Rumor has it that Google may be buying Twitter. Michael Arrington of TechCrunch reports that he has two unnamed sources who say that they are in the late stages of negotiations. Twitter already turned down an offer from Facebook, although that deal involved overvalued stock. Google plans on paying cash and/or public stock. We guess that this is a win-win for both. Twitter founders Evan Williams and Biz Stone have already sold Blogger to Google and considering that tweeting is more popular all the time, this will involve big profits down the line.
Read More | TechCrunch
How do you keep your company going in this evil recession? If you are Palm, you sell about 18 million shares of its stock. The proceeds will pay off $49 million in debts to Elevations Partners and the rest will go back to Palm, so that they can stay alive until the Pre is available in Q2. If you are considering the purchase of one, this might be a way to help the California company and get your own share of the phone.
Read More | MobileBurn
EarthLink has just announced that they are shutting down some of their satellite offices resulting in a 900 person job loss. The company hopes to generate $25 million over the next six months. They will close their Orlando, FL, Knoxville, TN, Harrisburg, PA and San Francisco, CA offices and “substantially reduce their presence” in Pasadena, CA, and Atlanta, GA. The Internet connection service also appointed a new chief operating officer and authorized a purchase of additional shares of common stock so that it now has $270 million worth of shares available. We somehow suspect that there are at least 900 individuals who won’t be a part of that buy-back plan and feel that EarthLink does not revolve around them.
Read More | Earthlink
If you are a Netflix devotee, you may have noticed that the site was down for over 12 hours this week, but what you may not be aware of is the fact that their stock price hit the lowest it has in over two years. Lowering monthly fees by $1.00 and thereby losing profits is one of the company’s attempts to compete with the mega-giant Blockbuster. Yesterday their stock dropped to $15.62 then rebounded to $16.10 (a loss of 6.8%) as an indication of stockholders’ distress. Statistics also indicate that last month they had a decrease of 55,000 subscribers since April. They may lose even more profit as they invest in new tech to allow online movies that can be viewed on TV via high-speed Internet connections.
The company has had its share of problems since Blockbuster offered the option to swap DVDs at their stores instead of waiting for the mail. We love Netflix for its originality and are not thrilled with the fact that they may be knocked down because of that glorious concept known as competition. We have watched our neighbor video stores crumble because of Blockbuster’s large scale takeover efforts and hope that the beleaguered rival can take a bite back and retain its standing.
Read More | MSNBC
Internet-based phone company Vonage Holdings Corporation has announced that it now has more than 2 million subscribers, according to Reuters. Up 119% from last year, they ended their second quarter with more than 1.85 million subscribers. Because of growing competition from other phone and cable companies, Vonage stock shares are now worth around half their value.
Vonage’s premium package is priced at $24.99 a month, not including broadband charges. We believe in free enterprise and hope that Vonage is on the road to recovery.
Read More | Reuters
According to Macworld, Apple shareholders have filed a suit against the Cupertino-based company in light of the ongoing investigation concerning Apple’s stock scandal. According to the suit, Steve Jobs and other executives changed their option-grant dates in order to “reap millions of dollars in unlawful profits.” Recently, Nasdaq has put Apple on notice for not complying with the exchange’s rules and is demanding that the company submit its latest financial report. If the company were to be taken off the stock exchange, stockholders would likely lose out. Until this latest development, Steve Jobs had not been implicated in the matter. We’ll just have to watch how this one plays out.
Read More | Macworld UK