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Jun 12, 2012

Fed’s Tarullo says shadow banking creates risks

SAN FRANCISCO (Reuters) – A top Federal Reserve official on Tuesday renewed a call for checks on the so-called shadow banking system, which operates outside normal, regulated banking channels, to prevent a repeat of the panic that provoked the 2007-09 financial crisis.

Fed Governor Daniel Tarullo did not comment on the outlook for the economy or monetary policy in the speech, which covered similar ground to remarks he made last month.

May 31, 2012

Facebook makes a comeback, options volume soars

By Doris Frankel and Edwin Chan

(Reuters) – Facebook Inc bounced back from record lows in frenetic trading on Thursday to finish in positive territory for the first time in four days, lifted in late trade by a U.S. market rebound and a brokerage upgrade.

Facebook, the No. 1 Internet social network and first U.S. company to debut with a capitalization of more than $100 billion, rose 5 percent to close at $29.60. Options volume skyrocketed with bets ranging from a sharp rebound to a sustained selloff, promising more volatility to come.

May 30, 2012

Facebook shares plumb new depths, valuation questioned

SAN FRANCISCO (Reuters) – Facebook Inc shares slid below $29 to a new low on Tuesday as nervous investors fled the company’s shares, concerned about the social network’s long-term business prospects and an initial offering price that proved too rich.

Shares of the No. 1 social network fell 10 percent to an all-time low of $28.65, before closing at $28.84, or down 9.6 percent. Since its market debut at $38 on May 18, the eight-year-old company has shed approximately $25 billion in value – roughly equivalent to the market capitalization of Morgan Stanley, the lead underwriter of Facebook’s IPO.

May 29, 2012

Facebook option volume explodes as stock hits new low

SAN FRANCISCO (Reuters) – Facebook Inc shares slid below $29 to a new low on Tuesday as nervous investors fled the company’s shares, concerned about the social network’s long-term business prospects and an initial offering price that proved too rich.

Shares of the No. 1 social network fell 10 percent to an all-time low of $28.65, before recovering slightly to $29.01. Since its market debut on May 18, the eight-year-old company has shed approximately $25 billion in value — roughly equivalent to the market capitalization of Morgan Stanley, the lead underwriter of Facebook’s IPO.

May 29, 2012

Facebook shares plumb new depths

SAN FRANCISCO, May 29 (Reuters) – Shares of Facebook Inc
(FB.O: Quote, Profile, Research) slid to a new low on Tuesday at just above $30, extending
their losing streak since the controversial and glitch-ridden
market debut on May 18.

Stock of the world’s No. 1 social network briefly skirted a
record trough of $30.03 and was down 5.6 percent at $30.12 at
midmorning.

May 8, 2012

Wynn Q1 disappoints; Macau casino a bright spot

SAN FRANCISCO/HONG KONG (Reuters) – Wynn Resorts (WYNN.O: Quote, Profile, Research, Stock Buzz) posted quarterly results that lagged Wall Street targets after robust growth in Macau failed to make up for flagging Las Vegas revenue, underlining the incentive for CEO Steve Wynn to develop his business further in the bustling enclave off China’s coast.

Macau, the world’s largest gambling destination, has been a goldmine for U.S. operators, raking in six times what Vegas does as visitors from the mainland spend big at the slots and baccarat tables in the only Chinese city where casino-gambling is legal.

Apr 18, 2012

Oracle trial against Google turns into CEO day

SAN FRANCISCO (Reuters) – The chief executives of Oracle Corp and Google Inc took center stage in court on Tuesday as Google’s lawyers argued Oracle is trying to hitch a ride on Google’s success after abandoning the idea of building its own smartphone.

Oracle chief executive Larry Ellison and Google CEO Larry Page both appeared on the stand in Oracle’s high stakes lawsuit against Google over the Android operating system. Ellison, 67, is a Silicon Valley veteran while Page, 39, cuts a younger and more unpolished figure.

Apr 17, 2012

Google says Oracle should not get piece of Android

SAN FRANCISCO (Reuters) – Oracle is trying to obtain a share of Android by asserting its intellectual property even though it had nothing to do with the development of the smartphone operating system, an attorney for Google said in court.

Opening statements between Oracle Corp and Google Inc continued on Tuesday at the high-stakes trial in a San Francisco federal courtroom. Oracle Chief Executive Larry Ellison is also likely to take the stand later Tuesday.

Apr 12, 2012
via MediaFile

Top Patch editor’s “bittersweet” exit

In case you haven’t had your fill of AOL news this week: Patch editor-in-chief Brian Farnham surprised employees today by declaring he will be out the door May 4.

The once-mighty Internet corporation stunned Silicon Valley just days ago by announcing it was unloading the majority of its patents to Microsoft for more than $1 billion. Now, Farnham’s imminent departure raised questions about the future of a once highly touted hyper-local news and community site that reportedly lost $160 million in 2011 alone.

Apr 2, 2012
via MediaFile

Way to make waves: Apple analyst puts $1,001 out there

Publicity stunt or deeply held conviction? Brian White, the once oft-quoted technology stock commentator who moved to Topeka Capital from  Ticonderoga, is stoking fiery debate with his declaration of a $1,001 target price for Apple’s stock.

White, a mainstay on financial media outlets, justifies that four-digit sum by calling attention to Apple’s penetration into new markets (with the oft-rumored and apparently imminent Apple TV), its expanding footprint in China, and its unstoppable brand power, among other things.

    • About Edwin

      "Based in Los Angeles, I oversee company news coverage of much of the U.S. West Coast, including such corporations as Apple, Google and Microsoft. Previously, I was bureau chief for Hong Kong and Shanghai and oversaw coverage for all corporations in China and Hong Kong."
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