Tech Biz Roundup: Facebook SCANDAL Deepens, Sony Threatens Retailers
Top TV makers Sony (NYSE:SNE) and Samsung (SSNLF.PK) are pressuring retailers to pull back on discounts of their products, which would protect the manufacturers’ margins and also allow retail chains such as Best Buy (NYSE:BBY) and Target (NYSE:TGT) to remain competitive versus the online discounters.
Wednesday’s Facebook (NASDAQ:FB) news concerns what its IPO underwriters told their clients ahead of Friday’s first trading. The current version is that FB’s growth in revenue had been (publicly) falling for more than a year, even as a new class-action suit alleges that both Mark Zuckerberg, and the underwriters concealed the “severe and pronounced reduction” in growth forecasts. Jeff Matthews notes that it was public knowledge that growth was sliding, and that peer Zynga’s (NASDAQ:ZNGA) growth is decelerating at an even faster rate. The analyst concludes that “People wanted to buy Facebook, no matter what.”. In a late development, Facebook is said to be mulling a proposal from the New York Stock Exchange for the company to list its stock there, reports an inside-FB source to Reuters.
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