Facebook sets IPO price at $38 per share, largest tech offering in history.
After months of paperwork, popularity, and speculation, Facebook has set its final IPO price at $38 a share. With this price, the social network will raise $16 billion, making it the largest tech IPO in history and the third largest U.S. IPO ever. In March 2008, Visa raised $19.7 million and automaker General Motors raised $18.1 billion in November 2010, according to rankings by Thomson Reuters.
Facebook is waiting for the Securities and Exchange Commission to declare its IPO effective, [...]
Verizon to end unlimited data plan for upgraders, new customers
America’s fastest 4G network company, Verizon Wireless, is planning this summer to begin forcing smartphone customers with unlimited data plans to switch to tiered plans when they upgrade, according to the company’s chief financial officer who spoke with Wall Street analysts on Wednesday. At the JP Morgan Technology, Media and Telecom conference in Boston, Verizon CFO Fran Shammo said the company will reveal a “data share” pricing model by mid-summer, which will give customers the ability to purchase an allotment [...]
Housing foreclosures at lowest level since 2007
Housing foreclosure filings fell for the third straight month in April to the lowest level since July 2007. According to RealtyTrac, total foreclosure activity for April, including default notices, scheduled auctions, and bank repossessions, were down 5 percent from March. In April, there were 51,415 repossessions, which is down 26 percent from a year ago, and about half the 102,000 monthly repossessions at the peak of September 2010.
The improvement, however, is attributed to the declines in only a handful [...]
Facebook expected to increase IPO price
Due to signs of strong demand from investors for shares in its upcoming initial public offering, Mark Zuckerberg’s company Facebook is raising the target price range for its stock, two news reports say. Facebook is expecting to increase its shares to $34 to $38 each, up from the $28 to $35 range that was set earlier this month, according to reports from Reuters and the Wall Street Journal on Monday.
Within the past two weeks, Facebook executives and the social [...]
Ina Drew, JPMorgan Chase’s CIO, retires in wake of $2 billion trading loss
JPMorgan Chase announced on Monday that Chief Investment Officer Ina Drew has left the firm after revelations of a $2 billion trading loss sustained over the past six weeks. In a statement issued by the company, they said Drew made the decision to retire; a move that was widely expected when the company disclosed the units she managed had suffered a major loss.
Drew’s group had been making trades designed to hedge against risk, but had collected a large position [...]
JPMorgan Chase suffers surprise $2 billion loss
In a surprise announcement on Thursday, JPMorgan Chase said it has suffered trading losses of $2 billion since the beginning of April. The group that suffered the losses is reportedly part of the bank’s corporate unit, and had been making trades designed to hedge against risk. According to CEO Jamie Dimon, after factoring other security gains, net losses are expected to surpass $800 million by the end of the second quarter, and could possibly increase depending on market conditions and [...]
The April jobs report, unemployment falls while hiring slows
The April jobs report concluded that as hiring slowed, workers dropped out of the labor force in droves, which is not a good sign for the job market going forward. The U.S. economy added only 115,000 jobs in the month, which is down from March when employers created 154,000 jobs, the Labor Department reported on Friday. Meanwhile, the unemployment rate fell to 8.1 percent as 342,000 workers dropped out of the labor force. The participation of the adult population in [...]
Facebook IPO expected on May 18
Mark Zuckerberg, the founder and CEO of Facebook, is expected to make his company public on May 18, in one of the most highly anticipated tech initial public offerings (IPO) since Google in August 2004, according to a published report. On Tuesday, The Wall Street Journal reported the billion dollar social networking company was set to begin its roadshow on Monday, according to insiders familiar with the dealings. Facebook’s roadshow will be a series of meetings with prospective institutional investors [...]
Delta Air Lines to purchase oil refinery to reduce fuel costs
Delta Air Lines on Monday announced its plans to purchase an oil refinery outside of Philadelphia, which would help reduce its fuel costs. A spokesman for Delta said the company believes the investment is the first of its kind by a major U.S. airline. Delta is expected to purchase the Trainer refinery for $150 million from Phillips 66, a company that is set to be spun off from the energy firm, Conoco Phillips, on Tuesday.
According to a statement, Delta [...]
Morgan Stanley investigated over pre-Facebook IPO actions
Regulators are investigating a report that Morgan Stanley, the lead underwriter for Facebook’s initial public offering last week, shared a negative assessment of Facebook with major clients before the IPO. Statements from Rick Ketchum, head of the Financial Industry Regulatory Authority, an independent regulatory body, came after an article from Reuters stated that a Morgan Stanley analyst reduced his revenue projections for Facebook shortly before the IPO and shared this with institutional investors.
In a statement through a spokeswoman, Ketchum [...]
May 23, 2012No CommentRead More