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| Experts predict Lenovo's U.S. buys will pass regulatory muster Thursday, Jan 30, 2014 06:52 PM PST  By Diane Bartz WASHINGTON (Reuters) - U.S. officials are likely to allow China's Lenovo Group to buy IBM's low-end server business and Google Inc's Motorola Mobility handset business if it agrees to concessions aimed at protecting U.S. national security, experts said. Computer maker Lenovo has advantages over other Chinese companies that should help it overcome the mutual suspicion between the United States and China over industrial spying and cybersecurity, such as its track record of successful U.S. acquisitions in the past. Lenovo said on Wednesday it would acquire Motorola Mobility, along with some 2,000 patents, for $2.91 billion. The deals will be reviewed by the inter-agency Committee on Foreign Investment in the United States, or CFIUS, to ensure they do not threaten national security. Full Story | Top |
| Microsoft board close to naming Nadella as new CEO: source Thursday, Jan 30, 2014 06:44 PM PST  By Nadia Damouni and Bill Rigby NEW YORK/SEATTLE (Reuters) - Microsoft Corp is likely to appoint its cloud-computing head, Satya Nadella, as its next chief executive, a source familiar with the matter said on Thursday, as the board concludes a five-month search for a tech-savvy heavy-hitter to lead the world's largest software company. As part of the move, co-founder Bill Gates may step aside as chairman and be replaced by lead independent director John Thompson, said the source, speaking on condition of anonymity because the process is private. Rising star Nadella, a native of Hyderabad, India - where Microsoft has its largest non-U.S. research center - was promoted to run the company's fast-expanding cloud, or internet-based, computing initiatives in July last year as part of current CEO Steve Ballmer's radical re-organization of the company. The appointment of the 22-year Microsoft veteran would make him the most powerful Indian-born tech executive in the world and put him alongside PepsiCo Inc's chief, Indra Nooyi, as the leader of a well-known, large-cap U.S. corporation. Full Story | Top |
| Zynga seals $527 million mobile game deal, axes jobs in revival drive Thursday, Jan 30, 2014 05:51 PM PST  By Malathi Nayak and Gerry Shih SAN FRANCISCO (Reuters) - Zynga Inc will shed 15 percent of its workforce to slash costs and buy mobile game developer NaturalMotion for $527 million to refresh a stalled games pipeline, moves that sent its stock soaring 20 percent in after-hours trading. Chief Executive Officer Don Mattrick, hired last year, is taking aggressive action to revive a company that developed "Farmville" and once dominated gaming on Facebook Inc's social network, but is now struggling to adapt to the rise of mobile gaming. Zynga's largest acquisition to date, NaturalMotion is a 12-year-old studio that has created games like "Clumsy Ninja" for Apple Inc mobile devices. NaturalMotion is known for its Euphoria game engine, whose simulation technology has helped create powerful visuals in games like "Grand Theft Auto V". Full Story | Top |
| Missouri professor sues Square, claims credit for business concepts Thursday, Jan 30, 2014 05:49 PM PST A professor in St. Louis who says he helped come up with the idea that became payments-company Square has filed a lawsuit against the company, alleging fraud and patent infringement and seeking unspecified damages. Robert E. Morley, a professor at Washington University in St. Louis, filed suit in federal court in St. Louis on Thursday against Square and its co-founders Jack Dorsey and James McKelvey. "The business now known as Square was not created solely by Jack Dorsey and James McKelvey," said the complaint. "It was Professor Robert Morley - and Dr. Morley alone - who invented the Square card reader, and Dr. Morley co-invented the corresponding magnetic stripe," the complaint continued. Full Story | Top |
| Facebook shares surge as mobile ads click Thursday, Jan 30, 2014 05:20 PM PST  Facebook Inc's shares rose as much as 17 percent to a life-high after the company's resounding revenue growth underscored CEO Mark Zuckerberg's success in selling ad space on the social network's mobile app. At least 32 brokerages raised their price targets on Facebook's shares, which touched a high of $62.50 in midday trading on Thursday. If the gains hold to close, this would be the largest single-day rise in Facebook's stock since July 2013. Facebook's fourth-quarter revenue rose to $2.585 billion from $1.585 billion in the year-ago period, beating analysts' average expectation of $2.33 billion. Full Story | Top |
| Amazon warns of possible loss, mulls Prime fee-hike Thursday, Jan 30, 2014 04:30 PM PST  By Bill Rigby and Edwin Chan SEATTLE (Reuters) - Amazon.com Inc missed Wall Street's estimates for the crucial holiday period and cautioned investors about a possible operating loss this quarter as shipping costs climb, pushing its shares down more than 5 percent. It was a contest that many retail industry executives have blamed on Amazon. The Seattle-based company, which has spent freely to forge new markets in cloud computing and digital media, is experiencing slower growth at home after years of rip-roaring expansion, and its international business continues to underperform. Amazon expects operating results for the current quarter to range from a $200 million loss to a $200 million profit, compared with a $181 million profit a year ago. Full Story | Top |
| Yahoo says detected hacking attempt on email accounts Thursday, Jan 30, 2014 04:16 PM PST  (Reuters) - Yahoo Inc said it had detected a "coordinated effort" to gain unauthorized access to Yahoo Mail accounts using malicious computer software. "We have no evidence that they were obtained directly from Yahoo's systems," the company said on its blog. A Yahoo spokeswoman declined to say how many accounts had been compromised or provide a detailed description, saying that it was the subject of an investigation by federal law enforcement. Full Story | Top |
| Apple, Samsung spar over potential U.S. ban on smartphone sales Thursday, Jan 30, 2014 03:52 PM PST  By Dan Levine SAN JOSE, California (Reuters) - Samsung sought to defeat Apple's bid for a permanent sales ban against some Samsung smartphones, arguing in court on Thursday that Apple's request was an attempt to instill fear among telecom carriers and retailers that carry Samsung's products. At a hearing in federal court in San Jose, California, Samsung attorney Kathleen Sullivan told U.S. District Judge Lucy Koh that the injunction would give the iPhone maker an opening to come back to court quickly and argue that newer Samsung products should also be banned. "An injunction would create fear and uncertainty for the carriers and retailers with whom Samsung has very important customer relationships," Sullivan said. Full Story | Top |
| Microsoft board preparing to name Nadella as CEO: report Thursday, Jan 30, 2014 03:47 PM PST  Microsoft Corp's board is preparing to name internal executive Satya Nadella as the software company's next chief executive, Bloomberg reported on Thursday, citing unnamed sources it said were briefed on the CEO search process. The board is also considering replacing Chairman Bill Gates, possibly with lead independent director John Thompson, Bloomberg said. Sources had previously told Reuters that Microsoft was down to a "handful" of candidates, including Nadella, executive vice president of the cloud and enterprise group, and Tony Bates, executive vice president of business development, plus at least one external candidate. Full Story | Top |
| Zynga attacks costs, to slash headcount by 15 percent Thursday, Jan 30, 2014 03:31 PM PST By Malathi Nayak and Gerry Shih SAN FRANCISCO (Reuters) - Zynga Inc will slash costs in 2014 by shedding 15 percent of its workforce, the company that developed "Farmville" said on Thursday, adding that it will bolster its pipeline of new mobile games by buying game developer NaturalMotion for $527 million, moves that sent its stock up 20 percent after hours. The San Francisco-based game company said it expects to cut 314 jobs as part of an expanded cost savings plan. Zynga also posted a narrower-than expected quarterly loss, and its shares soared to $4.26 after closing at $3.56 on the Nasdaq. Zynga said it acquired NaturalMotion, which has created games like "Clumsy Ninja" for Apple mobile devices, for $527 million in cash and stock in a bid to grow its mobile game revenue. Full Story | Top |
| Google's outsized ad growth offsets steep price decline Thursday, Jan 30, 2014 03:06 PM PST  By Alexei Oreskovic SAN FRANCISCO (Reuters) - Google Inc's quarterly revenue beat Wall Street's target despite an ongoing decline in prices for its online ads and deepening losses at Motorola, the handset-making division to be sold to China's Lenovo. Shares of Google, which have risen more than 20 percent in the past three months, rose nearly 4 percent to $1,178 in after-hours trading on Thursday. Google executives said in a conference call on Thursday that the company benefited from strong demand from brand marketers and retailers in the fourth quarter, as well as healthy demand for online ads in international markets. "In the holiday season one thing has become very clear, the Web has truly become the new holiday store window," Google Chief Business Officer Nikesh Arora said. Full Story | Top |
| Amazon warns of possible first-quarter loss, stock falls Thursday, Jan 30, 2014 03:01 PM PST Amazon.com Inc missed Wall Street's profit estimates for the crucial holiday period and cautioned investors about a possible operating loss this quarter, pushing its shares down more than 4 percent on Thursday. The world's largest Internet retailer, which has spent heavily to forge new markets in cloud computing and digital media, expects operating results for the current quarter to range from a $200 million loss to a $200 million profit, compared with a $181 million profit a year ago. Amazon has been trying to sustain its red-hot pace of growth by investing heavily in its retail and distribution network across the globe, while expanding into the technology realm with Kindle digital devices, cloud computing services and online media. With revenue growth slowing as Amazon achieves unprecedented scale, analysts said investors may be getting impatient. Full Story | Top |
| Broadcom's fourth-quarter results ease smartphone chip worries Thursday, Jan 30, 2014 02:44 PM PST By Noel Randewich SAN FRANCISCO (Reuters) - Broadcom on Thursday posted fourth-quarter revenue and profits that were down from a year earlier, but the results slightly exceeded expectations of Wall Street analysts concerned about tepid smartphone sales. The chipmaker reported fourth-quarter revenue of $2.06 billion, down 0.8 percent from the year-ago period. While Broadcom's connectivity chips are widely used in high-end smartphones like Apple's iPhone, they are included less often in low-end handsets favored by many consumers in emerging markets, where growth in smarpthones has shifted. Concerns about slowing smartphone sales grew on Monday when Apple gave a weak revenue forecast and reported lower-than-expected holiday iPhone sales. Full Story | Top |
| 'ChewBacca' hackers targeted retailers in 11 countries: RSA Thursday, Jan 30, 2014 02:43 PM PST By Jim Finkle BOSTON (Reuters) - A cyber criminal ring targeting small retailers in 11 countries stole data on 49,000 payment cards using a malicious software known as "ChewBacca" before the operation was shut down, according to a cyber research firm. RSA FirstWatch disclosed the attacks on Thursday on its website. The report comes as the Secret Service investigates a major data breach at Target Corp that resulted in the theft of some 40 million payment card numbers, plus other data from some 70 million customers, along with a smaller breach at luxury department store Neiman Marcus. The findings from RSA show that the recent spate of attacks extend outside the United States. Full Story | Top |
| Alibaba rival JD.com files for U.S. listing Thursday, Jan 30, 2014 01:36 PM PST  JD.com, China's second-largest e-commerce company, filed for a U.S. listing of its shares, following market leader Alibaba Group Holding Ltd in tapping into rising investor enthusiasm surrounding China's booming online retail market. Appetite for Chinese technology stocks recovered in 2013 after a series of accounting scandals dried up U.S. listings in 2011 from a high of 40 in 2010. China's business-to-consumer e-commerce sales may surpass $180 billion this year due to rising internet penetration, expanding middle-class incomes and a steadily improving distribution network, according to New York-based market research firm eMarketer. This potential has attracted global retailing giants such as Wal-Mart and Amazon Inc to China, which is soon expected to overtake the United States as the world's biggest online retail market. Full Story | Top |
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