Facebook Fires Up for IPO: Tech Weekly
The partnership sees Microsoft and Barnes & Noble teaming up to form a joint venture for the NOOK tablet, bringing together Barnes & Noble's digital and college businesses.
Microsoft will own a 17.6% stake, with Barnes & Noble owning the remaining 82.4% in the as-yet-to-be-named company.
Shares of Microsoft closed the week down 3.5% at $30.98. Barnes & Noble gained $37.8% during the week to close at $17.90.
Starbucks(SBUX) CEO Howard Schultz and venture capital firm Accel Partners' Kevin Efrusy resigned from the board. Schultz is stepping down immediately, while Efrusy's resignation from the board of directors will be effective as of the company's annual meeting in June.
Groupon said Daniel Henry, the chief financial officer of American Express (AXP) , replaced Schultz, and Robert Bass, a vice chairman of accounting firm Deloitte LLP , should join its board after a shareholder vote at the annual meeting.
The Chicago firm has been wrestling with accounting issues since its IPO last year. Groupon recently restated fourth-quarter earnings, citing a shift in the company's deal mix and higher price offers, which have higher refund rates.
Shares of Groupon ended the week 16.4% lower at $9.97.
Rumors emerged of a longer, thinner iPhone, slightly different from previous versions of the iconic smartphone. Research firm IDC also showed Apple stole tablet market share from Amazon during the fourth quarter, as more consumers bought the iPad, seemingly at the expense of the Kindle Fire.
Shares of Apple closed the week 7.0% lower at $565.25.
Despite not being public yet, Facebook made news on Thursday when it set its IPO price range.
Facebook could raise as much as $13.6 billion from the IPO, and expects to receive approximately $5.6 billion from the offering. Approximately 180 million of the 2.14 billion shares Facebook has will be sold in the IPO.
The social networking giant expects its IPO to price between $28 and $35 per share. Shares priced at $35 would give Facebook a total valuation of $74.83 billion, less than the $100 billion mark rumored in recent weeks.