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Business, Financial & Legal Posts - Page 260

Facebook IPO price range could be between $34 and $38 per share

AllThingsD is reporting that with sources close to the situation, investors are being told that the IPO price range for Facebook is between $34 and $38 per share. This results in the highest valuation being over $100 billion, fully diluted.

 

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Last month, the predictions per share were at around $31, in filings related to its pending acquisition of photo-sharing start-up, Instagram. Recent ranges have put the social networking site at between $28 and $34.

 

Other reports have put the price between $35 and $40, so $34-$38 per share doesn't seem out of the question. The higher price is an indication that some of the reports from last week saying there was weak investor interest... but they were obviously wrong. The official pricing for the IPO for Facebook will arrive on Thursday, with a public offering on Friday under the "FB" ticker symbol on the Nasdaq market.

Kodak kept a secret nuclear reactor underground for over 30 years

Kodak, in recent times, has not been doing very well, but apparently they have managed to keep a secret for over 30 years. Back in 1974, Kodak acquired a small nuclear reactor and has been maintaining the device in an underground bunker for over 30 years. The nuclear reactor was filled with 3.5 pounds of weapons-grade enriched uranium and was kept in a bunker with 2-foot thick concrete walls.

 

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Incredibly, it seems as though very few people knew of the reactors existence. The reactor is one of only two ever made and known as a Californium Neutron Flex multiplier. The bunker in which is was located is in Rochester, New York and seemingly never caused any sort of problem through radiation leaks or other ways.

 

Apparently, Kodak used the device to conduct years of research. It was also used to check materials for impurities and to perform neutron radiography testing. Kodak continues to claim the device is safe and couldn't explode since it wasn't a power plant. The device had been mentioned in some research papers, but was never publicly announced.

 

Incredibly, it would appear that Kodak never alerted the local police or fire departments that the reactor was located there or even existed. The company decommissioned the reactor with the help of federal regulators six years ago. The uranium plates were placed in protective containers and removed in November 2007.

Apple vs. Motorola, HTC suit combined has been moved back to 2014

The lawsuit between Apple against Motorola & HTC has been moved back, with the judge consolidating the disparate trials, which are made up from patent infringement claims by Apple against both Motorola and HTC, with both companies counter-claiming against Apple.

 

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The new combined trial has been pushed back until April of 2014. Federal Judge Robert N. Scola of the Southern District of Florida approved Apple's consolidation request, in spite of the objections from both Motorola and HTC. Now that the case has been rescheduled to 2014, Motorola have lost their chance to enforce any patent suits against Apple in the short term.

 

Within the lawsuit, Motorola are being accused of violating 14 Apple patents, and at the moment, they have a six patent counter-complaint. Motorola gains the ability to add six other patents that it had filed a separate lawsuit for against Apple in regards to the iPhone 4S and iCloud, which potentially brings their counter-claim total to 12, from 6. HTC on the other hand benefits from the rescheduled lawsuit, as the trial is later than Apple's proposed date of December 2013, and long after Motorola's date of March 2013.

Continue reading 'Apple vs. Motorola, HTC suit combined has been moved back to 2014' (full post)

Blizzard and Valve reach a deal regarding the DOTA trademark

With DOTA 2 being a 'new kind of free-to-play', the problems with the DOTA trademark still hovered over the heads of Valve, and Blizzard. But this is all sorted, thankfully.

 

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Valve will come off with the better part of the deal, where they get to keep the name for their upcoming DOTA 2 title. Blizzard on the other hand will change the name of Blizzard DOTA to Blizzard All-Stars, which Blizzard say "ultimately better reflects the design of our game". Blizzard's EVP of Game Design, Rob Pardo, said that both studios recognize that "players just want to be able to play the games they're looking forward to".

 

This is a great move, and pissing off your fan-base is not how you get return customers. Blizzard must have known if they fought with Valve, they would look bad to their player base. At a time of launching Diablo III today. On the other hand, Gabe Newell, president of Valve says:

 

We're pleased that we could come to an agreement with Blizzard without drawing things out in a way that would benefit no one.

Best Buy announces its founder and chairman will step down next month

Best Buy has announced that its founder Richard Schulze will step down as chairman of the company, following the company's annual shareholder meeting to be held on June 21. Schulze is set to be replaced by Hatim Tyabji, the current chair of the audit committee and chairmand and CEO of Bytemobile.

 

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A statement released today, Tyabji said that the story of Best Buy is a remarkable American success story and that Schulze's leadership and vision helped to change the landscape of American retail. But, Schulze's reputation could be hit, following an investigation of former CEO Brian Dunn. A story from CNET, says that Best Buy hired law firm WilmerHale to investigate the conduct of Dunn.

 

The investigation found that Dunn had an "extremely close" relationship with a female employee that negatively affected the work environment. This relationship between Dunn and the employee demonstrated poor judgment and a lack of professionalism but the report concluded that he didn't misuse any company resources. Dunn resigned as CEO only last month. The problem here is that Schulze found out about the incident back in December of last year, but failed to inform the board members.

Continue reading 'Best Buy announces its founder and chairman will step down next month' (full post)

Groupon posts its first quarterly profit

The world's largest daily deals company, if you didn't already know, is Groupon. The company has proudly posted their first quarterly profit, where they reined in marketing spending while signing up more customers and merchants, with these effects driving up stock 12.5-percent higher.

 

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Groupon now sports more than 36.9 million active customers, and has passed 100,000 merchants served in the first quarter. Groupon's after-hours rally to roughly $13.21 followed a big gain of more than 18-percent in regular trading on Nasdaq, the company's largest single-day gain since they went public in November.

 

Analysts have said short-sellers scrambled to cover their positions, anticipating better-than-expected results after the bell. But, the good news does come at a price. Groupon has lost more than half its market value this year, with concerns of waning demand for its daily deals, as well as the company's accounting troubles. Revenue sits at $559.3 million, compared to $295.5 million in the first quarter of 2011. So we can see year-over-year revenue is up considerably.

Continue reading 'Groupon posts its first quarterly profit' (full post)

RumorTT: Google eyeing off Meebo, possible acquisition?

The rumor mills spins hard over the weekend it seems, with Google rumored to be considering the acquisition of chat and social sharing service Meebo. Reports flew into the offices of AllThingsD, and have said that the deal is in the works, and that Meebo could see a big influx of cash.

 

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Meebo was founded back in 2005, as a web-based instant message client, which shared the functionality competing services such as AIM, Yahoo IM, and others. Meebo evolved over the years, releasing the Meebo Bar, which added a persistent social sharing and advertising layer to sites users visit, this allowed them to continue chatting to friends, whilst surfing the Internet.

 

Meebo continues to push new services, such as a tool to allow users to create an interest profile to get custom recommendations delivered regularly. According to the sources from AllThingsD, the acquisition could see $100 million for Meebo. Why would Google want to buy Meebo considering they already have their own social-based site, Google+? Meebo does sport 190 million customers... a considerable amount of people in a scoop for only $100 million isn't too much of a stretch for a company the size of Google.

Panasonic are added to the growing list of companies with record losses

Panasonic have just announced their yearly earnings, and they aren't very good at all: a record $9.7 billion net loss for 2011. Not good at all. Incoming president, Kazuhiro Tsuga's first job it seems is to turn around the company's TV division.

 

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Panasonic have hefty investments in both plasma and LCD manufacturing, which resulted in the losses. Panasonic expects a better year for 2012, where they predict they'll actually sell less, with numbers deflating from 17.3 million last year, to 15.5 million.

 

Large screen OLED HDTV production is something both LG and Samsung are smashing into right now, with Panasonic set to follow. Outgoing president, Fumio Ohtsubo mentioned they would look for a partner there. Hopefully 2012 is a better year for Panasonic!

RumorTT: Apple eyes German TV maker Loewe for acquisition

Ah Loewe. You were my first taste of 100Hz CRT heaven. The latest rumbles that is the belly of the Internet is that tech giant Apple is looking at a guyout of German TV maker Loewe.

 

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Just how much were Apple willing to slide across the table? A cool $113 million, but a company spokesperson stating the report from AppleInsider has "absolutely nothing to do with it".

 

Where it gets good is that Loewe contacted German website Heise, responding to speculation that suggested Apple had started negotiations with Loewe, bidding $113 million for the company. The deal had reportedly yet to be agreed upon. Loewe were also said to have been "advised by its financial advisor to accept the offer" and that a final decision was "scheduled to be announced internally before 18 May 2012".

Continue reading 'RumorTT: Apple eyes German TV maker Loewe for acquisition' (full post)

NVIDIA reports first quarter financial results, less profit than last quarter, still in the black

NVIDIA's first quarter of fiscal year 2013 is now over and the results are slightly lackluster. Don't get me wrong, NVIDIA still made money, but they made quite a bit less than last quarter. Revenue fell a few percentage points and overall net profit fell by nearly 50% to settle in at only $60.4 million.

 

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I would blame this lackluster performance on the fact that they didn't get a Kepler GPU out until the middle to end of the quarter. As such, their products couldn't really compete with AMD's, so it's unlikely that as many people were purchasing them. NVIDIA still sounds positive, however, as this is what Jen-Hsun Huang, , president and chief executive officer of NVIDIA, said:

 

Kepler GPUs are accelerating our business. Our newly launched desktop products are winning some of the best reviews we've ever had. Notebook GPUs had a record quarter. And Tegra is on a growth track again, driven by great mobile device wins and the upcoming Windows on ARM launch. Graphics is more important than ever. Look for exciting news next week at the GPU Technology Conference as we reveal new ways that the GPU will enhance mobile and cloud computing.

 

The company expects to rebound in the second quarter, and I don't think that is an unreasonable expectation given the wide accolade that Kepler has earned. They expect revenue to fall somewhere between $990 million and $1.05 billion with operating expenses increasing slightly.

Continue reading 'NVIDIA reports first quarter financial results, less profit than last quarter, still in the black' (full post)

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