Facebook stock has reached a new low following news that analysts at Bank of America/Merrill Lynch and Bank of Montreal have lowered their price target for the stock. [More]
You’re all educated, gorgeous people so you are fully aware that shares in Facebook won’t be publicly available for several more weeks. But that didn’t stop a woman in Wisconsin from using fake stock in the website to pay for home repairs — she even gave some to her daughter for Christmas. [More]
The parents of a seven-year-old took him to Walmart this weekend to spend his saved birthday and allowance money on a pretty awesome looking swimming pool & slide combo. They’d checked online first to make sure the item was in stock—and Walmart said it was, at three different locations in fact.
In the face of News Corp. announcing profits fell 70 percent for the quarter that ended March 31, chairman Rupert Murdoch is cautiously optimistically about his papers, even though his rags, which include the Wall Street Journal, New York Post and Aussie and British periodicals, have dipped 28 percent in revenue.
On April 1, 2009, one of our vendors provided Zecco Trading with an incorrect data feed which caused some customers to see erroneously high buying power. This error was quickly corrected, but about 1% of our customers were impacted.
Online brokerage site Zecco accidentally increased 1% of their customers’ Buying Power balances by millions on April 1st, leading some customers to wonder whether it was a system glitch or some horrible April Fool’s joke. It turned out to be the former.
Blockbuster’s stock just dropped 79% this afternoon after Bloomberg published a story that said the company hired the firm Kirkland & Ellis “to evaluate restructuring options, including a possible pre-packaged bankruptcy.” Blockbuster says they’ve only hired the firm for “refinancing and capital raising initiatives,” and that they do not intend to file for bankruptcy.
Surprise! Wells Fargo is buying Wachovia, even though Citibank said at the beginning of the week that it was going to. (Check out the full post here.) Unlike Citibank, Wells Fargo will absorb all parts of Wachovia, including its securities and retail brokerage biz, in a “$15.1 billion all-stock merger.” [DealBook] (Thanks to Stephen!)
The 33 biggest corporate implosions of all time. We like that they included The South Sea Company, whose stock price collapsed after reaching an artificially inflated peak in the 1720. It was called the “South Sea Bubble” and its collapse sent many investors, who had purchased the stock on credit, into bankruptcy. [HR World]
Stocks jumped after the Fed hinted at further interest rate cuts. [AP]