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Facebook sets $28 to $35 price range for IPO
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- Published on 05/03/2012 - 2:22 pm
- Written by BARBARA ORTUTAY,AP Technology Writer
(AP) — Facebook has set a price range of $28 to $35 for its initial public offering of stock.
At the high end, this could raise as much as $11.8 billion. If the underwriters sell the extra stock reserved for overallotments, the IPO will value Facebook at $79.3 billion at the high end of the price range.
That's much higher than any other Internet IPO in the past, even Google Inc. in 2004, which raised $1.9 billion. The range came in a regulatory filing Thursday.
After that, Facebook will go on an "IPO roadshow," where executives talk to potential investors about why they should invest in the stock. If all goes well, Facebook's stock is expected to price on May 17 and make its public debut on May 18.
Facebook's IPO has been highly anticipated, not just because of how much money it will raise but because Facebook itself is so popular. The world's largest online social network has more than 900 million users worldwide.
CEO Mark Zuckerberg, who turns 28 this month, has emerged as a wunderkind leader who's led Facebook through unprecedented growth from its scrappy start as a hangout for Harvard students.
Zuckerberg will keep tight control over the company even after the IPO. He will control about 58 percent of the company's voting power, through stocks he owns or because other shareholders have promised to vote his way through shares that they own. This means he will have final say over the biggest decisions facing the company even after it goes public.
Zuckerberg will own 31.5 percent of Facebook's outstanding stock after the IPO. At the high end of the expected price range, this will make his holdings worth $17.6 billion. This would put him at around No. 33 of the Forbes lists of the world's richest people, above the likes of Michael Dell and Steve Ballmer.
Facebook's expected valuation will easily surpass well-known corporations such as Kraft Foods Inc.
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Latest Local News
Written on 05/16/2012, 4:02 pm by
(AP) — The price of oil continues to decline on the expectation that world markets will be flush with extra supplies this year.
Written on 05/16/2012, 12:35 pm by
Orthopedic and shoulder surgeon Dr. Edward Lee will be the guest speaker at the First Friday with a Physician lunch and lecture at the Adventist Medical Center in Hanford, the hospital said in a release.
Dr. Lee specializes in arthroscopic and open management of shoulder injuries, arthritis, upper and lower extremity fractures and tissue injury care. He will present “Shoulder Pain: Treatment and Advances” when the series meets from noon to 1:30 p.m. on June 1. The lecture is open to the public and lunch will be provided.
“I get instant gratification when I help someone get back to what they enjoy and back to their daily life,” Dr. Lee said in the release. “There is no other job where what I do can have such a profound and life-changing positive effect on someone’s life.”
Before joining Adventist Health, Dr. Lee served as an assistant professor at the Department of Orthopaedic Surgery at Montefiore Medical Center/Albert Einstein College of Medicine in New York. He was then an attending surgeon at The Center for Orthopaedic Research and Education Institute in Phoenix.
To RSVP for the First Friday lunch and lecture, call (559) 589-2032 or email ahcvinfo@ah.org.
Written on 05/16/2012, 12:00 pm by
A $10,000 grant from Kaiser Permanente Fresno will allow nearly 300 children to have an opportunity to learn healthy lifestyle habits over the summer at a new camp that focuses on physical activity and nutrition.
The City of Selma Recreation and Community Services Department said in a news release that it would launch the Sports, Nutrition & Activity Camp on June 11. The camp will run daily over four two-week sessions and will be attended by children ages 5 to 12.
“This camp is critical to ensuring our youth in Selma have the resources they need to lead healthy and active lives,” Selma Mayor Kenneth Grey said in the statement. “Obesity in children is a growing problem throughout Fresno County and our city is no exception. We have to start teaching our youth in Selma how to eat better and stay active.”
More than 30 percent of children in Fresno County are overweight for their age, according to the most recent data available from the California Health Interview Survey.
The camp will have a nutrition component that will include a field trip to a grocery store to teach kids about the importance of eating fresh fruits and vegetables. They will also create healthy recipes they can take home with them and share with their families. Campers also will participate in daily physical activities including basketball, softball, parachute games and relay contests.
The camp is broken into four two-week sessions starting June 11 and runs Monday through Friday from 10 a.m. to noon at Shafer Park, corner of Floral and Thompson avenues in Selma. Pre-registration is required at a cost of $10 per session per child. Some camp scholarships are available. Those wishing to register can go to the Nick Medina Senior Center at 2301 Selma St. or contact the City of Selma Recreation and Community Services Department at (559) 891-2237.
Written on 05/16/2012, 10:39 am by
Several roads will be temporarily closed today for bicyclists in the Amgen Tour of California as the annual trek carries out its fourth stage from Sonora to Clovis.
The eight day race began May 13 in Santa Rosa, winding through San Francisco, San Jose and Livermore.
At 130.2 miles, stage four is the longest stretch of the journey, starting out on State Route 49 as it passes through Sonora, Mariposa, Oakhurst, Friant and eventually Clovis.
Road closures today through the Central Valley include:
• SR 140 will be closed for eastbound traffic through Mariposa from noon to 1 p.m.• SR 49 will be closed for northbound traffic from SR 41 in Oakhurst from noon to 2:15 p.m. The roadway will be closed for southbound traffic beginning 30 minutes prior to the arrive of the race.• SR 41 will be closed to traffic between SR 49 and Road 426 (Crane Valley Road) in Oakhurst beginning at at 1:15 p.m.• Road 426 (Crane Valley Road) will be closed to traffic between SR 41 and Road 223 (Teaford Saddle Road) near Bass Lake beginning at 1:15 p.m. Road 223 (Teaford Saddle Road) will also be closed to traffic from Road 426 (Crane Valley Road) to Road 221.• Road 221 will be closed to traffic between Road 223 (Teaford Saddle Road) and Road 200 (North Fork Road) beginning at 2:15 p.m.• Road 200 (North Fork Road) will be closed to traffic between Road 221 and Road 211 (O'Neals Road) beginning at 2:15 p.m.• Road 211 (O'Neals Road) will be closed to traffic between Road 200 (North Fork Road) and Road 206 beginning at 2:45 p.m.• Road 206 will be closed to traffic between Road 211 and Friant Road beginning at 2:45 p.m.• Friant Road will be closed to traffic between Road 206 and Willow Avenue in Clovis beginning at 3:15 p.m.• Willow Avenue will be closed to traffic between Friant Road and Copper Avenue beginning at 3:15 p.m.• Copper Avenue will be closed to traffic between Willow Avenue and Minnewawa Avenue beginning at 3:15 p.m.• Minnewawa Avenue will be closed to traffic between Copper Avenue and Shepard Avenue beginning at 3:15 p.m.
Traffic delays are also expected on all roadways around downtown Clovis.
Stage 5 of the Amgen Tour will take cyclists 18 miles through Bakersfield. The tour wraps up May 20 in Los Angeles.
Written on 05/16/2012, 10:36 am by
A delegation of California farmers, ranchers and Farm Bureau leaders will focus on federal immigration and farm policy this week as they meet with Congressional leaders and administration officials in Washington, D.C.
The California Farm Bureau delegation arrived in Washington Tuesday for two days of meetings. Farmers said they would provide firsthand examples pf difficulties they have had in hiring and maintaining skilled workers to harvest crops and manage livestock.
The delegation will urge representatives to take action as soon as possible to avoid labor shortages that affect the ability to harvest food for American tables.
“Peak harvest season is approaching and California farmers and ranchers will depend on 400,000 employees to cultivate and harvest fruit, vegetables, nuts, grains, livestock and other products,” said Paul Wenger, California Farm Bureau, in a release. “Another year without a workable solution to immigration policy further jeopardizes our ability to provide the nation’s food supply.”
Wenger and other Farm bureau members say farmers depend on an immigrant workforce and that immigration reform should include both a solution for the existing workforce and create a viable visa program for future workers.
As congress works on federal farm policy, the Farm Bureau group encourages passage of a new farm bill that includes programs to benefit the environment, communities and the agricultural economy.
“For the farm bill to be successful, it must include components we see as vital,” Wenger said. “It must help farmers tackle invasive pests and diseases, while opening doors for farmers to sell California-grown crops to new markets and creating more access to fruits, nuts and vegetables in nutrition programs.”
The bill must also promote conservation programs that help working agricultural land improve air, land and water quality, Wenger said.
Written on 05/15/2012, 1:43 pm by
California home sales in April jumped to their highest level in more than two years while the median price rose above $300,000 for the first time in 16 months.
Sales of single-family homes were up 10 percent in the month and 11 percent year-over-year, according to a report by the California Association of Realtors.
The statewide median price of a home climbed 5.7 percent in April to $308,050, up 4.7 percent from $294,140 recorded in April 2011. The last time the median price exceeded $300,000 was in December 2010.
"A brighter economic picture, coupled with record-high housing affordability, pushed the spring home buying season off to a strong start," said C.A.R. President LeFrancis Arnold, in a press release. "With a continuing improving economy and interest rates declining to new record lows in recent weeks, we should see a steady improvement in the housing market throughout the end of the year."
In Fresno County, homes sales inched up just 0.6 percent in April but fell 13.9 percent from April 2011. Prices were better than last year, however, with the median price at $140,100 in April compared to $134,690 the prior month and $130,200 in April 2011.
In Tulare County, sales dropped 8.9 percent in April but climbed 7.2 percent from the year before. The median price also climbed to $128,370 compared to $121,280 in March and $111,600 in April 2011.
Madera County home sales were down 2.5 percent in April and 55.7 percent from the year before. The median home price was $137,500 in April, up from $125,000 in March and $135,380 in April 2011.
In Kings County, sales were unchanged in the month but 5.2 percent higher than last year. Prices climbed to $151,870 compared to $141,340 in March and $136,150 the year before.
California's unsold inventory index, or number of months needed to deplete the supply of homes at the current sales rate, was unchanged in April at 4.2 months. The figure was down from 5.6 months in April 2011.
The median number of days it took to sell a single-family home fell to 49.3 days compared to 53.1 days in March and 53.2 days a year ago.
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Written on 05/15/2012, 1:20 pm by
With flights beginning June 30 from Fresno to Hawaii, Allegiant Air announced it would double its service between the cities starting November 14.
The service will kick off June 30 with flights departing Sundays from Fresno Yosemite International Airport at 9:10 a.m. and arriving at Honolulu International Airport at 11:55 a.m. Returning flights will land in Fresno Saturdays at 9:25 p.m.
The second weekly flights beginning November 14 will depart Fresno Mondays at 9:15 a.m. and arrive in Hawaii at 1 p.m. Returning flights will land in Fresno Fridays at 9:30 p.m.
Reservations can be made on the company's website at allegiant.com.
"We are so pleased with the initial success of our Honolulu service out of Fresno," said Andrew C. Levy, president of Allegiant Travel Company, in a press release. "Our vacation packages and nonstop service to Honolulu have been very popular with area residents. We are confident the community will appreciate the additional weekly, nonstop flight to Hawaii, as well as the value of bundling their air, hotel and car rental reservation together."
Allegiant Air also announced in November it would begin offering nonstop, once-weekly flights to Honolulu from Stockton, Santa Maria, Eugene, Ore. and Bellingham, Wash. and twice-weekly flights to Maui from Bellingham, Wash.
The carrier currently offers flights from Fresno to Las Vegas for as low as $35.80 with four weekly departures on Sunday, Monday, Thursday and Friday.
Allegiant Air, founded in 1997 in Fresno, flies to nearly 80 destinations around the country.The company is the subsidiary of Allegiant Travel Company based in Las Vegas.
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Written on 05/15/2012, 12:59 pm by
A 10-mile stretch of California Highway 168 in Fresno will be closed to westbound vehicles for part of Saturday morning for the Eye-Q California Classic Weekend bicycle race.
The westbound lanes between McKinley and Shepherd avenues will be closed from 7-10 a.m. on Saturday. The eastbound lanes however will not be closed.
The traffic on Shepherd Avenue will be diverted to continue westbound on Shepherd Avenue.
The Classic California Weekend is a two-day event which has three races of 35, 60 or 100. This section of Highway 168 is the first leg of each of the races.
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Written on 05/15/2012, 12:26 pm by
Five businesses and organizations and four individuals were inducted into the International Green Industry Hall of Fame during a ceremony at Fresno State last week.
The awards, which were created in 2010 by Fresno businessman Sam Geil, recognizes those whose workplace practices have displayed great achievements in the areas of environment and sustainability.
Since the submission deadline in October, the nonprofit group has poured over nominations from around the world to determine the most innovative in recycling, reducing air pollution, creating renewable energy and other green solutions.
The following winners were congratulated on May 10 during a ceremony in Fresno State's Satellite Student Union.
• Sunrun, a San Francisco-based company that offers solar leasing and power purchase agreements.• University of California, Merced, which has six buildings that are LEED certified as well as students and faculty that are leaders in solar energy research.• Green Apple Horse Network based in Marin County that helps the horse industry go green and manages a directory of green products and services.• Electronic Recyclers International, a Fresno-based recycler of electronic waste with seven facilities nationwide.• GRID Alternatives, an Oakland-based nonprofit that installs solar panels on low-income households throughout California.• Ed Begley Jr., an actor and environmental leader who is chair of the Environmental Media Association and San Monica Mountains Conservancy.• Christina Schwerdtfeger, who founded Coto Consulting in 2009 to provide environmental consulting services to private and public sector clients throughout the U.S.• John Shegerian, chairman and CEO of Electronic Recyclers International who not only founded ERI, but also started recycling website 1800recycling.com and co-hosts "Green Is Good," a weekly program on Clear Channel Radio discussing recycling, environmental issues and sustainability practices.• Alan Tratner, international director of FD3's Green2Gold in Santa Barbara that promotes new green businesses and president of the Inventors Workshop International and Entrepreneurs Workshop.
Also honored were Climate Ride, a nonprofit in Missoula, Mont. that organizes charitable bike rides to support sustainable solutions, bike advocacy and environmental causes, and Aquacue, a San Jose firm who helps customers reduce waste and engage the community to reduce water bills and advance sustainability.
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