return a message for comment Wednesday.

"The market is signaling that it is very receptive again to these young, high-growth social media Internet companies," says Tim Loughran, finance professor at the University of Notre Dame in Indiana. Twitter's successful IPO even proved that it's irrelevant whether companies are profitable, he says.

A string of IPOs that began with the May 2011 debut of professional network LinkedIn Corp. helped fuel investors' interest in rapidly growing Internet companies. Other online services with large audiences followed LinkedIn into the public stock market, including online review site Yelp Inc., Internet radio station Pandora Media Inc., daily deal maker Groupon Inc., online game maker Zynga Inc. and social networking leader Facebook Inc.

Groupon and Zynga have been duds so far, largely because they didn't adjust quickly enough to shifting conditions in their respective markets, but all the others are trading above their IPO prices. LinkedIn and Yelp have more than quadrupled from their IPO prices, making the stocks star performers among the group.

Facebook's May 2012 IPO spooked many investors because of trading glitches and questions about the company's ability to grow mobile revenue. But the company has since soothed critics by proving it can make money from mobile advertisements. The stock is now trading well above its $38 IPO price after losing more than half of its value in the first four months of trading.

The next batch of startups expected to test their fate on the public market doesn't include names as well known as Twitter or Facebook, so splashy IPOs of either's caliber are unlikely. Twitter's $1.82 billion market debut made it the second largest Internet IPO in the world, relegating Google Inc.'s stock market debut in 2004 to third place.

Twitter could prove even more influential than its IPO predecessors because of the route to market it chose —and its shaky financial condition. The San Francisco company took advantage of a federal law passed last year that allows companies with less than $1 billion in revenue in its last fiscal year to keep its IPO documents under seal until the final few weeks before a price is set on a stock offering. This alternative — known as the Jumpstart Our Business Startups, or JOBS, Act — allowed Twitter to secretly fine-tune its filing to satisfy regulators.

Although Twitter filed its IPO paperwork in July, the information wasn't unsealed until Oct. 3 — just five weeks before its stock market debut. In contrast, Facebook's IPO filing was accessible — and picked over — for more than four months before the company's stock market debut.

The confidentiality provided by the JOBS act means some promising startups may have already started the process to go public, but haven't yet revealed their plans.

By keeping its finances under wraps, Twitter minimized the amount of time people had to dissect the mounting losses the company is absorbing as it expands its service to accommodate 232 million global users. Investors' willingness to embrace a company that has lost nearly $500 million since its 2006 inception is likely to embolden other unprofitable startups.

As privately held companies, startups rarely reveal anything about their finances until their IPO filings. But some, such as Snapchat and Pinterest, are generating little or no revenue as they subsist on venture capital. Many of the companies that are producing revenue rely on advertising, a dependence that worries Larry Chiagouris, marketing professor Pace University's Lubin School of Business in New York.

"If you fast-forward beyond the next 24 months, people will realize that these companies just aren't going to make a lot of money," he says. "Advertisers are not putting a large portion of their budgets into these companies."

Chiagouris thinks the stampede to invest in Twitter and other money-losing startups is heading in the same direction as the dot-com bubble of the late 1990s when a horde of unprofitable Internet companies were ushered on to Wall Street.

"People are chasing the dream of profits as opposed to any evidence of profits," Chiagouris says. "And it's a hope, it's a wish, it's a dream, but that's all it is right now."

 

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Written on 07/28/2014, 12:29 pm by The Associated Press
(AP) — Closing arguments are underway in a trial to determine whether the estranged wife of Donald Sterling can sell the Los Angeles Clippers to former...
Written on 07/28/2014, 12:27 pm by The Associated Press
(AP) — Fire officials say a private drone trying to record footage of a Northern California wildfire nearly hindered their air assault. State fire spokeswoman Lynne Tolmachoff says the drone was sighted above the fire burning in the Sierra Nevada foothills east of Sacramento on Sunday, the day after the fire broke out. The person controlling the unmanned aircraft, whom she did not identify, was trying to get video of the blaze and was told to stop by authorities because of the potential danger to firefighting planes. The fire — one of two that has forced evacuations in California — has burned through a little under 6 square miles and was 65 percent contained. Some of the roughly 1,200 people under evacuation orders were allowed to return to their homes Monday morning.
Written on 07/28/2014, 12:26 pm by JUDY LIN, Associated Press
(AP) — Gov. Jerry Brown travels to Mexico for three days of meetings starting Monday and will discuss immigration in separate sit-downs with President Enrique Pena Nieto and Central American diplomatic and religious leaders. The governor's office announced Sunday that Brown will meet privately with Nieto on Monday about topics including immigration. It comes amid a trade mission aimed at increasing direct investments in California, promoting university exchanges and forming environmental partnerships to combat climate change. The meeting Tuesday with more than a dozen Central American leaders and Los Angeles Archbishop Jose Horacio Gomez comes as a surge of unaccompanied young migrants and families mostly from El Salvador, Honduras and Guatemala have crossed the U.S. border since October. The trip, organized by the California Chamber of Commerce, includes a delegation of more than 100 state government, business, economic development, investment and policy leaders. Delegates paid $5,000 each for the four-day trip, which is subsidizing the cost of Brown's travel. "The relationship with Mexico, the role of those of Mexican heritage in California, is fundamental to our schools, to our well-being, and I think this trip will be productive," Brown said ahead of the journey. "We want to increase trade. We want to deal with some issues on the refugees that are coming across the border. And I also want to collaborate with Mexico in pushing an intelligent climate change agenda," the governor said. Brown is scheduled to begin his visit by meeting with Eruviel Avila, the governor of the state of Mexico. He will then sign a memorandum of understanding with Mexico's Ministry of Environment and Natural Resources, promote California tourism and meet the American ambassador to Mexico. Also Monday, Brown will sit down with Mexico's secretary of foreign affairs, Jose Antonio Meade Kuribrena, whom the governor met with last week in Sacramento. The governor said Wednesday that long-term solutions such as trade and cultural exchanges are needed to improve the safety and economic well-being of Mexico and Central American countries. The Democratic governor said the influx of immigrants is more a humanitarian issue than a political one and that California "is willing to do its part," but he didn't provide details on what actions he might take. California Attorney General Kamala Harris said Thursday that she is helping secure lawyers to represent minors during immigration hearings. Mexico's foreign affairs secretary said Wednesday that the country is looking to help fight immigrant trafficking by tightening control at its Guatemalan border, which is known to be porous. On Tuesday, Brown will sign an education agreement, then meet with officials including Mexico's energy secretary and the president of the senate. On Wednesday, the governor plans to wrap up his trip by signing a trade agreement with Mexico, which is California's largest export market. About 10 members of Brown's administration will accompany the governor, along with five state senators and 10 Assembly members. All the lawmakers are Democrats except Assemblyman Rocky Chavez, R-Oceanside. Business participants include Sempra Energy, BP America and other representatives of the energy, tourism and agriculture industries. Representatives of the Natural Resources Defense Council and the Environmental Defense Fund will also attend.
Written on 07/28/2014, 12:16 pm by Business Journal staff
Sacramento-based Pacific Ethanol Inc. has been awarded a $3 million matching grant from the California Energy Commission to develop a sorghum feedstock for ethanol production. Pacific Ethanol, which reopened its shuttered Madera ethanol plant in May, is working collaboratively with Texas-based Chromatin Inc., Fresno State's Center for Irrigation Technology and the Kearney Agricultural Research and Extension Center on the sorghum program. Neil Koehler, the company's president and CEO, said in a statement: "We are honored to receive this important grant, which supports Pacific Ethanol's collaboration with California agriculture and the other ethanol producers in California toward the long-term development of sorghum feedstock for advanced biofuel production at both our Madera and Stockton California facilities."
Written on 07/28/2014, 12:11 pm by The Associated Press
(AP) — Federal experts are recommending that California test inmates for immunity to a sometimes fatal soil-borne fungus before incarcerating them at two Central Valley state prisons where the disease has killed nearly three dozen inmates, according to a report obtained Friday by The Associated Press. A federal judge last fall ordered the state to move nearly 2,600 susceptible inmates out of Avenal and Pleasant Valley state prisons because of the deaths and illnesses. The Centers for Disease Control and Prevention recommended the state go further by using hypersensitivity skin tests that could identify inmates who already were exposed to valley fever. Those inmates could thus safely be housed at the two state prisons near Fresno because they largely are immune to repeat infections. The experts said that is a better option than the current practice of screening out black and Filipino inmates and others who statistically are more susceptible to the fungus, which grows naturally in the soil in the Central Valley and other dry locations such as Arizona and Mexico. They project that system-wide testing would find 13 percent of the prison population is immune because the inmates previously were exposed. Joyce Hayhoe, a spokeswoman for the federal court-appointed receiver who controls prison medical care, said the office is reviewing the report. Don Specter, director of the nonprofit Berkeley-based Prison Law Office, said the state should start testing inmates as soon as possible. His firm persuaded U.S. District Judge Thelton Henderson of San Francisco to order vulnerable inmates removed from the two prisons last year. Skin tests would sharply reduce the number of infections, the experts said. About 5 percent of inmates at the two prisons would be expected to be infected annually if no steps were taken, according to the 52-page report. Using the skin tests would reduce that to about 2 percent, preventing a projected 268 cases each year. With the commercially available skin test, approved this month by the U.S. Food and Drug Administration, inmates would be injected with a noninfectious strain and evaluated 48 hours later. Inmate would have the right to refuse to be tested, Hayhoe said. The steps the state already has taken, including removing black and Filipino inmates, should reduce annual infections only slightly, preventing 44 infections annually, the experts projected. At their peak in 2011, valley fever infections at the two prisons were up to 153 times higher than surrounding areas, researchers found. The two prisons combined to produce 83 percent of valley fever cases in the entire prison system, which includes about 135,500 inmates in 34 state prisons as well as private prisons in California and other states. The same year, more than 20,000 cases were reported nationwide among the general population, most of them in Arizona and California. Prison infections declined in 2012, but were still more than 20 times higher than among the general surrounding population. State officials say valley fever was killing six to nine inmates each year and costs the state more than $23 million annually to care for infected inmates and employees. The fungus usually produces no symptoms, but in about 40 percent of cases it causes mild to severe flu-like symptoms or more serious infections. Valley fever can spread to the brain, bones, skin and eyes, leading to blindness, skin abscesses, lung failure and death. A study released in February by the affiliated National Institute for Occupational Safety and Health found that valley fever killed three employees at the two prisons between January 2009 and June 2013 and sickened 103 other employees.
Written on 07/28/2014, 12:08 pm by MAE ANDERSON, AP Technology Writer
(AP) — Zillow and Trulia, two companies that changed the way people shop for homes, are combining. Real estate website operator Zillow Inc. is buying its rival in a $3.5 billion deal that will make the biggest player in the online real estate information market. Zillow will also become king of real estate listings available on smartphones and tablets — the fastest growing area for listings. Both Zillow and Trulia were founded nearly a decade ago and have capitalized on Americans' increasing preference for researching purchases, including homes, online, rather than relying solely on a real estate agent. "It's a very sound business move by Zillow. They wiped out their closest competitor," said Benchmark analyst Daniel Kurnos. According to Benchmark estimates, Zillow and Trulia are No. 1 and 2 in the online real estate market, followed by No. 3 Move Inc. Zillow reported nearly 83 million monthly unique visitors in June. Trulia reported 54 million. "We're moving away from word of mouth, or calling an agent to try to find a home," Kurnos said. "Now people realize, 'Hey, I can go look for houses online, and use the Internet to start searching for a home.'" Zillow, which debuted in late 2004, became well known for its "Zestimate" housing price estimate for 100 million homes nationwide. The number is based on geographic data, user-submitted information and public records. Zillow says the "Zestimate" has a 6.9 percent median error rate, and should be used as a starting point in determining a home's value. Both Zillow, which went public in 2011 and Trulia, which had its stock market debut in 2012, offer similar information like neighborhood school and crime reports and mortgage calculators. Both Zillow and San Francisco-based Trulia generate revenue through advertising and subscription software and services sold to real estate agents. Trulia shareholders will receive 0.444 shares of Zillow common stock for each share they hold, and will own approximately 33 percent of the combined company. Zillow Inc. shareholders will receive one comparable share of the combined company and own the other two-thirds of the business. The combined company will keep both the Trulia and Zillow brands. The companies said that there is limited consumer overlap of their brands, as about half of Trulia.com's monthly visitors don't visit Zillow.com. It's not Zillow's first expansion through acquisition. The company bought New York City-focused real estate website StreetEasy in 2013 for $50 million. Zillow, based in Seattle, plans to save $100 million in cost cutting once the Trulia purchase is complete. Trulia Inc. CEO Pete Flint will stay in his post and join the board of the combined business. He will report to Zillow CEO Spencer Rascoff. Another Trulia director will join the combined company's board after the transaction is finalized. Both companies' boards approved the deal. Both companies' shareholders still must approve it. The transaction is targeted to close next year. Shares of Zillow fell $3.97, or 2.5 percent to $154.89 in midday trading. Shares of Trulia jumped $6.84, or 12 percent, to $63.19.
Written on 07/28/2014, 11:57 am by CANDICE CHOI, 
MICHELLE CHAPMAN, Associated Press
(AP) — The fight for penny pinchers is intensifying. Dollar Tree said Monday it is buying rival discounter Family Dollar for $8.5 billion, significantly broadening its reach as it looks to fend off Wal-Mart, which has been stepping up its courtship of lower-income customers The deal makes Dollar Tree the biggest player in the dollar store segment, with its more than 13,000 combined locations eclipsing current leader Dollar General Corp., which has about 11,300. Dollar stores grew during the recession as people across income groups searched for cheaper options. To attract a broader array of customers, dollar stores also expanded their offerings to include more groceries and brand-name products, instead of just the party favors and other knickknacks people often associated with them. More recently, however, sales at dollar stores have been suffering because the lower-income customers who go to them are facing persistent job instability and slow wage growth in the aftermath of the recession. Wal-Mart Stores Inc. and Kroger Co. also have been opening smaller store formats to directly compete with dollar stores. Brian Sozzi, CEO and chief equities strategist at Belus Capital Advisors, said Dollar Tree's deal will allow it to ultimately lower prices because it will be able to cut expenses by merging some operations. That will enable it to better compete with Wal-Mart, which built its business on having everyday low prices. "Now they're going to take the fight back to Wal-Mart," Sozzi said. The deal gives Dollar Tree more flexibility. Dollar Tree is true to its name, with everything in its stores costing just a buck. The fixed pricing has helped attract more customers and boosted sales, but it also puts the company in a tough spot as inflation pushes up its costs and pressures profit margins. Family Dollar is far more flexible in its pricing, which allows it to sell a greater variety of items, including Kraft cheese and Tide laundry soap, at various price points. Still, Family Dollar, which has more than 8,000 locations, has been shuttering stores and cutting prices in hopes of boosting its financial performance. Last month, investor Carl Icahn urged the company to put itself up for sale. Icahn has built up a stake in the company of more than 9 percent, according to regulatory filings. Based on his purchase price at the time, he stands to make nearly $200 million from the deal. On Monday, Dollar Tree CEO Bob Sasser said that the two companies "co-locate really well" and offer complementary merchandise. The companies did not say if any Dollar Tree or Family Dollar stores would be closed. Dollar Tree, which has about 5,000 locations, will continue to operate under the existing Dollar Tree, Deals, and Dollar Tree Canada store banners. It will keep the Family Dollar brand as well, with Chairman and CEO Howard Levine reporting to Sasser. Representatives for Wal-Mart and Kroger weren't immediately available for comment. A representative for Dollar General, which last year reported sales growth of 9 percent, was not immediately available for comment. Stockholders of Family Dollar Stores will receive $59.60 in cash and the equivalent of $14.90 in shares of Dollar Tree for each share they own. The companies put the value of the transaction at $74.50 per share, which is an approximately 23 percent premium to Family Dollar's Friday closing price of $60.66. Including debt and other costs, the companies estimate the deal to be worth more than $9 billion. Family Dollar stockholders will own somewhere between 12.7 percent and 15.1 percent of Dollar Tree's outstanding common shares at closing. Dollar Tree plans to finance the deal with available cash, bank debt and bonds. The boards of both companies unanimously approved the deal, which is expected to close by early next year. It still needs approval from Family Dollar shareholders. Shares of Family Dollar Stores Inc., which is based in Charlotte, North Carolina, surged $14.89 to $75.55 in premarket trading. The record high during regular trading is $75.29. Shares of Dollar Tree Inc., based in Chesapeake, Virginia, jumped 10 percent, or $5.50 to $59.72. The all-time high for that stock is $60.19.
Written on 07/28/2014, 11:55 am by STEPHEN OHLEMACHER, 
RICARDO ALONSO-ZALDIVAR, Associated Press
(AP) — Medicare's finances are looking brighter, the government said Monday. The program's giant hospital trust fund won't be exhausted until 2030 — four years later than last year's estimate. Meanwhile, Social Security's massive retirement program will remain solvent until 2034, officials say, although disability benefits are in more immediate danger. The disability trust fund now is projected to run dry in 2016, unless Congress acts. At that point, the program will collect enough payroll taxes to pay only 81 percent of benefits. The trustees who oversee Social Security and Medicare issued their annual report Monday on the financial health of the government's two largest benefit programs. The trustees project a 1.5 percent increase in monthly Social Security payments to beneficiaries for next year. That would be among the lowest since automatic adjustments were adopted in the 1970s. The increase is based on a government measure of inflation. Medicare's Part B monthly premium for outpatient care is expected to remain unchanged for next year, at $104.90. Average premiums for prescription coverage are expected to increase by less than $2 a month. Social Security's finances are relatively unchanged from a year ago. Medicare's improved finances are largely due to a continuing slowdown in health care spending, the report said. "As today's reports make absolutely clear, Social Security and Medicare are fundamentally secure, and they will remain fundamentally secure in the years ahead," said Treasury Secretary Jacob Lew. "The reports also remind us of something we all understand: we must reform these programs if we want to keep them sound for future generations." Experts debate whether the health-spending slowdown is the result of a sluggish economy or represents a dividend from President Barack Obama's health care law, and more recent Medicare cuts by Congress. Private insurers, including those in Medicare's managed care program, are also shifting more costs to patients, contributing to the slowdown. "No one knows and there is an active debate going on," said Charles Blahous III, one of two public trustees. "That debate is certainly not one that the trustees are going to settle." The trustees consist of the secretaries of the Treasury, Health and Human Services, and Labor Departments, as well as the Social Security commissioner and two public trustees — a Democrat and a Republican. Medicare is adding 10,000 new beneficiaries a day as baby boomers reach age 65. But the report said that costs per beneficiary were essentially unchanged in 2013, for the second year in a row. That particular statistic is critical because per-person costs had surged for many years. In the long run, both Social Security and Medicare are still in financial danger, the trustees said. Benefit cuts, tax increases or a combination of both will be needed to keep paying benefits at current levels. Given the state of distrust in Washington, there is little appetite in Congress to tackle such big issues. However, Blahous said that the longer Congress waits to act, the more difficult it will become to avoid either large tax increases or significant benefit cuts. "What is changing is that we are rapidly running out of time," Blahous said. In 2030, when the hospital trust fund is expected to be depleted, Medicare will collect enough payroll taxes to pay 85 percent of benefits. "Notwithstanding recent favorable developments, (Medicare) still faces a substantial financial shortfall that will need to be addressed with further legislation," the report said. "Such legislation should be enacted sooner rather than later to minimize the impact on beneficiaries, providers and taxpayers." Social Security's disability program could be shored up in the short run by shifting tax revenue from the much larger retirement program, as Congress has done in the past. However, that would slightly worsen the retirement program's long-term finances. If the two trust funds were combined, they would have enough money to last until 2033, the report said. That's the same exhaustion date as in last year's report.About 58 million people receive Social Security benefits, including 41 million retired workers and dependents, 11 million disabled workers and 6 million survivors of deceased workers. Last year, Social Security paid $823 billion in benefits but collected only $747 billion in taxes. Social Security has been paying out more in benefits than it has collected in taxes since 2010, a trend that is expected to continue and accelerate. The $2.8 trillion trust fund, which is made up of special Treasury bonds, has continued to grow because it is earning interest. However, the balance will start to go down in 2020, the report said. More than 50 million retirees and disabled people get Medicare. The hospital trust fund is only part of the program. Coverage for outpatient care and prescription drugs is covered by premiums and other government spending.
Written on 07/28/2014, 11:53 am by JOAN LOWY, Associated Press
(AP) — The Federal Aviation Administration said Monday it is proposing a $12 million civil fine against Southwest Airlines for failing to comply in three separate cases with safety regulations related to repairs on Boeing 737 jetliners. Beginning in 2006, Southwest made "extreme makeover" alterations to eliminate potential cracking of the aluminum skin on 44 jetliners, the FAA said. An FAA investigation determined that Southwest's contractor, Aviation Technical Services Inc. of Everett, Washington, failed to follow proper procedures for replacing the fuselage as well as other work on the planes, the agency said. All of the work was done under the supervision of Southwest, which was responsible for seeing that it was done properly, the FAA said. Southwest then returned the planes to service in 2009 and began flying them even after the FAA "put the airline on notice that these aircraft were not in compliance" with safety regulations, the agency said. Southwest Airlines has 30 days to respond to the proposed fine. Usually FAA officials negotiate extensively with an airline in cases of large fines before settling upon an amount. However, regulators and airline officials sometimes are unable to reach an agreement and the airline contests the fine. Southwest officials didn't immediately reply to a request for comment.
Written on 07/28/2014, 11:51 am by The Associated Press
(AP) — Jury selection is underway in the trial for three people charged in a deadly salmonella outbreak traced to a southwest Georgia peanut plant five years ago. Jury selection began Monday in federal court in Albany in the trial of former Peanut Company of America owner Stewart Parnell; his brother and food broker, Michael Parnell; and the peanut plant's quality control manager, Mary Wilkerson. The Parnell brothers and Wilkerson were indicted last year on 76 criminal counts that accused them of shipping tainted peanuts to industrial food customers and covering up lab tests that showed some batches of nuts tested positive for salmonella. Stewart Parnell and Wilkerson also were charged with obstruction of justice. Georgia plant manager Samuel Lightsey also was charged and pleaded guilty in May to seven criminal counts.

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Written on 07/28/2014, 12:08 pm by MAE ANDERSON, AP Technology Writer
(AP) — Zillow and Trulia, two companies...
Written on 07/28/2014, 11:57 am by CANDICE CHOI, 
MICHELLE CHAPMAN, Associated Press
(AP) — The fight for penny pinchers is...
Written on 07/28/2014, 11:55 am by STEPHEN OHLEMACHER, 
RICARDO ALONSO-ZALDIVAR, Associated Press
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Written on 07/28/2014, 11:53 am by JOAN LOWY, Associated Press
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