Historic IPO

Print Friendly
 Robert Hof, Contributor
|
5/17/2012 @ 5:16PM |1,310 views

It’s Official! Facebook Raises $16 Billion in Historic IPO

facebook_founder

Image via CrunchBase

It may be no surprise, but Facebook just announced it will indeed go public at $38 a share, raising $16 billion in an initial public offering that values the No. 1 social network at $104 billion. That’s the highest ever for a U.S. company, at least at the time of its offering, and easily the highest for a technology company.

The big question now: How higher (or, hard to believe, lower) will the shares go on the first day of trading Friday? The $38 a share is at the very top of the range, already raised, that Facebook set, and Facebook this week  raised the number of shares it’s offering as well.

But that doesn’t mean enthusiastic investors can’t bid it even higher starting at 11 a.m. Eastern. And given all the frenzy over this IPO, it’s hard to imagine it wouldn’t.

A first-day pop seems likely despite new doubts this week about whether the company can fulfill the huge expectations inherent in the IPO. General Motors this week revealed that it’s dropping its $10 million budget for Facebook advertising, saying it essentially doesn’t work. That apparently didn’t dim demand among at least the institutional investors buying the lion’s share of the initial offering.

Indeed, enthusiasm over the IPO, which is as much a coming-out publicity event as a way to raise funds that even Facebook says it doesn’t yet know how it will use, could force even more marketers to pay closer attention to the service as a way to reach their customers. “This is a massive awareness event to appeal to the C-suite,” says Reggie Bradford, CEO of the Facebook social marketing services firm Vitrue. Facebook, he says, will usher in a new age of social business not just in marketing, but customer service, sales, human resources and every other corporate function.

At the same time, the pressure of public investors and Wall Street, which Facebook long sought to avoid until shareholder rules more or less forced it to go public, may in turn force the company to amp up its offerings to marketers, including new ad formats such as mobile ads, better ways to measure impact of its advertising on ultimate sales, and related services such as payments. Facebook’s sales grew 88% last year, to $3.8 billion. But in the first quarter, revenue growth slowed to 45%, and revenues even fell below fourth-quarter levels.

CEO and cofounder Mark Zuckerberg will ring the opening bell for the Nasdaq from Facebook’s headquarters in Menlo Park, Calif. The shares will trade under the ticker symbol FB.

Facebook employees, however, will be coding more than toasting. Tonight, they’re holding a 24-hour “hackathon,” a common event during which caffeinated engineers write software into the night to create new services intended to help keep Facebook ahead of its many rivals.


This article is available online at:

http://www.forbes.com/sites/roberthof/2012/05/17/its-official-facebook-raises-16-billion-in-historic-ipo/

 

 

Posted in Miscellaneous | Tagged , , , | Leave a comment

Eisenhower Memorial

Print Friendly

www.chicagotribune.com/sns-rt-usa-eisenhowermemoriall1e8gfmkx-20120515,0,727919.story

chicagotribune.com
Architect Gehry proposes changes to Eisenhower memorial
Reuters

6:13 PM CDT, May 15, 2012

By Lily Kuo

WASHINGTON, May 15 (Reuters) – Architect Frank Gehry
submitted changes on Tuesday to a memorial planned for former
President Dwight D. Eisenhower, a project that has raised
criticism from the family of the former general-turned
politician as being too provincial.

The memorial, to be located near the National Mall in
Washington, has been the subject of debate among Gehry’s design
team, the Eisenhower family, the Department of Education and
historians.

Family members had complained that the tribute, originally
designed to feature a life-size sculpture of Eisenhower as a
young boy, placed more emphasis on the president’s humble
Midwestern roots than his career as a revered general and
statesman. Eisenhower, originally from Kansas, was president
from 1953 to 1961.

Changes to the memorial were shown at a meeting on Tuesday
at the Eisenhower Memorial Commission in Washington, which Gehry
did not attend but to which he submitted a letter explaining his
ideas.

Gehry proposed a sculpture relief depicting Eisenhower
addressing soldiers before the invasion of Normandy, France
during World War Two. Another relief would capture a retired
Eisenhower gazing thoughtfully at a globe, an image taken from a
photograph by Yousuf Karsh, according to Gehry’s letter.

However, the memorial would still feature the contentious
image of Eisenhower as a young boy as its centerpiece.

“I still believe that the sculpture of Eisenhower as a young
man looking out on his future accomplishments is a powerful
image,” Gehry said, noting the memorial’s proximity to the
Department of Education and the Air and Space Museum which focus
on youth.

“It will be an inspiration to these kids,” he said.

(Editing by Eric Walsh)

Copyright © 2012, Reuters

Posted in Military History, Presidential History | Tagged , , , , , | Leave a comment

I Almost Missed the Jesus Revolution

Print Friendly

It was a Monday, June 21, 1971, when Time magazine had a picture of Jesus on its cover; obviously not an actual photograph, since the necessary technology was yet to be conceived of in 1st century AD, but instead a likeness. An accurate likeness to the real Christ is doubtful, but rather a similar likeness of Him as depicted by religious paintings and icons; the earliest known portrait was discovered in Syria around 235. (^ Brandon, S.G.F, “Christ in verbal and depicted imagery”. Neusner, Jacob (ed.): Christianity, Judaism and other Greco-Roman cults: Studies for Morton Smith at sixty. Part Two: Early Christianity, pp. 166–167. BRILL, 1975. ISBN 978-90-04-04215-5)

The Times’ accompanying title was, “The Alternative Jesus: Psychedelic Christ.” The Jesus revolution had spread out from coffee houses, street corners, college campuses, homes and communes onto the news stands around the world.

Though I may have been vaguely aware of the revolution in its infancy, as an observer of media and music, I did not become a participating member until 1979 at the impressionable age of 20.

A friend of mine had gone off to college, while I postponed higher education favoring instead full-time work, as a matter of necessity to obtain food, shelter and clothing. I saw my friend on a break from her university studies and she was full of tales about this group of Christians that had gained her rapt attention and did I want to meet the group that lived by me? I responded, unsuspectingly and with youthful naiveté, and said, “Sure. Why not?”

My agreement to meet this group of devoted believers changed my life, in the way only a revolutionary fringe group can, dramatically. It started off innocently enough with home bible studies and prayer meetings. Then there were the invitations to be part of the communal eating arrangements, to which I also agreed.

Before long the teachings, that were so simple and reminiscent of my Catholic upbringing, took a turn on to a much narrower and idiosyncratic road. Verses of the bible beyond Love your neighbor as yourself, such as women covering their heads in prayer, became law. And before I knew it, I was fully ensconced in a fervent mission to lead the entire world to the gospel. This mission played out quite zealously in some cases, though I never got up the nerve, where members shouted out the gospel story from street corners to anyone and no one in particular.

As things in the movement became more and more unorthodox, and the excitement of being part of something greater than myself waned, I started questioning my involvement, until I came to the conclusion to leave the group altogether.

All in all, I am thankful I didn’t miss the so called Jesus Revolution. I gained from it a spiritual awakening to the universal principles found in Christianity, as well as in other religions, and those principles have helped guide me along the way. I went from the playing of the rock opera album of Jesus Christ Superstar on my bedroom stereo in the early 70s as a young teen, to imagining myself a gospel prophet of sorts out to save the world as the decade closed and the 1980s began. I wasn’t alone. Take a look at the video below for a glimpse of that time.

Posted in Christianity, Personal Reflections on History, Religion | Tagged , , , , | Leave a comment

Madeleine Albright is born

Print Friendly

May 15, 1937:

Madeleine_Albright

On this day in 1937, Madeleine Albright, America’s first female secretary of state, is born Maria Jana Korbelova in Prague, Czechoslovakia (now the Czech Republic).

The daughter of Czech diplomat Josef Korbel, Albright fled to England with her family after the Nazis occupied Czechoslovakia in 1939. Though Albright long believed they had fled for political reasons, she learned as an adult that her family was Jewish and that three of her grandparents had died in Nazi concentration camps. The family returned home after World War II ended but immigrated to the United States in 1948 after a Soviet-sponsored Communist coup seized power in Prague. Josef Korbel became dean of the school of international relations at the University of Denver (where he would later train another female secretary of state, Condoleeza Rice).

After graduating from Wellesley College in 1959, Albright married Joseph Medill Patterson Albright of the prominent Medill newspaper-publishing family. With an MA and PhD from Columbia University under her belt, Albright headed to Washington, D.C., where she worked for Maine’s Senator Edmund S. Muskie and served on the National Security Council in the administration of President Jimmy Carter. She and Joseph Albright divorced in 1982. During the Republican presidencies of Ronald Reagan and George H.W. Bush, Albright worked for several nonprofit organizations and taught at Georgetown University’s School of Foreign Service.

With a Democrat–Bill Clinton–in the White House again in 1992, Albright found herself at the center of Washington’s most powerful circle. In 1993, Clinton appointed her ambassador to the United Nations. In that post, Albright earned a reputation as a straight-talking defender of American interests and an advocate for an increased role for the U.S. in U.N. operations. In late 1996, Clinton nominated Albright to succeed Warren Christopher as U.S. secretary of state. After her nomination was unanimously confirmed by the Senate, she was sworn in on January 23, 1997.

As secretary of state, Albright pursued an active foreign policy, including the use of military force to pressure autocratic regimes in Yugoslavia and Iraq, among other troubled regions. Her trip to North Korea in October 2000 to meet with leader Kim Jong Il made her the highest-ranking U.S. official to visit that country. She drew some criticism for her tough position on U.S. sanctions against Iraq, which led to many civilian deaths in that country and fueled the rage of Muslim extremists such as Osama bin Laden.

Albright’s term ended with the election of President George W. Bush in 2000. Though there was talk of her entering Czech politics, she returned to her teaching post at Georgetown and became chair of a nonprofit organization, the National Democratic Institute for International Affairs.

Madeleine Albright is born. (2012). The History Channel website. Retrieved 11:21, May 14, 2012, from http://www.history.com/this-day-in-history/madeleine-albright-is-born

Posted in America, Military History, Today in History | Tagged , , , , | Leave a comment
Transparent RSS Feed Transparent