Shares in Facebook Inc(NASDAQ:FB) were up in early
trades on Wednesday buoyed by the positive sentiments infused by the company on
Tuesday when it announced a number of measures to stem the slides in its share
price.
On Tuesday the social networking site a filing with
the Securitas and Exchange Commission, that said, among other things that
Founder and Chief Executive would not sell his shares for more than a year.
Can FB Bounce
Back? Find Out Here
Here are the highlights of what was filed:
* Directors Marc Andreessen and Donald Graham will
soon be selling some stock (enough to pay the taxes owed on their stock grants)
* CEO Mark Zuckerberg will not sell any more stock for
at least a year (he sold $1.1 billion at $38 on the IPO)
* The company is accelerating the lock-up release for
many employees to October 29. On October 29, 234 million employee-owned shares
will become available for sale.
* The company will withhold 101 million shares of
stock (for tax witholdings) out of a total of 234 million shares that are owed
to employees on October 25. These withheld shares will no longer be considered
"shares outstanding," so the company's fully diluted share count and
free float will be slightly lower than previously expected.
* The company will pay the tax bill associated with
the stock grants with its own cash or its cash from its credit lines.
* The company will not do another stock offering in
the next few months to raise cash to pay this tax bill.
Facebook shares were up 3.5 percent at $18.35, just
off its lows of $17.55 reached earlier this week.
The big daddy of software, Microsoft
Corporation(NASDAQ:MSFT) shares were marginally up in early trades, just ahead
of a crucial event with Nokia Corporation (ADR)(NYSE:NOK) where the European
company will be unveiling its first Windows 8 phones.
Can NOK
Rebound? Find Out Here
Microsoft shares were up 0.15 percent at $30.43.
American depositary Receipts of Nokia Corp were however trading down more than
6 percent ahead of the event.
Marketmen said that the traders were bearish ahead of
the launch if its smartphones. The company will be releasing two Lumia
smartphones running on Windows 8 operating software.
The phones are expected to be on store shelves in
November. Shares of NOK slumped 11% to $2.51.
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