Groupon’s $12 Billion Valuation, Google Wallet Comes To Jersey (Transit), Nokia’s Losses Beat Expectations

Breaking news, with updates all day from your Fast Company editors.

Groupon’s Valuation May Shrink To $12 Billion. Groupon may have plans to cut back its IPO to about $500 million, a drop from its original intent in June to raise $750 million. According to expectations earlier this year, the daily deals site had prospects of up to $30 billion for an IPO valuation, and this recent cut back has to do with shaky markets and questions raised about Groupon performance and model, the New York Times explains. —NS


NJ Transit Tries Google Wallet. NJ Transit has revealed it will enable Google Wallet payments for travelers holidng one of the compatible NFC smartphones supporting Wallet on a small number of its services. The experiment is a public-private partnership with Google, and means the transport company is the first public transportation agency to try Wallet, sampling the future of payment tech. –KE

Nokia Sales Rise Above (Grim) Estimates. Nokia’s losses were lower than expected this quarter, the company reported, allowing it to finish off the quarter at a profit. Nokia’s smartphone sales fell 38 percent year-on-year, to 16.8 million as competition from other makers like Samsung and Apple caught up to the Finnish company, now positioning it at third place in the smartphone zone. —NS

Team From Japan Wins World Solar Challenge.The solar-powered race car from Tokai University was first to finish the 1,800 mile solar car race, the 2011 World Solar Challenge, from Darwin to Adelaide. The race this year was complicated on some stretches of the roads by obstacles like bushfires and wandering wildlife including kangaroos and camels. —NS

China Rare Earth Supplier Suspends Production. Inner Mongolia Boatoa Rare-Earth (Group) Hi-tech–China’s biggest supplier of rare earths–has announced that it will stop production of the minerals for a month. With this, they hope to enervate a price slump in the costs of rare earths. China supplies 97 percent of the world’s mined rare earths, but economic uncertainty of those economies of the U.S. and Europe–big buyers–have contributed to a drop in rare earth prices since June, AP reports. —NS


Messenger, Spotify For BlackBerry. Even as RIM announces plans for integrating their tablet and mobile operating systems, apps are still playing catchup for the BlackBerry on its OS. Two months after Facebook Messenger rolled out on Android and iOS, Facebook has now released their messaging app for the BlackBerry. Developers for Spotify have also released previews of the Spotify app for BlackBerry users. —NS

–Updated 4:45 a.m. EST

[Image: Kangaroo Crossing by Flickr user PicklesAddie]

Yesterday’s FastFeed: Google+ Will Support Pseudonyms In The Future, PlayStation Vita Launch Date Announced, Google And Samsung Unveil Galaxy Nexus, and more.