Tech Biz Recap: Google and Facebook Fight, RIMM CLUELESS
Research In Motion (NASDAQ:RIMM) has within itself “A bunch of people that still don’t understand how dire the situation is”, says a source to The Wall Street Journal, who added that the company “still isn’t actively shopping itself outright”, even though activist shareholders are pressuring it to do so. However, the same source says that “nobody is serious about buying RIM right now.”
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Google (NASDAQ:GOOG) and Facebook (NASDAQ:FB) are competing for an investment in the popular music video site, Vevo, says the New York Post, and that a lucrative advertising deal is at stake. Their quarry is a joint venture that features Universal, Sony (NYSE:SNE), and Abu Dhabi Media, and is said to be valued at $1 billion, on revenue of $150 million. At present Vevo depends upon YouTube for PC distribution, but it also possesses mobile apps independent of YouTube, and has gotten a boost from integration with Facebook Open Graph.
Yelp (NYSE:YELP) shares are moving down in tandem with the overall selloff in high-beta Internet and social networking stocks. The firm’s shares have now fallen 25 percent since Facebook’s IPO, and are nearing its own IPO price of $15. Further, Google’s recent reconfiguration of its local commerce content, which includes free Zagat reviews, might also be contributing.
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