The Wall Street Journal reports, Facebook’s coming initial public offering has set off a frenzy of anticipation among Main Street and Wall Street investors, desperate to get their hands on the stock. Late Monday, the social network raised the price range for its IPO to $34 to $38 a share, from a previous, $28 to $35 a share, in a sign of investor appetite, for the offering. The company’s initial price range, put Facebook’s valuation at $77 billion to $96 billion, but that rises to $93 billion to $104 billion, under the new price range, as investor interest ramps up. Those numbers have created high hopes for both individual and professional investors…but investors beware! Facebook still has not proven, that its $3.7 billion in revenue and $1 billion in profits last year, deserve such a lofty valuation.
Bloomberg reports, JPMorgan’s Matt Zames, newly appointed to lead the bank’s chief investment office, after the unit suffered a $2 billion loss, shook up leadership and announced a “renewed focus” on hedging risks. Zames named new finance and risk chiefs, and wrote in a staff memo yesterday, that top London-based trading executive Achilles Macris would hand off duties. JPMorgan named Zames head of the office to succeed Ina Drew, whose retirement yesterday after the surprise loss marked the downfall, of one of the highest-ranking women on Wall Street.
Reuters reports, Prosecutors in the U.K. said they will charge the former head of News Corp.’s British newspaper unit, Rebekah Brooks, today, with conspiring to obstruct justice, marking the first charges filed in a wide-ranging criminal investigation, into wrongdoing at the U.S. media company’s British tabloids. Prosecutors also plan to charge her husband, Charles Brooks; her former assistant; her chauffeur; and two men who provided security for Ms. Brooks, for conspiring to permanently remove seven boxes of material from the archive of News International, and to conceal documents, computers and other electronic equipment, from police officers. A lawyer for Ms. Carter said in a statement that “she vigorously denies” the charges. The three others due to be charged couldn’t immediately be reached for comment.
And for the entertainment news, Fox news reports, despite the mood in Europe, don’t expect any austerity at the Cannes Film Festival, the annual Cote d’Azur extravaganza, where glamour is wrapped, in world cinema fervor and beautiful Mediterranean sunshine. Except for the Oscars, it is the flashiest red carpet in the world, a ruby staircase flanked by tuxedoed photographers — and a world away from financial turmoil. Yet Cannes, the 65th edition of which, starts tomorrow, celebrates its directors, as much as it does its stars. This year, there are plenty of both: esteemed international filmmakers like Abbas Kiarostami and Michael Haneke, to big-name talent like Brad Pitt and Nicole Kidman. Among the 22 films in competition, there’s a particularly large American contingent!
The Wall Street Journal reports, Facebook’s coming initial public offering has set off a frenzy of anticipation among Main Street and Wall Street investors, desperate to get their hands on the stock. Late Monday, the social network raised the price range for its IPO to $34 to $38 a share, from a previous, $28 to $35 a share, in a sign of investor appetite, for the offering. The company’s initial price range, put Facebook’s valuation at $77 billion to $96 billion, but that rises to $93 billion to $104 billion, under the new price range, as investor interest ramps up. Those numbers have created high hopes for both individual and professional investors…but investors beware! Facebook still has not proven, that its $3.7 billion in revenue and $1 billion in profits last year, deserve such a lofty valuation.
Bloomberg reports, JPMorgan’s Matt Zames, newly appointed to lead the bank’s chief investment office, after the unit suffered a $2 billion loss, shook up leadership and announced a “renewed focus” on hedging risks. Zames named new finance and risk chiefs, and wrote in a staff memo yesterday, that top London-based trading executive Achilles Macris would hand off duties. JPMorgan named Zames head of the office to succeed Ina Drew, whose retirement yesterday after the surprise loss marked the downfall, of one of the highest-ranking women on Wall Street.
Reuters reports, Prosecutors in the U.K. said they will charge the former head of News Corp.’s British newspaper unit, Rebekah Brooks, today, with conspiring to obstruct justice, marking the first charges filed in a wide-ranging criminal investigation, into wrongdoing at the U.S. media company’s British tabloids. Prosecutors also plan to charge her husband, Charles Brooks; her former assistant; her chauffeur; and two men who provided security for Ms. Brooks, for conspiring to permanently remove seven boxes of material from the archive of News International, and to conceal documents, computers and other electronic equipment, from police officers. A lawyer for Ms. Carter said in a statement that “she vigorously denies” the charges. The three others due to be charged couldn’t immediately be reached for comment.
And for the entertainment news, Fox news reports, despite the mood in Europe, don’t expect any austerity at the Cannes Film Festival, the annual Cote d’Azur extravaganza, where glamour is wrapped, in world cinema fervor and beautiful Mediterranean sunshine. Except for the Oscars, it is the flashiest red carpet in the world, a ruby staircase flanked by tuxedoed photographers — and a world away from financial turmoil. Yet Cannes, the 65th edition of which, starts tomorrow, celebrates its directors, as much as it does its stars. This year, there are plenty of both: esteemed international filmmakers like Abbas Kiarostami and Michael Haneke, to big-name talent like Brad Pitt and Nicole Kidman. Among the 22 films in competition, there’s a particularly large American contingent!