HP Announces 27,000 Job Cuts
Tech giant Hewlett-Packard Co. plans to cut 27,000 employees after revealing that third-quarter results will be lower than expected. The company outlined plans after the close of the stock market for a “multi-year productivity initiative designed to simplify business processes, advance innovation and deliver better… Read More »
EmailMore Facebook IPO Questions
Morning Business Memo: A flurry of questions about that fumbled Facebook IPO as the share price continues to tumble. Did Facebook executives urge bankers to boost the number of shares to be sold to the public? What did big banks tell select investors about negative… Read More »
Apple Shines, Facebook Falls
Morning Business Memo: Forget Facebook. The stock market still belongs to Apple, the world’s most valuable company. Apple shares rose nearly 6 percent yesterday as stocks rallied after weeks of losses because of the debt crisis in Europe. Apple’s bounce was the firm’s second-largest gain… Read More »
Facebook Shares Plunge Below IPO Price
Facebook shares plunged 11 percent to $34.03 in their first full day of trading Monday after the social network’s blockbuster IPO last week. Facebook stock closed at $38.23 on Friday, only slightly above its IPO price of $38 a share set on Thursday night. “Facebook… Read More »
Nasdaq’s Facebook Trading Fiasco
Morning Business Memo: A Facebook fiasco for Nasdaq. The chief executive of the Nasdaq stock market admits he was “embarrassed” by what happened on Friday when trading glitches led to doubts about the market’s ability to handle hot IPOs. Nasdaq not only delayed the start… Read More »
Facebook IPO: $38 Shares Biggest Tech Offer
Facebook announced today that its initial public offering of common stock will be priced at $38 a share, valuing the company at $104 billion, the largest IPO for a U.S. tech company, raising $16 billion. As media and investor interest in Facebook’s IPO has grown over the… Read More »
Facebook IPO: Eduardo Saverin Defends Citizenship Move
Eduardo Saverin, a co-founder of Facebook and soon-to-be IPO multi-billionaire, defended relinquishing his U.S. citizenship, which led lawmakers to announce the Ex-Patriot Act this morning, saying he “will pay hundreds of millions of dollars in taxes” to the U.S. “My decision to expatriate was based… Read More »
Kalashnikov Hopes to Sell Clothes to Die For
ABC News’ Kirit Radia reports: MOSCOW – Looking to update your summer wardrobe? The makers of the AK-47 assault rifle may soon have something in your size. The company which produces one of the world’s most popular automatic weapons is in talks with the family… Read More »
Facebook Employees Will Be Ringing in the IPO with a ‘Hackathon”
It’s going to be a sleepover at Facebook the night before the big IPO. This is how Facebook describes a “hackathon”: “Hackathons are a big tradition at Facebook. They serve as the foundation for some great (and not so great) ideas. It gives our employees… Read More »
JPMorgan Hit With Lawsuits Over Trading Losses
JPMorgan Chase now faces two new lawsuits from shareholders angry over the bank’s $2 billion trading loss. The suits, filed in federal court in New York, allege JPMorgan misled investors about the bets that went bad. “Defendants misrepresented the losses and risk of loss to… Read More »
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