Today's Reuters Technology News Headlines - Yahoo! News:
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Facebook expands IPO size, aims for $15 billion: source
Tue,15 May 2012 06:17 PM PDT
Reuters -  SAN FRANCISCO (Reuters) - Facebook Inc is increasing the size of its IPO by 85 million shares to about 422 million, a source familiar with the matter told Reuters, raising more than $15 billion in Silicon Valley's largest market debut. The increased volume comes just after the world's No. 1 social network hiked its price range to $34 to $38 a share, from $28 to $35 previously. Facebook had originally intended to sell about 337.4 million shares. At a mid-point of $36, the company would raise $15.2 billion in one of the largest U.S. initial public offerings ever. ...
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GM to drop Facebook ads due to low consumer impact
Tue,15 May 2012 05:36 PM PDT
Reuters -  DETROIT/SAN FRANCISCO (Reuters) - General Motors Co said on Tuesday it will stop advertising on Facebook, even as the social networking website prepares to go public. While GM gave no specific reason for dropping Facebook ads, a source familiar with the automaker's plans said the company's marketing executives decided Facebook's ads had little impact on consumers. While GM's decision could be an exception in the advertising world, it marked the first highly visible crack in the Facebook strategy, said Brian Wieser, Internet and media analyst at Pivotal Research Group. ...
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CIBC hopes to steal clients with "mobile wallets"
Tue,15 May 2012 04:36 PM PDT
Reuters -  TORONTO (Reuters) - Canadian Imperial Bank of Commerce is hoping its deal with Rogers Communications to allow customers to pay for purchases with smartphones will help it steal clients from banking rivals who must now rush to match the offering. Canada's No. 5 bank announced the deal on Tuesday for the so-called "mobile wallets", which will allow the bank's credit card customers to make retail payments by tapping their smartphones on a sensor. The move came a day after Canada's banking industry published a set of guidelines to support open standards for mobile wallets. ...
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GM to drop Facebook ads due to low consumer impact
Tue,15 May 2012 04:35 PM PDT
Reuters - DETROIT/SAN FRANCISCO (Reuters) - General Motors Co said on Tuesday it will stop advertising on Facebook, even as the social networking website prepares to go public. While GM gave no specific reason for dropping Facebook ads, a source familiar with the automaker's plans said the company's marketing executives decided Facebook's ads had little impact on consumers. While GM's decision could be an exception in the advertising world, it marked the first highly visible crack in the Facebook strategy, said Brian Wieser, Internet and media analyst at Pivotal Research Group. ...
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Chesapeake hikes loan as credit rating fades
Tue,15 May 2012 04:29 PM PDT
Reuters -  (Reuters) - Chesapeake Energy Corp increased a planned loan even as its credit rating deteriorated on Tuesday, adding pressure on the natural gas producer to deliver crucial asset sales. The company, which has sought to soothe investors angered by recent disclosures about its chief executive's potential conflicts of interest, boosted a planned $3 billion bridge loan to $4 billion. There was strong demand for the junk-rated debt that it needs to cover a cash shortfall brought on by the weakest natural gas prices in a decade. Shares in Chesapeake slumped fell 5. ...
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FCC seeks details on Verizon spectrum sale offer
Tue,15 May 2012 03:21 PM PDT
Reuters -  NEW YORK (Reuters) - The U.S. Federal Communications Commission asked Verizon Wireless for more details on its offer to sell some wireless spectrum on the condition that the company's purchase of another set of airwaves is approved by regulators. Verizon Wireless, a venture of Verizon Communications and Vodafone Group Plc, said April 18 that it would sell spectrum depending on the outcome of the FCC's pending review of its plan to pay about $3.9 billion for spectrum owned by cable operators. The FCC said on Tuesday it needed more information on the link between both deals by May 22. ...
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GM plans to stop advertising on Facebook
Tue,15 May 2012 03:08 PM PDT
Reuters - (Reuters) - General Motors Co will stop advertising on Facebook, a move that comes during the same week the social networking website is due to go public. The U.S. automaker confirmed a report by the Wall Street Journal. A source familiar with the automaker's plans said GM's marketing executives decided Facebook's ads had little impact on consumers. GM said it will still have Facebook pages marketing its vehicles, but it will drop use of paid ads. Anyone can create a Facebook page at no cost. GM pays no fee to Facebook for its pages, which allow the automaker to reach consumers directly. ... Full Story | Top |
Facebook increases IPO range to raise $12.1 billion
Tue,15 May 2012 03:07 PM PDT
Reuters -  NEW YORK/SAN FRANCISCO (Reuters) - Facebook Inc increased the price range on its initial public offering an average of 14 percent to raise more than $12 billion, giving the world's No. 1 social network a valuation potentially exceeding $100 billion. The company, founded eight years ago by Mark Zuckerberg in a Harvard dorm room, raised the target range to between $34 and $38 per share in response to strong demand, from $28 to $35, according to a filing with the U.S. Securities and Exchange Commission on Tuesday. ...
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In Canada, phones poised to challenge credit cards
Tue,15 May 2012 03:06 PM PDT
Reuters - TORONTO (Reuters) - Thousands of Canadian retailers already have equipment in place to let customers pay for purchases with a swipe of their mobile phones, putting the country in the lead in developing a system that could one day make cash obsolete. All that's needed is an agreement between banks, credit card companies and telecoms, and that appears to be coming soon, promising to transform how Canadians pay for everything from their morning coffee to a tankful of gasoline. ... Full Story | Top |
Exchanges iron out kinks as Facebook IPO looms
Tue,15 May 2012 03:00 PM PDT
Reuters - NEW YORK (Reuters) - The frenzy around Facebook's public debut has exchange operators taking extra precautions to make sure the social network giant's stock trades smoothly on Friday, especially in the wake of recent technical glitches. When Facebook Chief Executive Mark Zuckerberg rings Nasdaq OMX's opening market bell on Friday from company headquarters in Menlo Park, California, Nasdaq will have completed three straight days of testing on its initial public offering systems. On Tuesday, the exchange ran a test debut using the dummy ticker symbol ZWZZT. ... Full Story | Top |
Facebook options seen listed on May 29
Tue,15 May 2012 02:57 PM PDT
Reuters -  (Reuters) - Traders will have their first crack at using options to hedge their bets or speculate on the direction of Facebook shares in two weeks, when U.S. options exchanges expect to list contracts on the hot new stock. "There is a lot of excitement around Facebook and investors are anxious to trade it by any means possible, either through the stock or its options," said TD Ameritrade chief derivatives strategist J.J. Kinahan. "So it is not surprising that the options exchanges are finding a way to make that happen as fast and efficient as possible. ...
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IBM helps oil companies manage gusher of data
Tue,15 May 2012 02:05 PM PDT
Reuters -  HOUSTON/NEW YORK (Reuters) - IBM thinks it can make geologists and engineers more effective at mining the fast-growing wealth of data on everything from oil reservoirs to refineries to help them find, extract and process oil. The computer services company has spent the past three years building a team of 5,000 consultants, scattered around major oil basins worldwide, to help companies tackle the data explosion. ...
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Scared of Facebook shares? Wager on Friday's close
Tue,15 May 2012 01:31 PM PDT
Reuters -  (Reuters) - Worried that if you buy Facebook when it starts trading Friday you'll get trampled by big banks and hedge funds? Betting on where the stock closes that day may be a safer wager. Intrade, the online prediction market where investors can bet on numerous events, from movie box office receipts to the U.S. presidential election, started a contract Tuesday for bets on where shares of Facebook will close on Friday, their first day of trading. Dublin, Ireland-based Intrade has contracts for myriad events, some stranger than others. ...
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GM plans to stop advertising on Facebook
Tue,15 May 2012 01:27 PM PDT
Reuters -  (Reuters) - General Motors Co will stop advertising on Facebook, a move that comes during the same week the social networking website is due to go public. The U.S. automaker confirmed a report by the Wall Street Journal. A source familiar with the automaker's plans said GM's marketing executives decided Facebook's ads had little impact on consumers. GM said it will still have Facebook pages marketing its vehicles, but it will drop use of paid ads. Anyone can create a Facebook page at no cost. GM pays no fee to Facebook for its pages, which allow the automaker to reach consumers directly. ...
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Nvidia CEO pushes graphics chips toward cloud
Tue,15 May 2012 01:17 PM PDT
Reuters -  SAN JOSE, California (Reuters) - Nvidia Corp Chief Executive Jen-Hsun Huang wants his graphics chips to be adopted in data centers to help stream better graphics to smartphones and tablets, his company's newest bid to diversify beyond personal computers. Huang showed programmers and engineers at an industry event new technology adapting Nvidia's Kepler graphics processors, or GPUs, for cloud computing. "For the first time we have virtualized the GPU," Huang said. "One GPU can now be shared with countless users. ...
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