Regulators, investors turn up heat over Facebook IPO
(Reuters) - Two top U.S. financial regulators said on Tuesday the issues around the initial public offering of Facebook should be reviewed, putting fresh pressure on the company, its lead underwriter, Morgan Stanley, and the Nasdaq stock exchange. Facebook shares closed 8.9 percent lower at $31, following an 11 percent plunge on Monday. At that price the company has shed more than $19 billion in market capitalization from its $38-per-share offering price last week. ...
Japanese video game author wins Spanish prize
Japan's Shigeru Miyamoto, considered the father of the modern video game, has been awarded Spain's Prince of Asturias Award for Communication and Humanities.
Lawsuits pile up over Facebook IPO
Lawsuits piled up Wednesday against Facebook, its underwriters and the Nasdaq exchange as furious investors sought to recover losses after the company's $16 billion IPO debacle.
Facebook, banks sued over pre-IPO analyst calls
(Reuters) - Facebook Inc and lead underwriter Morgan Stanley were sued by shareholders who claimed they hid the social networking company's weakened growth forecasts ahead of its $16 billion initial public offering. The lawsuit came as Facebook and the banks that took it public face questions about the IPO, which culminated in a May 18 stock market debut plagued by technical glitches. Facebook shares fell 18.4 percent from their $38 IPO price in their first three trading days. They were up $1.08, or 3.5 percent, at $32.08 in Wednesday afternoon trading. ...
HP beats the Street in Q2; confirms plans to cut 27,000 jobs as Q3 guidance misses
Hewlett-Packard on Wednesday reported its second-quarter earnings that beat Wall Street’s expectations. Analysts expected the computer giant to report revenue of $29.92 billion and earnings of $0.91 per share, but the company surprised analysts when it reported earnings of $0.98 per share on sales of $30.69 billion. HP also confirmed new restructuring plans that will involve 27,000 job cuts, or 8% of the company’s workforce, and it expects to save more than $3 billion as a result. “We are making progress in our multi-year effort to make HP simpler, more efficient and better for customers, employees, and shareholders,” said Meg Whitman, HP president and chief executive officer. “This quarter we exceeded our previously provided outlook and are executing against our strategy, but
QWIKI: What Is Instagram?
!function(c,e){var b,a=c.getElementsByTagName("script")[0];if(!c.getElementById(e)){b=c.createElement("script");b.id=e;b.src="//s1.ikiwq.com/embed/2.4/embed.min.js";a.parentNode.insertBefore(b,a);}}(document,"qwiki-js"); It’s likely that you’ve started to hear people talk a lot about Instagram, or what has now become known as the “billion-dollar app.” Yes, back in April Facebook purchased Instagram for $1 billion. So what is so special about the app and how...
