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Top 4 Business Stories of the Day

Chinese social network Weibo has been accused of being a Twitter clone. So far, it’s not Twitter-like, but Weibo is making a nice pop, over 13% in the first fifteen minutes after it debuted on the NASDAQ. With 130 million monthly active users, Weibo generated $188 million in revenue in 2013, up from $66 million the year prior. Most of its revenue comes from advertising, with additional sales via games and other services. Walmart is blurring the line between banking and shopping as it adds yet another financial service to its stores across the country. The retailer announced this morning that customers can transfer money to and from any of its 4,000 stores in the U.S. and Puerto Rico. Financial services offerings aren’t new at Walmart. These days shoppers can head to the retail giant to pick up beauty and household supplies, cash checks, pay bills, reload prepaid debit cards, and now, transfer money across the country. China’s Weibo Corporation has announced that its initial public offering has raised just $286 million, substantially lower than anticipated. The social media company sold fewer shares than expected – just 16.8 million – at the price of $17, right at the bottom of the projected range. There are a number of factors behind this, from suspicion that the company may at some point be taken over by e-commerce firm Alibaba to concerns about the social media business in general. But there’s another reason, which the company warns about in its SEC filing : that the censorship rules imposed by the Chinese government could adversely affect its business. Leading manufacturer of heavyweight motorcycles, Harley-Davidson is scheduled to announce its first quarter earnings on April 22nd. The company is expected to gain from growth in developing markets and stabilizing European markets. In addition, sales in the U.S. are expected to grow, carrying momentum from the second half of last year. Harley sells around two-thirds of its motorcycles in the U.S. itself.

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