Wall Street Brief: Instagram Slams Shutterfly, Sony’s Big Loss
On Monday, Facebook (FB) announced that it is purchasing Instagram for $1 billion in cash and stock. The news came via Mark Zuckerberg’s Facebook page. Here’s the incredible news Instagram Series B Investors Doubled Money in 1 Business Day >>
Upon hearing the news, Shutterfly (NASDAQ:SFLY) fell 4.3 %, then an additional 3.5% in after hours trading on the potential for the Facebook-Instagram marriage to pose a big threat to Facebook’s fortunes as opposed to a single Instagram.
In March, China saw a surprising trade surplus of $5.35 billion vs. an anticipated $3.15 billion deficit. Imports rose 5.3% vs. +9% expectations while exports jumped a surprising +8.9%.
Sony’s (NYSE:SNE) annual loss came in more than double from initial projections. It will now reach YEN 520 billion ($6.4 billion), up from February’s YEN 220 billion loss forecast; this comes from a YEN 300 billion fourth quarter charge on taxes. This bad news isn’t anything new; the loss is the fourth consecutive annual one for Sony as it battles a strong yen and tough competition.
After trashing Amylin’s (NASDAQ:AMLN) board last week for passing over a Bristol-Myers Squibb (NYSE:BMY) takeover offer, investor Carl Icahn stuck to his threat and plans to sue the drugmaker for not extending its deadline for the nomination of board members. But one suit doesn’t appear to be enough, according to The Wall Street Journal. He said on Monday he’ll file another suit if Amylin fails to respond to his demand by Wednesday for copies of its books and records.