June 12, 2013 |
SAN FRANCISCO - Facebook Inc. Chief Executive Mark Zuckerberg, grilled by shareholders unhappy about the slumping stock price, took pains to defend the company he founded. With the stock trading nearly 37% below its offer price of $38, Zuckerberg fielded a litany of angry comments from investors at the company's annual meeting Tuesday, when the shares fell 30 cents, or 1.2%, to $24.03. The tenor of the shareholder meeting - Facebook's first since its rocky initial public offering in May 2012 - showed just how far he has to go in convincing Wall Street that the prospects for Facebook's future are bright.
June 11, 2013 |
News Corp. shareholders overwhelmingly approved measures to carve Rupert Murdoch's sprawling media empire into two separate publicly traded media companies. The corporate split is on track to occur June 28, Murdoch announced Tuesday morning during a 23-minute special meeting of shareholders in New York. The television networks, television production and movie studio operations will form the newly named 21st Century Fox Inc. The publishing assets, including the Wall Street Journal, Times of London, New York Post, the Australian and the HarperCollins book publishing house, will take the name News Corp.
June 10, 2013 |
SAN FRANCISCO -- Facebook is the latest Silicon Valley company to bar the media from attending its annual meeting. Google and Zynga also decided to keep out the media this year. Instead, Facebook suggests the media watch a live webcast of its first shareholder meeting on Tuesday morning. Google also webcast its meeting. Zynga did not webcast its shareholder meeting, which was held one day after the company laid off 520 employees. Notably Apple allowed reporters to attend its annual meeting in February.
June 7, 2013 |
There may be lots of questions yet to be answered about Southern California Edison's permanent shutdown of its San Onofre nuclear plant, but here are a couple about which there's no doubt. Who's responsible? Edison, 100%. Accept no argument that it did the best it could in overseeing a $700-million generator replacement project, but accidents happen. This wasn't an accident: It was the product of what Edison claims was its rigorous oversight of contractors. How much should Edison's customers pay for the misengineering and mismanagement that led to mothballing a hugely important generating station?
June 6, 2013 |
Shares of Media General Inc. jumped as much as 29% Thursday morning after the company announced it will merge with privately held Young Broadcasting in an all-stock deal. The combined company will own or operate 30 TV stations in 27 markets, extending its reach to 14% of U.S. households, and will retain the name Media General and its Richmond, Va., headquarters. Following the close of the transaction, shareholders of Nashville-based Young will...
May 22, 2013 |
NEW YORK - Jamie Dimon survived a bruising fight to strip him of his chairmanship, but directors at JPMorgan Chase & Co. may still have to calm restive shareholders. Dimon, JPMorgan's savvy chairman and chief executive, easily beat a proposal to split the roles following a stunning trading loss a year ago. The nation's biggest bank reported Tuesday that 32% of shareholders endorsed the measure, according to a preliminary tally. That's a sharp drop from the 40% who supported stripping Dimon of his chairmanship last year.
May 7, 2013 |
Just months after leading a shareholder revolt against Apple, hedge fund manager David Einhorn revealed on Tuesday that he's been buying more stock in the company. In a conference call with investors of Greenlight Capital, Einhorn confirmed that the firm had increased its stake in Apple, though he did not reveal by how much, according to Reuters. Einhorn called Apple's plan to issue $17 billion in bonds to increase its dividend and stock buyback plans to $100 million a "major step forward.
May 7, 2013 |
When the Supreme Court - in our view wrongly - ruled that corporations had a constitutional right to spend their money to influence elections, it also said that disclosure of such expenditures "permits citizens and shareholders to react to the speech of corporate entities in a proper way. " In that spirit, the Securities and Exchange Commission should heed a petition drive to require publicly traded companies to disclose their political spending to...
May 4, 2013 |
Occidental Petroleum shareholders ousted Chairman and former Chief Executive Ray Irani in a dramatic annual meeting that signaled the end of an era for the storied oil and gas producer. It concluded a nearly three-decade run as a director of the Los Angeles company for the 78-year-old Irani. He first took the reins as CEO in 1990 from oil industry legend Armand Hammer. Back then, Occidental was considered something of a joke in the industry, with far-flung holdings in such odd areas as film production and horse and cattle breeding.