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.
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
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.
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.
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.
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.
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.
SAN FRANCISCO (Reuters) – Apple Inc and its main contract manufacturing Foxconn agreed to tackle violations of conditions among the 1.2 million workers assembling iPhones and iPads in a landmark decision that could change the way Western companies do business in China.
Taiwan’s Foxconn Technology Group, whose subsidiary Hon Hai Precision Industry assembles Apple devices in factories in China, will hire tens of thousands of new workers, eliminate illegal overtime, improve safety protocols and upgrade workers’ housing and other amenities.
SAN FRANCISCO (Reuters) – In a landmark development for the way Western companies do business in China, Apple Inc said on Thursday it had agreed to work with partner Foxconn to tackle wage and working condition violations at the factories that produce its popular products.
Foxconn – which makes Apple devices from the iPhone to the iPad – will hire tens of thousands of new workers, clamp down on illegal overtime, improve safety protocols and upgrade worker housing and other amenities.
SAN FRANCISCO, March 29 (Reuters) – In a landmark
development for the way Western companies do business in China,
Apple Inc said Thursday it had agreed to work with
partner Foxconn to substantially improve wages and working
conditions at the factories that produce its wildly popular
Foxconn – which makes Apple devices from the iPhone to the
iPad – will hire tens of thousands of new workers, clamp down on
illegal overtime, improve safety protocols and upgrade worker
housing and other amenities.