 | |
| | Facebook sinks 12%,
turns investors wary |  FACEBOOK shares sank on Monday in
the first day of trading without the full
support of the company´s underwriters,
leaving some investors down 25 percent
from where they were on Friday afternoon.
Facebook´s debut was beset by problems,
so much so that Nasdaq said on
Monday it was changing its IPO procedures.
That may comfort companies
considering a listing but does little for
Facebook, whose lead underwriter
Morgan Stanley had to step in and
defend the $38 offering price on the
open market.
Without that same level of defense,
its shares fell $4.50 to $33.73 in the first
1-1/2 hours of trading. That represented
a decline of 11.8 percent from
Friday´s close. | | | Oil prices rebound on M-E
tensions, G8´s EU stance |
 OIL crept higher on Monday,
rebounding from last week´s
multi-month lows on speculative
buying and as concerns
resurfaced over supplies
from the crude-rich
Middle East, particularly
from Iran.
The market was also supported
by Group of Eight
(G8) leaders calling for
Greece to stay in the eurozone
at a weekend summit in
the United States as they
debated deep divisions about
how best to tackle Europe´s
fiscal woes.
Brent North Sea crude for
delivery in July advanced 26
cents to $107.40 per barrel
in late morning deals.
New York´s main contract,
West Texas Intermediate
(WTI) crude for delivery in
June increased by 30 cents
to $91.78 a barrel ... | | | Struggling Yahoo to sell half
of Alibaba stake for $7.1bn |  STRUGGLING internet company
Yahoo has secured a lifeline
after agreeing to sell half of
its prized stake in Chinese ecommerce
group Alibaba for
about $7.1 billion, with most of
the cash going to shareholders.
The deal, announced on
Sunday in the US, will see
Alibaba Group buying back
half of its 40 percent stake
from Yahoo for $6.3 billion
cash and up to $800 million of
Alibaba preferred shares.
The announcement caps at
least a year of rocky on-and-off
talks as Yahoo tried to sell the
stake as part of efforts to turnaround
its business.
Money from the sale will
give Yahoo the financial firepower
to return cash to disgruntled
shareholders, many
of whom ... | |
|
|
|
