SEC Gives Companies OK to Use Social Media
WASHINGTON — The Securities and Exchange Commission will allow public companies to make significant announcements on Facebook, Twitter and other social media sites provided they alert investors which sites they intend to use. The decision announced Tuesday allows companies to use social media in place of more formal websites. The question arose after Netflix Inc. CEO Reed Hastings said on his Facebook page in July that subscribers together watched more than 1 billion hours of video for the first time during June, the agency said. (MORE: How the Great Recession Changed Our Spending Habits) An SEC rule requires that all investors receive significant company information at the same time. By allowing businesses to use more informal channels to share news with investors, the SEC is acknowledging the shift in technology that has made social media indispensable for the largest and most powerful corporations. One key requirement is that companies alert investors in press releases or regulatory ...
Joy Global CEO to Retire
Joy Global said CEO Mike Sutherlin plans to retire, with the head of its underground-mining equipment division stepping into the role near year-end.
Martha Stewart to Testify in Trial Over Her Brand
NEW YORK — Eight years after Martha Stewart was released from prison for lying about a stock trade, the home diva is now facing another legal mess that may not be easy to clean up. Stewart, 71, is scheduled to take the stand in New York State Supreme Court Tuesday. She is at the center of a bitter legal battle between two of the nation’s largest retailers — Macy’s Inc. and J.C. Penney Co. Macy’s sued the media and merchandising company Stewart founded for breaching an exclusive contract when she signed a deal with Penney in December 2011 to open shops at most of its stores this spring. Macy’s, which has sold Martha Stewart products including towels and pots since 2007, is trying to block Penney from selling those products. The trial is clearly more than a vanilla contract dispute. It’s a courtroom drama that’s unfolding about disloyalty and greed. Testimony has portrayed Stewart as someone who turned her back on her good friend and Macy’s CEO Terry Lundgren so she could ...
Audi CEO says February car sales "clearly lower" than in January
GENEVA - Volkswagen's Audi luxury division suffered a clear drop in February vehicle sales, a figure partially distorted by a statistical effect, Chief Executive Rupert Stadler said on Monday.
Found more than 1 month ago on channel Reuters
Google’s Stock Price Breaks $800 for 1st Time
(SAN FRANCISCO) — Google‘s stock price topped $800 for the first time Monday amid renewed confidence in the company’s ability to reap steadily higher profits from its dominance of Internet search and prominence in the increasingly important mobile device market. The milestone comes more than five years after Google’s shares initially barreled through $700. Not long after breaking that barrier in October 2007, the economy collapsed into the worst recession since World War II and Google’s stock tumbled into a prolonged malaise that eventually led to a change in leadership. Besides enriching Google’s employees and other shareholders, the company’s resurgent stock is an implicit endorsement of co-founder Larry Page. He replaced his managerial mentor, Eric Schmidt, as CEO in April 2011. Google’s stock has risen by about 35 percent since Page took over. The significance of crossing the $800 threshold is largely symbolic. If Google had its way, the stock wouldn’t even be priced ...