On its second day of trading, Facebook’s stock has closed to finish at $34.03, nearly 11 percent down from where it closed and wiped some $19 billion of its market value. Today was its biggest test after its lead underwriter, Morgan Stanley, decided to stop artificially inflating the price – something it is alleged it has done on Friday to make sure it did not fall below $38.
An article of the New York Times has revealed how the board of Yahoo came to a decision over its former-CEO Scott Thompson, who lied about having a computer science degree – which then started a proxy fight.
After opening the trading bell at its headquarters at California, and a 30-minute delay pushing its expected 11:00am launch; Social networking website Facebook has officially become a publicly-traded company at 11:30am New York Time (or 1:30am Melbourne Time) at US$42.05 per share.
Image: Tom Solari/TECHGEEK.com.au
Hours before Facebook finally kickstart this entire IPO process in New York, many of you are wondering what the hell is the big fuss? Unless you happen to be into technology, or just happen to work in either the financials or technology industry, you would have simply just heard it was going to go and offer its shares to the market.
Image: Tom Solari/TECHGEEK.com.au
Facebook is reported to have changed its IPO price – again – before it is set to go public, rumoured to be on Thursday (Friday our time). Multiple sources, including CNBC and AllThingsD are noting that Facebook’s IPO price will be within $34 and $38. The new price will value Facebook between $92 billion and $103 billion.
Scott Thompson has left the building (Image: Yahoo)
That was one quick tenure, but it had to give. Scott Thompson, appointed just only in January of this year as Yahoo’s CEO, has left the company after it was revealed by an investor (who was threatening to sue) that his claims of holding a Computer Science degree did not exist.
Image: Steve Johnson/Flickr (Creative Commons)
The US Postal Service is about to make those who live outside the US that wants an iPad or an Amazon Kindle a bit more expensive after it has decided to ban all international shipments that has lithium ion batteries – which are present in many electronics.
Lumia sales have a long way to go before becoming successful
Nokia has posted its Q1 2012 financial statements, and it posted a loss. The company noted a €1.3 billion operating loss and a net loss of €590 million. And why is it, well the company sold half as many phones as it did last year.
Yahoo has finally shown signs of growth. No, it’s not the end of the world, as we know it, but the company reported that its revenues grew 1 percent the same time last year – the first since 2008, while its net earnings grew 28 percent.
Microsoft has agreed to buy over 800 patents from AOL, and license the remainder still with the company, in a deal that is worth US$1.056 billion. And since the payment is in cash – this will give AOL a much needed cash injection for its long-term strategy to become a huge online media player.
Dismal earnings are sort of typical now since RIM is losing out to Apple, Samsung, and even to Nokia; but also coming with the earnings is news that former co-CEO Jim Balsillie will be leaving the company altogether with his resignation from the company’s board.
Apple has announced what it will do with its almost US$100 billion ‘war chest’. that it will initiate a dividend at the start of July with a substantial US$2.65 per share – something that will make Microsoft investors a bit envious. In addition, it will announce a share buyback scheme.
Image: bfishadow/Flickr (Creative Commons)
A online hacktivist group has taken down the website of the NASDAQ stock exchange – and at the time of writing, the site remains down. However, the group has said that their servers were not hacked and that trading systems were not affected.
Both the European Commission and the Department of Justice in the United States have cleared a deal that will see Google and Motorola finally tie the knot, after the US$12.5 billion deal was announced last August.
Kodak will no longer produce digital cameras, digital video cameras and digital picture frames sometime in the first half of this year, as it continues to struggle for relevance after rejecting modern advancements to a technology they invented.