Facebook has acquired the startup behind the popular fitness tracking app Moves as it expands beyond its namesake service into a company with multiple, differentiated mobile apps. The online social network said Thursday it bought ProtoGeo Oy, the Finnish company behind the app, for an undisclosed sum and will keep running the service separately. Launched in 2013, the Moves app has been downloaded 4 million times on Android phones and the iPhone. It lets people automatically track their runs, walks or bike rides and plots the user’s routes on a map.
Stock split may give Apple an opening to join Dow
Apple Inc.’s first split in nine years removes an obstacle to its inclusion in the Dow Jones industrial average: its $525 stock price. The iPhone maker will exchange seven shares for each that is held on June 2, a move that if enacted at Wednesday’s closing price would lower its shares to about $75 apiece. Previously, the stock traded for so much that putting it in the Dow would have given Apple too much influence in the gauge, which ranks companies by the level of their shares rather than market value. Changes to the Dow are rare and any decision on additions will be up to S&P Dow Jones Indices LLC, the joint venture that oversees the average.
Mortgage rates rise slightly
Average U.S. rates on fixed mortgages rose this week with the spring home-buying season beginning. Mortgage buyer Freddie Mac said the average rate for the 30-year loan rose to 4.33 percent from 4.27 percent last week. The average for the 15-year mortgage increased to 3.39 percent from 3.33 percent.