Facebook files to list its shares on Nasdaq
Facebook Inc. plans to list its shares on the Nasdaq Stock Market, further cementing the exchange operator's position as the favored venue for the biggest U.S. technology companies, according to a person with knowledge of the matter.
Facebook filed for a $5 billion initial public offering Feb. 1. While the market capitalization of New York Stock Exchange shares is about triple the value of Nasdaq companies, the latter market operator has about twice as many technology corporations trading for more than $1 billion, according to data compiled by Bloomberg.
Rival exchange operators NYSE Euronext and Nasdaq OMX Group competed for what may be the biggest listing by a technology company. Winning the IPO means more fees, higher trading revenue and the chance to link an exchange's brand with the largest social-networking website in the world.
-- Bloomberg News
Magazines tout tablet app
Left limping by years of declining print sales, the magazine industry is hoping a new plan for tablet users will give it legs to leap into digital profits.
Five of the largest magazine publishers -- Time Inc., Conde Nast, Hearst Corp., News Corp. and Meredith Corp. -- jointly released a tablet computer application Wednesday that offers owners of Android-based tablets unlimited access to 32 of the nation's most popular titles for $14.99 a month.
Publishers compare the new plan to the all-access model that Netflix Inc. gives to movie subscribers. An app for iPads is expected within two months. -- Los Angeles Times
Theft ring hit Home Depot
TRENTON, N.J. (AP) -- State and federal authorities in New Jersey have broken up a multistate theft ring that for months stole merchandise almost daily from Home Depot stores by under-ringing items at self-checkout counters.
Prosecutors said Thursday the ring hit about 70 Home Depot Inc. stores, mostly in New Jersey, but also in New York, Pennsylvania, Delaware, Maryland and Virginia.
Prosecutors say the thieves struck multiple stores per day resulting in over $100,000 in losses. They distracted employees assigned to monitor self-checkouts as they rang up small items but not expensive merchandise.
Prosecutors allege the leader was 49-year-old Julio Suarez of the New Jersey town of West New York. He was being held in the Morris County Jail on charges including leading an organized retail theft enterprise. Four others have also been charged.
Ford to expand China plant
Ford's China unit will invest about $600 million to increase the capacity of one of its passenger-car factories by almost 60 percent as it looks to expand its operations in the world's largest auto market.
The automaker, along with joint venture partner Changan Automobile, will raise capacity at its factory in the southwestern Chinese city of Chongqing by 350,000 units to 950,000 vehicles annually by 2014, Ford said Thursday. Construction is to begin immediately.
Expansion in the world's largest vehicle market is part of Chief Executive Officer Alan Mulally's push to increase annual global sales by 50 percent to 8 million vehicles by 2015 and have one third of its deliveries in Asia by 2020. -- Bloomberg News
Area entrants miss cut
No Buffalo-area entrants apparently made the cut to the final 10 in Walmart's "Get on the Shelf" entrepreneurial contest.
The 10 finalists, from more than 4,000 entrants, were based on votes by the public via Facebook and texts. Voting wrapped up earlier this week; several Buffalo-area hopefuls entered by submitting YouTube videos promoting their products.
Walmart said a list of the hometowns of the 10 finalists was not available Thursday, but none appeared to be from the Buffalo area. The products are competing to be sold on walmart.com and on Walmart store shelves.