Google to split stock to preserve its control
NEW YORK (AP) -- Google Inc. plans to split its stock 2-for-1 to preserve its leadership's control over the company and maintain its long-term focus.
The online search leader said Thursday that it is issuing a new class of stock to shareholders, but the new shares won't have any voting power. All current stockholders will get shares in the new Class C stock.
Google says the split is something investors have been asking for. In addition, employees given Google stock in the future will get the non-voting share, allowing voting power to remain with existing shareholders. The same will hold true for stocks-based acquisitions that Google makes.
Investors will vote on the proposal in June. It's expected to pass because Google's senior leaders have most of the voting power.
Google also said it earned $2.89 billion, or $8.75 per share, in the first quarter. That's up from $1.8 billion, or $5.51 per share, a year earlier. Excluding items, Google says it earned $10.08 per share. That's higher than the $9.66 expected by analysts polled by FactSet.
Total revenue was $10.65 billion, up 24 percent.
The stock had closed up $15.05, or 2.4 percent, to $651.01.
New Nook to light up
NEW YORK (AP) -- Barnes & Noble Inc. on Thursday said it's tackling one of the shortcomings of black-and-white e-readers with a screen that lights up so it can be read in the dark.
E-readers with black-and-white screens, made by Barnes & Noble, Amazon, Sony and others, are easily readable in bright light but don't come with their own light sources and can't be read in darkness. The ones with color screens, such as the Kindle Fire and Nook Tablet, do have their own light sources but are barely legible in sunlight.
The new "Nook Simple Touch with GlowLight" has a standard black-and-white screen, but an array of light-emitting diodes inside the frame spreads a glow over the page.
The model will be in stores early next month and cost $139, The New York-based chain said.
Foreclosures on the rise
LOS ANGELES (AP) -- More U.S. homes are entering the foreclosure process, setting the stage for a surge in properties repossessed by lenders this year.
The number of homes that received first-time foreclosure notices rose 7 percent in March from the previous month, foreclosure listing firm RealtyTrac Inc. said Thursday.
That marks the third consecutive monthly increase this year and reflects stepped-up efforts by banks to take action against homeowners who fail to keep up with mortgage payments.
GM recalls crossover SUVs
DETROIT (AP) -- General Motors is recalling about 50,000 large crossover SUVs to fix a problem with the windshield wipers.
The recall affects 2011 and 2012 Chevrolet Traverse, Buick Enclave and GMC Acadia vehicles registered in 28 cold-weather states, including New York.
Federal safety regulators say ice and snow can build up and restrict movement of the wipers. That can make the wiper arm come loose and cause it to stop working, increasing the risk of a crash.
GM says dealers will fasten the wipers tighter than factory specifications to stop the problem from happening. The company says the loss of wipers hasn't caused any crashes or injuries.
GM will send letters to owners and start the recall later this month.
Goldman pays heavy price
WASHINGTON (AP) -- Goldman Sachs has agreed to pay $22 million to settle regulatory charges that its analysts shared confidential research with favored clients.
The regulators alleged that Goldman analysts had weekly "huddles" from 2006 to 2011 where they discussed confidential research on stocks with the firm's traders. The analysts then passed on the ideas to a select group of top clients, the regulators said. They said that created the risk of research being passed to special clients before it was published.