Winner – Facebook: The social media company’s initial public offering is expected to sell its shares between $28 and $35 a share later on this month, and the Los Angeles Times says that you can “likely ignore the $28.” In all, the company could be looking at a $100 billion valuation. In addition, CNN reports that CEO Mark Zuckerberg reportedly will sell 30.2 million shares, snagging him a cool $1.1 billion. Nice work if you can get it.
Winner – Barnes and Noble: Microsoft is investing $300 million in a joint venture with Barnes and Noble’s Nook e-reader. There is speculation that his investment could ultimately give Amazon’s Kindle and Apple’s iPad a run for its money, as the Nook could become more of a tablet than an e-reader. This has to be great news for the struggling bookstore chain.
Winner – The New York Times: According to the Audit Bureau of Circulations, The Old Gray Lady’s circulation increased a whopping 73.05% over the past year, going from around 900,000 to 1.568 million. And unlike other newspapers, who saw their circulation increase in the numbers due to free tablet and smartphone apps, that new circulation is all paid for, thanks to the paper’s new paywall.
Loser – Philip Falcone: The Harbinger Capital Management hedge fund man and all-around big spender – he spent almost $50 million for his Manhattan mansion – is in hot water this week, with creditors for LightSquared, the wireless telecommunications company he bankrolled, calling for his head. He finally agreed to step away from the company, albeit not right now.
Loser – All the Wall Street workers who could be potentially losing their jobs in upcoming layoffs. Fortune says that according to its research, there are a variety of reasons for these upcoming job losses, including new regulations, lowered bond ratings, and that the companies “didn’t cut enough jobs the last time around.” Not good news.
Loser – Occupy Wall Street: The sequel isn’t living up to the original – it’s more Breakin’ 2: Electric Boogaloo than The Godfather, Part II. If the average New Yorker noticed their May Day protests at all, it was to see how they snarled evening commutes for many people just trying to get home from their workday. That sort of behavior is not something that will endear them to the 99%. Ironically, their messing with commutes is similar to what happens when members of the 1%, like the president, are in town. Imagine that.
Lisa Swan is a Feature Writer for the Compliance Exchange and Wall Street Job Report. She is also a columnist for The Faster Times and a blogger for Subway Squawkers. Her work has also appeared in the New York Daily News, Yahoo Sports, Huffington Post and the books Graphical Player 2011 and Graphical Player 2010.