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| What's WhatsApp? A messages service that spans borders, devices Thursday, Feb 20, 2014 07:17 PM PST  By Molly Hensley-Clancy NEW YORK (Reuters) - What in the world is WhatsApp? The online messaging platform has been catching on for a few years with younger users and international sets of friends, but a much larger audience noticed it on Wednesday, when Facebook Inc said it had agreed to pay $19 billion for the service. And it's adding a million users daily, which caught Facebook's eye. Full Story | Top |
| With WhatsApp deal, Sequoia Capital burnishes reputation Thursday, Feb 20, 2014 05:33 PM PST  By Sarah McBride SAN FRANCISCO (Reuters) - Shortly after moving to Silicon Valley in 2004, the young Facebook founder Mark Zuckerberg pulled a prank on Sequoia Capital by making an investment pitch in his pajamas. The discussion never got serious, and Sequoia never invested in Facebook. But now, Sequoia is getting the last laugh. With the sale of its protégé company message service WhatsApp to Zuckerberg's Facebook for $19 billion, Sequoia found a way to make money from Facebook as well as solidifying its position as a titan of venture capital. Full Story | Top |
| Wall Street sees sense in Facebook's $19 billion WhatsApp buy Thursday, Feb 20, 2014 05:25 PM PST  Facebook Inc's purchase of fast-growing messaging startup WhatsApp for an eye-popping $19 billion largely won approval from analysts, who said the deal made strategic sense as it will solidify the social network's position as a leader in mobile. Facebook shares closed up 2.3 percent at $69.63 after falling as much as 3 percent in early trading as investors got over the initial sticker shock of the deal value. At least two brokerages downgraded their recommendations on Facebook to "hold" but the overwhelming majority of analysts remain positive on the stock. Facebook is paying more than double its annual revenue for a chat program that has little revenue. Full Story | Top |
| DirecTV CEO urges U.S. scrutiny of Comcast-TWC broadband reach Thursday, Feb 20, 2014 04:49 PM PST  DirecTV Chief Executive Officer Mike White on Thursday called for U.S. regulatory scrutiny of Comcast Corp's proposed purchase of Time Warner Cable Inc and the "effective broadband monopoly" he said it might create in as much as two-thirds of the United States. The deal will be reviewed by the Federal Communications Commission and either the U.S. Department of Justice or the Federal Trade Commission, the two agencies that share antitrust oversight in the United States. "If the deal is approved as proposed, it clearly represents an unprecedented media concentration in one company," White told analysts on a conference call after DirecTV reported quarterly results. Comcast, when it announced the deal on February 13, said it would not reduce competition because the two cable providers do not compete in any markets. Full Story | Top |
| Juniper Networks bows to Elliott's demands Thursday, Feb 20, 2014 04:22 PM PST By Nadia Damouni and Nicola Leske NEW YORK (Reuters) - Juniper Networks Inc has agreed to several of hedge fund Elliott Management Corp's demands for changes at the network equipment maker, including appointing two directors proposed by Elliott, a person close to the matter said on Thursday. Juniper also laid out an operational plan that will refocus the company on its fastest-growing networking segments, reduce its cost base and return capital to shareholders, the company said on Thursday. The steps were among recommendations that Elliott, which owns a 6.2 percent stake in Juniper, made in January, marking a surprisingly quick victory for the activist investor. Elliott had prepared a slate of directors to move ahead with a potential proxy contest if the company did not implement its proposals. Full Story | Top |
| Priceline profit tops estimates as bookings rise Thursday, Feb 20, 2014 04:01 PM PST (Reuters) - Priceline.com, the online travel agency known for its name-your-own-price auctions, posted a higher-than-expected quarterly profit on Thursday, boosting shares in extended trading. Darren Huston, the former chief of Booking.com who became chief executive officer and president of Priceline.com in January, said bookings for hotel stays, airline tickets and rental cars picked up at the end of the quarter for the start of 2014. He said the Priceline brand performed well, aided by airline ticket sales and rental car reservations. Priceline, which owns Kayak.com and Agoda.com, is boosting its presence in fast-growing markets such as Asia. Full Story | Top |
| Mexico billionaire Carlos Slim tightens grip on America Movil Thursday, Feb 20, 2014 03:49 PM PST  Mexican billionaire Carlos Slim, who already controls America Movil, tightened his grip slightly on Latin America's biggest phone company, according to a U.S. regulatory filing on Thursday that shows two companies controlled by Slim bought more shares. The purchases, made in November and December last year, come on top of a massive buyback effort by America Movil, whose share price has been under pressure since Mexico's government last year passed a reform plan that seeks to curb the company's dominance. Slim's real estate company Inmobiliaria Carso and his bank Grupo Financiero Inbursa spent $212.5 million and $34.7 million purchasing 187.11 million and 30.98 million shares respectively in America Movil, a document sent to the U.S. Securities and Exchange Commission showed. Slim, his three sons, three daughters and their controlled companies and foundations now own about 47.6 percent of America Movil's outstanding shares, up from 47.3 percent when the group made their last filing in November, according to a Reuters calculation. Full Story | Top |
| Comcast filings with regulators expected at end of March Thursday, Feb 20, 2014 03:41 PM PST  By Alina Selyukh WASHINGTON (Reuters) - Comcast Corp said on Thursday it plans to submit documents on its proposed $45 billion takeover of Time Warner Cable Inc to U.S. regulators by the end of March, when antitrust and public interest reviews will be launched. The proposed merger between the two biggest U.S. cable service providers is expected to draw intense scrutiny from the Federal Communications Commission, which reviews whether deals are in the public interest, and either the Department of Justice or the Federal Trade Commission, which share antitrust oversight. Comcast is targeting the end of March to submit its application to the FCC, spokeswoman Sena Fitzmaurice said. Around the same time, Comcast will also submit documents asking antitrust regulators for approval, she said. Full Story | Top |
| HP reins in revenue slide as turnaround progresses Thursday, Feb 20, 2014 03:37 PM PST  In the midst of a multi-year turnaround effort intended to revive growth, the Silicon Valley company is trying to reduce its reliance on personal computers and move toward computing equipment and networking gear for enterprises. Chief Executive Office Meg Whitman told analysts that the company saw corporations and agencies beginning to replace ageing computers in the quarter, while Microsoft's decision to soon end support for its Windows XP operating system also prompted PC upgrades. Chief Executive Officer Meg Whitman said growth in revenue and operating margins in that crucial division was "possible," provided demand from enterprises holds up. It's a knife fight every single day out there, but we feel we've got the right ammunition," she told analysts later. Full Story | Top |
| Groupon forecasts quarterly loss on hike in marketing costs Thursday, Feb 20, 2014 03:32 PM PST  Groupon Inc forecast a surprise quarterly loss as it spends more to advertise its online marketplace, which is expected to make up for its lagging daily deals business, and its shares fell more than 13 percent in extended trading. Groupon, which competes with Amazon.com, eBay and Google, has been building an online marketplace, called Pull, that lets people search for and buy deals in their area. "The majority of our customers in North America still have no idea they can come to Groupon and search among our 80,000 deals in real time," Chief Executive Eric Lefkofsky said on a conference call with analysts. However the shift to the Pull marketplace means that customers can delay their purchases rather than make them on the same day as was the norm in its daily deals business. Full Story | Top |
| Chipmaker Marvell's profit doubles; expects pickup in mobile Thursday, Feb 20, 2014 03:11 PM PST Chipmaker Marvell Technology Group Ltd reported a more-than-expected 112 percent rise in profit, helped by strong demand from storage and networking companies, and said it expected its mobile business to pick up in the current quarter. Marvell forecast first-quarter revenue between $870 and $910 million, above analysts' average estimate of $848.94 million, according to Thomson Reuters I/B/E/S. "In the first quarter, we are expecting some revenue and unit growth for our 4G LTE mobile platform from multiple customers," Chief Executive Sehat Sutardja said on a post-earnings conference call with analysts. Marvell said results were softer than it expected in the mobile business in the fourth quarter as some customers delayed product launches. The company, which also makes communications and processor products used in mobile phones, said net income doubled to $106.6 million, or 21 cents per share, in the quarter ended February 1 from $50.2 million, or 9 cents per share, a year earlier. Full Story | Top |
| Intuit raises forecast on demand for DIY tax filing Thursday, Feb 20, 2014 02:25 PM PST (Reuters) - Intuit Inc raised its third-quarter earnings forecast due to strong demand for its online tax-preparation software, TurboTax, in the U.S. tax-filing season. Intuit's shares rose 3 percent in extended trading after the company's second-quarter revenue fell less than expected despite a delayed start to the tax-filing season. The Mountain View, California-based company said sales of its of its flagship TurboTax application grew 7 percent to 14 million units in the season through February 15, led by a 11 percent growth of TurboTax Online. "The DIY (do-it-yourself) category is off to a strong start in the early part of the season," said Sasan Goodarzi, senior vice president and general manager of Intuit's consumer tax group. Full Story | Top |
| Priceline posts higher quarterly profit Thursday, Feb 20, 2014 01:57 PM PST (Reuters) - Priceline.com, the online travel agency known for its name-your-own-price auction, posted a higher-than-expected quarterly profit on Thursday as it booked more hotel stays, airline tickets and rental-car reservations. Darren Huston, the former chief of the Booking.com who became chief executive officer and president of Priceline.com in January, said bookings picked up at the end of the quarter for the start of 2014. He said the Priceline brand also performed well, aided by airline ticket sales and rental car reservations. Full Story | Top |
| Nokia considers buying Juniper to expand network unit: report Thursday, Feb 20, 2014 01:47 PM PST  FRANKFURT/HELSINKI (Reuters) - Finland's Nokia is considering buying U.S.-based Juniper Networks to merge into its telecommunications network gear business, German's Manager Magazin Online reported, citing unidentified sources. Nokia Solutions and Networks (NSN) Chief Executive Rajeev Suri traveled to the United States late last year to discuss with Juniper's management closer cooperation and a possible merger that would strengthen NSN's weak U.S. business, the online magazine said on Thursday. Juniper has a stock market value of $13.7 billion, making it a major takeover target for Nokia, but Manager Magazin said Nokia could use Juniper's $3.1 billion cash to help finance the purchase. Full Story | Top |
| Pentagon working to share reserved airwaves with industry -officials Thursday, Feb 20, 2014 11:46 AM PST By David Alexander and Phil Stewart WASHINGTON (Reuters) - The Pentagon said on Thursday it was working to find ways to share more of its reserved airwaves with commercial wireless companies that need greater bandwidth for smartphone and tablet users, but it declined to elaborate on how much it might vacate. The Pentagon's communications chief, Teri Takai, said the department was working "very closely" with key federal agencies to reach President Barack Obama's goal of making 500 megahertz of airwaves reserved for federal agencies available to telecommunications companies over the next decade. Air Force Major General Robert Wheeler said the Pentagon believed the "best plan for the future" would be a combination of the military vacating parts of the spectrum, sharing other parts with industry and compressing communications in some cases to make more space available. "That's how we're going forward with it," he told a Pentagon news conference. Full Story | Top |
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