Facebook Spikes on PT Hike, Google’s DOJ Decision Delayed: Tech Business Roundup
On Wednesday, The Justice Department said that it has reached a resolution with Penguin Group, one of the biggest book publishers in the United States, and will now continue to litigate against Apple (NASDAQ:AAPL) and Holtzbrinck Publishers, which operates as Macmillan, for conspiring to raise e-book prices. In September, the Department’s Antitrust Division settled its claims against three book publishers included Simon & Schuster (NYSE:CBS) for eliminating retail price competition and causing consumers to pay millions of dollars more for e-books. A trial against Macmillan and Apple is set to begin in June.
Facebook (NASDAQ:FB) shares spiked on Wednesday following its price target being raised at Cantor Fitzgerald from $28 to $33. The analyst pointed to the rollover of its DCF-derived PT to fiscal year 2013 from fiscal year 2012. Also, the analyst commented that, “In all, we view Facebook as a prime beneficiary of growth in mobile advertising/e-commerce and view its shares as an attractive play on this trend.”
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The final decision by The United States Federal Trade Commission’s regarding how to resolve its 20-month antitrust inquiry of Google (NASDAQ:GOOG) will be delayed until 2013, according to knowledgeable sources, who also said that the decision had been anticipated this week. For its part, Google had been readying a letter containing voluntary concessions to end the investigation of its activities in the Internet search market and averting a formal settlement or lawsuit.
Legislation supported by Netflix (NASDAQ:NFLX) that would permit persons to share their video-rental history on the Web passed the United States House or Representatives on Tuesday. It should be remembered that the bill got this far in 2011 and never made it to the President’s desk, making the passage thus far a bit premature to rate celebrations at the company. However, Netflix can be credited for its lobbying effort to poke at the 1988 “Bork Law” that disallows the disclosure of movie rental information.