Radar Movers: Facebook Closes Above IPO Price, Apple and GM Climb Higher
Shares of Vringo (AMEX:VRNG) closed 10.3 percent higher on Friday, and continued to climb higher in late afternoon hours. According to Bloomberg, a court filing says the company is entitled to supplemental damages related to its patent suit against Google (NASDAQ:GOOG) and others. However, Vringo has not commented on the matter.
Facebook (NASDAQ:FB) shares finally managed to close above its initial public offering price of $38 on Friday. In addition a recent earnings beat, the social-media giant is making changes to its Facebook Home – a service launched in April that turns a user’s smartphone screen into a Facebook News Feed. Since interest in the new product has been low, Facebook has been pulling pieces of the Home app apart, and putting them into the regular Facebook app for phones running on Google’s Android operating system, according to a TechHive report.
Shares of General Motors (NYSE:GM) closed 1.3 percent higher on Friday. The company has brought on former Volvo executive Stefan Jacoby to be the executive vice president of consolidated operations. Jacoby will be responsible for regions including Africa, Europe, and the Middle East, as the company figures out what works for its international management strategy. Tim Lee has been made chairman of GM China, to better focus on the automaker’s 12 joint ventures there.
Apple (NASDAQ:AAPL) shares gained 1.3 percent on Friday, despite the latest proposal from the U.S. Department of Justice surrounding the company’s e-book price-fixing case. In the proposal, the Department of Justice makes several requests it believes will “halt Apple’s anticompetitive conduct, restore lost competition and prevent a recurrence of the illegal activities.” Perhaps the most obvious request is that Apple “terminate its existing agreements with the five major publishers with which it conspired.” The agency also asks that Apple not be allowed to enter into any new e-book distribution agreements for at least five years.
Follow Eric on Twitter @Mr_Eric_WSCS