4 Tech Stock Stories Rocking Headlines Wednesday

Google Inc. (NASDAQ:GOOG): Closing price $887.75

On Thursday at 3 p.m. Eastern Time, Motorola will formally introduce the Moto X, its most recent flagship smartphone, and the first product developed under Google’s tutelage. Google acquired Motorola at a price of $12.5 billion in 2011, and has been running it as a separate hardware division since the purchase was finalized in 2012. That was also when Google installed Dennis Woodside as the new CEO of Motorola, supplanting Sanjay Jha. Woodside helped manage the Motorola transaction for Google in 2011 and 2012, and has been involved with Google since 2003.

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Apple Inc. (NASDAQ:AAPL): Closing price $452.53

Apple has set a price of $75 on refurbished versions of its Apple TV set-top box, which usually goes for $99. According to MacRumors, which reported the pricing change prior to this, the company reduced the refurbished model’s price by $10. Apple’s price cut comes after Google introduced its $35 Chromecast television streaming device, which is seeing strong demand. Launch partner Amazon.com has already said that sales were higher than anticipated — so high that a special offer of three months’ free access to Netflix’s streaming service was pulled back after fewer than 24 hours of sales.

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Yahoo! Inc. (NASDAQ:YHOO): Closing price $28.09

An investor has brought a lawsuit against Yahoo! in New York state court, regarding its July repurchase of 40 million shares of its stock from director and activist Daniel Loeb at $1.16 billion. Shareholder Lawrence Zucker filed the derivative suit on Tuesday in Manhattan against Loeb, Third Point LLC, Yahoo!, and its directors, claiming breach of fiduciary duty, waste of corporate assets, and unjust enrichment. Zucker claimed Yahoo paid over $50 million more than it should have for the shares, calculated on the market price of its stock the day before the sale was finalized, letting Third Point make in excess of $600 million in profit.

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Baidu, Inc. (NASDAQ:BIDU): Current price $132.31

The Chinese language Internet search provider announced Wednesday the pricing of its public offering of $1 billion aggregate principal amount of 3.250 percent notes due 2018. The notes have been registered under the United States Securities Act of 1933, as amended, and will be listed on the Singapore Exchange Securities Trading Limited. Baidu expects to receive net proceeds from the offering of roughly $994.4 million, after subtracting underwriting discounts and commissions, and estimated net offering expenses. The firm intends to use the net proceeds for general corporate purposes, including merger and acquisition activities.

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