TweakTown
Tech content trusted by users in North America and around the world
6,250 Reviews & Articles | 40,781 News Posts
TRENDING NOW: Rockstar rumored to announce Grand Theft Auto: San Andreas 2 soon

TweakTown News

Refine News by Category:

Business, Financial & Legal Posts - Page 78

Twitter launches its IPO, price soars to over $45 in seconds

This morning Twitter launched its long awaited and highly anticipated Initial Public Offering (IPO) on the New York Stock Exchange. Carrying the stock symbol, TWTR, the company went public at the opening bell which was rang by Sir Patrick Stewart himself. Twitter set its opening price to $26 per share, but that did not last very long.

 

TweakTown image news/3/3/33778_1_twitter_launches_its_ipo_price_soars_to_over_45_in_seconds.jpg

 

Just seconds after opening, Twitter saw the opening transaction trade with 11 million of its offered 70 million shares sell for over $45 each. This effectively valued Twitter to be worth approximately $25.4 billion, which makes the total IPO to be roughly 1/10th of what the company is valued at. When the day is over and all 70 million shares are gone, Twitter will have raised more than $1.82 billion. While that number is far lower than the $16 billion Facebook raised, I suspect that Twitter will have far less fallout from its IPO than Facebook did.

 

At the time of this writing, Twitter is trading at $45.30 per share which is up almost 74-percent since the opening bell. How high the stock will rise is anyone's guess. I will update this post with a follow-up when the markets close today at 4pm, so bookmark this page and check back around 5pm for the latest update on how Twitter's IPO went.

Continue reading 'Twitter launches its IPO, price soars to over $45 in seconds' (full post)

Microsoft insider: ditch the Xbox and Bing

A research note was posted by Normura analyst, Rick Sherlund, who The New York Times described as Goldman Sachs' "point person' for its work with Microsoft, and someone who is a longtime friend of Bill Gates.

 

TweakTown image news/3/3/33775_04_microsoft_insider_ditch_the_xbox_and_bing.jpg

 

Sherland wants Microsoft to dive out of its unprofitable search, and gaming businesses, he explained: "We estimate Microsoft has lost $17 billion with Bing over the past 10 years. It may be concerning to watch Google give away its Android operating system... but this is a superior business model... it is not important that Microsoft receive $5 or $10 billion for Bing ... but rather that it eliminate about 20 cents per share in annual losses."

 

What do you think? Losing billions upon billions of dollars just isn't good, and in the long run, I truly don't see Bing ever competing with Google. It's the same with Apple trying to compete with Google's search, even if they pumped $20 billion into it, I don't see Google being taken over.

Ex BlackBerry CEO, Heins, says he is company's biggest fan in letter

Earlier this week, BlackBerry announced that its CEO, Thorsten Heins, would be stepping down as the company takes itself off the market and looks to rebuild with a $1 billion investment. While Heins departure might be just what the company needs, it is always sad to see the head of a company leave something he poured his life into.

 

TweakTown image news/3/3/33765_1_ex_blackberry_ceo_heins_says_he_is_company_s_biggest_fan_in_letter.jpg

 

In a letter pinned to employees this week, Heins has expressed is gratitude to "BlackBerry team members," and said that he feels John Chen will make an excellent choice for interim CEO. He went on to conclude the letter by stating that he is "BlackBerry's biggest fan, and would continue cheering on the company from the sidelines. The memo also states that BlackBerry will be hosting a town hall later this week to address employee concerns, and answer any questions they may have.

Continue reading 'Ex BlackBerry CEO, Heins, says he is company's biggest fan in letter' (full post)

Twitter IPO hits $26 per share, market cap of around $18 billion

It looks like Twitter's IPO is doing well, with the social network's shares being worth $26 per share when it goes on sale. At the $26 price point, and sales of around 70 million shares of common stock, it will see Twitter net $1.82 billion.

 

TweakTown image news/3/3/33766_01_twitter_ipo_hits_26_per_share_market_cap_of_around_18_billion.jpg

 

This pushes Twitter into the ballpark of a valuation of $14.16 billion based on 545 million non-diluted shares, or a maximum of around $18.1 billion based on 705 million fully diluted shares. So, how do we divvy up these billions of dollars? Well, Twitter co-founder, Evan Williams, takes in a 10.4% stake that would be worth $1.48 billion - without options. Jack Dorsey's stake is worth $609 million, and investor Peter Fenton's shares are worth a nice $820 million.

 

Twitter CEO, Dick Costolo's shares are worth a cool $199 million. But, with 16% of the shares, Rizvi Traverse has a nice $2.21 billion worth. Lastly, we have Union Square Ventures also sitting nicely with a $723.8 billion stake in the social network.

Lenovo's buyout of BlackBerry was blocked by Canadian Government

Lenovo could be the new owner of BlackBerry right not if it were not for the Canadian government stepping in and nixing the acquisition on grounds of national security. A new report is stating that Lenovo was serious about its bid for BlackBerry, and would have went through with the deal if not for the Canadian government saying no.

 

TweakTown image news/3/3/33760_1_lenovo_s_buyout_of_blackberry_was_blocked_by_canadian_government.jpg

 

The Canadian government says that it could not let a Chinese company buy out a telecom company that has deep ties with the Canadian Government as it could pose a major national security risk. "We have been pretty consistent that the message is Canada is open to foreign investment and investment from China in particular, but not at the cost of compromising national security," said a Canadian Government official. Sources say that Lenovo had been looking at BlackBerry back as early as January, and apparently was in acquisition talks since that time as well.

Microsoft gives free training, guaranteed jobs to soldiers

Microsoft has announced it is now offering a free, 16-week IT training course for soldiers transitioning out of the military life, to a civilian life, with a guaranteed job at the end of it.

 

TweakTown image news/3/3/33754_08_microsoft_gives_free_training_guaranteed_jobs_to_soldiers.jpg

 

The Microsoft Software & Systems Academy will be based on the Microsoft IT Academy, which will offer the training required to plunge into the world of being a developer, applications engineer or IT project manager. At the end of the course, the company will hire participants as software testers by either Microsoft or Launch Consulting, which is the tech firm administering the program.

 

Microsoft Executive Vice President and General Counsel, Brad Smith, said in a statement: "American servicemembers possess the drive, self-discipline and problem-solving skills that are essential for the technology industry. The Microsoft Software & Systems Academy is a bridge between one great career-serving in the U.S. military-and another, creating technologies that improve lives."

Continue reading 'Microsoft gives free training, guaranteed jobs to soldiers' (full post)

OCZ stands idle as its stock tanks for the second day in a row

Yesterday it appeared that OCZ's stock was in a downward fall that was unstoppable before leveling off near the closing bell at $0.73. Today the stock fell yet another 38-percent to just $0.39 per share at its lowest, and like yesterday it rebounded slightly and closed at $0.44 per share.

 

TweakTown image news/3/3/33743_1_ocz_stands_idle_as_its_stock_tanks_for_the_second_day_in_a_row.jpg

 

As of this posting, OCZ has yet to release an official statement, and this has further led to investor confidence falling. A quick Google search will turn up dozens of industry analyst questioning just how long the company has left before it is forced to fill bankruptcy, and even more complaints on forums across the internet where customers are complaining about failed Vertex SSD drives.

 

While I am still mystified about the company's lack of response to this crisis, I have developed a new theory on what may be going on. A few weeks back we reported that Toshiba might be looking to buy OCZ outright, but nothing ever materialized from this. I have a very small suspicion that OCZ may be keeping quiet in order to force their price even lower to draw in someone looking to pick them up at what might be a steal. This would wash the company's leaders hands of things and they would get off with a nice payday.

Acer's CEO steps down after mounting financial losses grow

This morning Acer announced that its CEO, J.T. Wang, will resign his position as CEO following yet another poor performing financial quarter. Wang will tender his resignation effective on January 1st 2014, but will retain his position as Chairman of the Board until the second quarter of 2014.

 

TweakTown image news/3/3/33740_1_acer_s_ceo_steps_down_after_mounting_financial_losses_grow.jpg

 

Acer says that its current president, Jim Wong, will take over as CEO upon Wang's resignation. Acer just posted a net loss of $446 million for Q3 2013 and as a result, will cut its global staff by 7-percent in an effort to diminish overhead by $100 million annually. Stacking on the bad news, Acer's PC sales plummeted by 35-percent in Q3 which could spell disaster for the company in 2014. Acer and Wong will have to fight hard, and will be forced to switch up their strategy drastically to stay afloat in the coming years.

Apple to open factory in Arizona that will run on renewable energy

Apple is pushing to open up more US-based factories, with a components plant to soon be opened up in Arizona that would be run from renewable energy. The new project will create over 2000 jobs, where the company will work directly with Salt River Project, who is an electric utility company based in central Arizona.

 

TweakTown image news/3/3/33736_09_apple_to_open_factory_in_arizona_that_will_run_on_renewable_energy.jpg

 

Apple will work with Salt River Project to create "green energy sources" that would power the facility. Within the first twelve months, over 700 jobs will be created, with an additional 1300 positions in construction and other jobs in and around Arizona, according to Governor Jan Brewer. Brewer also said: "Their investment in renewable energy will also be greening our power grid, and creating significant new solar and geothermal power sources for the state."

 

GT Advanced Technologies, a crystal materials manufacturer, will own and operate furnaces and related equipment at the new plant, which will employ over 700 people. The company has said it has entered a multi-year deal to supply the Cupertino-based iPhone giant with sapphire material. Apple has previously said it would invest over $100 million in Mac production within the US, which this is all a big part of.

EA CEO says it wants to shake off 'Worst Company in America' award

For two years running, EA has won The Consumerist's "Worst Company in America' award, which has forced the company to look into what it had done to get so many customers angry, and is still working on it to this day according to the freshly-appointed CEO, Andrew Wilson.

 

TweakTown image news/3/3/33731_05_ea_ceo_says_it_wants_to_shake_off_worst_company_in_america_award.jpg

 

Wilson spoke with Polygon, where he said: "Whether you respect the source or not, I think it was a wake up call, and it was absolutely something that we spent a lot of time and energy over, and continue to spend a lot of time and energy over. For us, it was less about, 'How do we not get voted the worst company again?' but more about, 'Okay, are there things that we could do differently or things that we have done that have been misinterpreted that would cause people to feel that way?"

 

EA's goal, according to Wilson, is to "build great games and services." He added: "What we have been doing over time is really working to either update those things or eliminate those things, and really get back to our focus on games. Because at the end of the day, if we're making great games and services, we won't get voted worst company in America again."

Latest News Posts

View More News Posts

Forum Activity

View More Forum Posts

Press Releases

View More Press Releases