Facebook Fires Up for IPO: Tech Weekly
Sirius CEO Mel Karmazin spoke of returning cash but said the board of directors has not announced anything yet. "We believe a good use of our cash is to return capital to shareholders," he said on the conference call. "We've talked about acquisitions as something we would consider, but there's nothing we're seeing out there we feel anxious about acquiring."
Shares of Sirius closed the week down 1.8% at $2.16.
Yahoo!(YHOO) made the news this week, as the company's battle with activist investor Dan Loeb escalated.
Yahoo! sent a letter to shareholders on Wednesday urging them to support their board of directors amid an unfolding proxy fight between Yahoo! and its largest investor, hedge fund manager Loeb.
"We are confident that when you assess our new board's qualifications against Third Point's slate, you will come to the same conclusion that we did -- that this is the right board with the right mix of skills and experience to lead the company forward to create value for shareholders," Yahoo! wrote in its letter.
Just one day after that, Loeb and his hedge fund Third Point called for the resignation of CEO Scott Thompson, accusing the Yahoo! chief of lying on his resume. Thompson said he had a computer science degree from Stonehill College, but the college refuted that. Yahoo! called it an "inadvertent error," and is now looking further into the situation.
Shares of Yahoo! closed the week down 2.4% at $15.15.
LinkedIn(LNKD) reported strong first-quarter earnings on Thursday, led by strong growth in its largest segment.
The social networker reported earnings of 15 cents a share on $188.50 million in revenue for the March-ended period. Analysts polled by Thomson Reuters were expecting earnings of 9 cents a share on $178.58 million in revenue. Sales at Hiring Solutions, its biggest segment, soared 121% to $102.6 million.
LinkedIn also gave better-than-expected second-quarter revenue guidance, and raised its full-year outlook. The social networking company expects second-quarter revenue to be between $210 million and $215 million. Wall Street expects $207.93 million in revenue.
LinkedIn also said it's acquiring SlideShare for $118.75 million in cash and stock.
Shares of LinkedIn soared this week, gaining 11.5% to finish at $117.30.