Today's Reuters Technology News Headlines - Yahoo! News:
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Renesas braces for costly restructuring, shares fall 11 percent
Sun,27 May 2012 06:44 PM PDT
Reuters -  TOKYO (Reuters) - Shares in Renesas Electronics fell more than 11 percent on Monday to a record low after news it will sell loss-making operations and cut at least 12,000 jobs as Japan's chip sector grapples with its biggest shake-out in a decade. The company's escalating troubles follow the February bankruptcy filing of Elpida Memory Inc, Japan's last producer of dynamic random access memory (DRAM) chips used in personal computers, which is in talks with U.S. firm Micron Technology about a buyout plan. ...
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China's Huawei, ZTE face EU action on telecom subsidies: FT
Sun,27 May 2012 06:28 PM PDT
Reuters - HONG KONG (Reuters) - The European Union is set to launch a major trade case against China's biggest telecom equipment makers, arguing that they have benefited from illegal government subsidies, the Financial Times said. The EU told member states it had been gathering evidence for an anti-dumping case against Huawei Technologies Co Ltd and ZTE Corp, saying that they had obtained illegal government subsidies and sold products in the EU below cost, the newspaper said, quoting unidentified EU officials and executives. ... Full Story | Top |
SNB considers capital controls if euro falls apart
Sun,27 May 2012 02:09 AM PDT
Reuters -  ZURICH (Reuters) - Switzerland is drawing up plans for emergency measures including capital controls in case the euro collapses although it does not expect to need them and will continue to defend a cap on the franc in the meantime, the head of the central bank said. "We must be prepared just in case the currency union collapses, although I don't expect that," Swiss National Bank President Thomas Jordan, who predicted the euro zone crisis in his 1994 doctoral thesis, told the SonntagsZeitung newspaper. ...
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Renesas aims to sell chip plant, shed 12,000 jobs: source
Sat,26 May 2012 04:17 AM PDT
Reuters -  TOKYO (Reuters) - Japanese chipmaker Renesas Electronics Corp plans to sell off loss-making operations and cut its payroll by at least 12,000, a source close to the matter told Reuters on Saturday, as the company battles high costs and nimbler foreign rivals. Sources also confirmed that Renesas, the world's largest maker of microcontroller chips for cars, aims to raise more than 100 billion yen ($1.3 billion) to pay for restructuring costs and will take the plan to Hitachi Ltd and its other major shareholders as early as next week. ...
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Facebook IPO is flashback to dot-com class action
Fri,25 May 2012 08:58 PM PDT
Reuters - This is not the first time investors in a hot tech company's initial public offering have alleged that underwriters favored their regular clients at the expense of the little guys. In the tech bubble of the late 1990s, IPO investors became suspicious of the steep run-up in prices that seemed inevitably to follow a stock's debut. Eventually, some 309 IPO shareholder class actions were rolled into a giant multidistrict lawsuit called In re: Initial Public Offering Securities Litigation. ... Full Story | Top |
DigitalGlobe, GeoEye jump on nod for imagery funding
Fri,25 May 2012 05:03 PM PDT
Reuters - WASHINGTON (Reuters) - DigitalGlobe Inc and GeoEye Inc on Friday welcomed a decision by the Senate Armed Services Committee to authorize continued funding for commercial imagery purchases, a move that sent the two companies' shares sharply higher. Shares of DigitalGlobe rose as much as 10 pct while those of GeoEye jumped 9 percent in response to the first positive news for the sector in quite a while. Both DigitalGlobe and GeoEye provide digital imagery services to U.S. military and intelligence agencies and are working on next-generation satellites to double their capacity. ... Full Story | Top |
SEC eyes Nasdaq compliance in Facebook debacle
Fri,25 May 2012 04:33 PM PDT
Reuters - WASHINGTON (Reuters) - Securities regulators are looking into whether Nasdaq violated any technical exchange rules when it botched Facebook Inc's market debut last week, according to people familiar with the matter. The review of potential technical violations is part of the Securities and Exchange Commission's broader look at how Nasdaq handled its part of the initial public offering, including its decision to proceed with trading despite glitches, these people said. The SEC is also reviewing Nasdaq's communications with market participants, one of those people added. ... Full Story | Top |
Facebook ripple on IPO market already felt
Fri,25 May 2012 03:02 PM PDT
Reuters - (Reuters) - The ripple effects of Facebook Inc's botched IPO appear to already be hitting the market for initial public offerings as two companies this week pushed back their market debuts. PC hardware components maker Corsair Components Inc postponed its $78 million IPO citing market conditions, as did laser hair removal products maker Tria Beauty Inc,which intended to raise $64 million. The delays may be just the first of many, say market observers, as volatile equity markets and fallout from the Facebook debacle create a challenging climate for new offerings. ... Full Story | Top |
Dell-Quest deal possible over weekend: sources
Fri,25 May 2012 02:26 PM PDT
Reuters - NEW YORK/SAN FRANCISCO (Reuters) - Dell Inc is expected to reach an agreement to buy network security software maker Quest Software Inc as soon as this weekend after a previous deal fell apart, several people familiar with the matter said. Dell is planning to offer between $23 and $26 per share to buy the enterprise systems management software maker, two sources told Reuters on condition of anonymity because the discussions were not public. The previous deal fell apart after investors sent Dell's shares down 17 percent on Wednesday when the company reported a disappointing revenue forecast. ... Full Story | Top |
Facebook's market maker losses may top $115 million: sources
Fri,25 May 2012 02:12 PM PDT
Reuters -  NEW YORK (Reuters) - Four of Wall Street's major market makers involved in Facebook's botched initial public offering last Friday expect their losses from technical glitches on Nasdaq's exchange to be around $115 million. A software error on Nasdaq OMX Group Inc's U.S. exchange delayed the social networking company's market debut by 30 minutes last Friday. Many client orders were delayed, leading to significant losses to some investors and traders as the stock price dropped. The exchange operator is facing lawsuits from investors and threats of legal action from brokers. ...
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Facebook IPO glitch prompts margin calls, headaches
Fri,25 May 2012 02:09 PM PDT
Reuters - BOSTON (Reuters) - Just hours before Facebook Inc made its stock market debut last Friday, Seuk Kim put in a limit order $4 above the initial public offering price. "I thought it was going to have that first day pop," Kim said. "I didn't think anyone would get in at the $38 IPO price." Limit orders give investors a measure of protection because the stock is eligible to be purchased at or below the designated limit price, but never above it. The frenzy around Facebook had investors guessing they had to put in limit orders far above the $38 IPO price in order to get in on the action. ... Full Story | Top |
UBS lost $30 million on Facebook IPO fiasco: source
Fri,25 May 2012 01:24 PM PDT
Reuters - NEW YORK (Reuters) - UBS AG had trading losses of around $30 million stemming from Facebook Inc's botched initial public offering on Nasdaq OMX Group Inc's U.S. exchange, a source with knowledge of the situation said on Friday. UBS was one of four main market makers involved in Facebook's IPO on May 18. Its losses come on top of claims by Citigroup's market making unit of $20 million, and Knight Capital Group Inc and Citadel Securities of $30 million to $35 million each in losses. (Reporting By John McCrank) Full Story | Top |
Feeding frenzy for lawyers in botched Facebook IPO
Fri,25 May 2012 01:05 PM PDT
Reuters - (Reuters) - Facebook Inc's bungled initial public offering has gone from one of the most highly anticipated stock offerings to a hot legal opportunity for lawyers on both sides of shareholder litigation. Court battles over the fizzled IPO could run for years, as the social networking company, the banks that took it public and the Nasdaq OMX Group Inc face claims that they short-changed investors. Besides fighting off claims by Facebook shareholders, the defendants will also need lawyers to respond to inquiries from government investigators looking into how the IPO was handled. ... Full Story | Top |
Facebook market makers' losses at least $100 million
Fri,25 May 2012 01:05 PM PDT
Reuters -  (Reuters) - Claims by four of Wall Street's main market makers against Nasdaq over Facebook's botched IPO are likely to exceed $100 million, as they and other traders continue to deal with thousands of problems with customer orders. A technical glitch delayed the social networking company's market debut by 30 minutes on Friday and many client orders were delayed, giving some investors and traders significant losses as the stock price dropped. The exchange operator is facing lawsuits from investors and threats of legal action from brokers. ...
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Facebook options debut a wild card for volatility
Fri,25 May 2012 12:26 PM PDT
Reuters -  (Reuters) - Investors can hope the debut of options on Facebook Inc goes more smoothly than the long-awaited debut of the social networking service's stock on May 18. While the stock's puts and calls are expected to be popular, the big wild card is volatility and ultimately, the options price. Traders will get a fresh start on options on the Internet giant when the contracts are offered on U.S. options exchanges on May 29. ...
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