Wall Street Watch: LinkedIn Earnings, Facebook’s IPO
Stocks: LinkedIn Growing Gangbusters, Yahoo CEO Under Fire
LinkedIn Corporation (NYSE:LNKD) net income for rose to $5 million (4 cents per share) vs. $2.1 million (0 cents per share) in the same quarter a year earlier. This is a more than twofold rise from the year-earlier quarter. Investors are cheering. Now, check out Your Cheat Sheet to LinkedIn Earnings >>
Facebook (FB) may sell up to $13.6 billion in stock, including an over-allotment option; its IPO will be priced between $28-$35 per share as announced on Thursday. The company could see a market cap of $77 billion to $96 billion, or as high as 96 times last year’s $1 billion net profit. According to The New York Times, Facebook could allocate 20 percent to 25 percent of its shares to retail investors as it views itself as the “the people’s company.”
Yahoo’s (NASDAQ:YHOO) board will review the alleged false claim that its CEO Scott Thompson has a computer science degree, as listed in company documents. He supposedly only an accounting degree, reported Reuters. The discrepancy came into the open from an activist investor, Dan Loeb.
Wal-Mart’s (NYSE:WMT) board is being sued by a California pension fund for mishandling allegations that officials knew about the Mexico bribery scandal and subsequently covered it up. The lawsuit has claimed “gross misconduct by the company’s executive officers and director.” This the second lawsuit by a shareholder since April.
Economy: Unemployment drops, Eurozone Elections
April unemployment numbers fell to 8.1% percent. Unfortunately, hiring in April also fell.
This weekend France and Greece will hold elections that could affect the eurozone’s austerity measures. French candidate Francois Hollande, who wants to cut down the measures, is favored to win. Meanwhile in Greece, the two status quo parties may have a difficult time grabbing votes to keep the bailout/austerity movement going.