Wednesday, October 31, 2012

Tech Updates: Facebook Inc (NASDAQ:FB) Falls 3.50%, Google Inc (NASDAQ:GOOG) Outperforms

Shares of Facebook Inc(NASDAQ:FB) fell 59 cents or 3.66% to $21.14 in the late morning session. On Wednesday the employees of Facebook got a chance to sell 234 million shares that had been locked since Facebook made its initial public offer in May.

The lockup period was suppose to expire on Monday but was hold back by Hurricane Sandy which led to a two day closure of market.

Founder and CEO Mark Zuckerberg, holds 444 million shares and 60 million stock options has announced of not selling his shares in next year indicating a sign of both confidence and keeping the stock stability.

In August, 271 million Facebook shares were eligible to be sold. They were held largely by early investors, including Accel Partners and Goldman Sachs. In August, Peter Thiel, a former PayPal co-founder and an early Facebook investor, sold a majority of his Facebook stock, which helped push the stock to a record low.

The big test is yet to come for Facebook with the expiration of lockup period of 777 million shares which will be available for trading on November 14. Additional lockups expire in mid-December and May 2013.

Sales of Google Inc (NASDAQ:GOOG) Nexus 7, made by Taiwan’s Asustek Computer Inc are closing in on 1 million units a month, the Taiwanese maker revealed.

Asustek Chief Financial Officer David Chang told The Wall Street Journal “At the beginning, it was, for instance, 500K units a month, then maybe 600, 700K. This latest month, it was close to 1 million.”

The figures suggest a moderate success for the Google’s low-priced tablet but it is not even near to Apple’s iPad which sold 14 million units, a 26% increase in comparison to last year.

Petite tabs that have recently jumped into the fray include Apple’s 7.9-inch iPad mini for $329 and Amazon’s 7-inch Kindle Fire HD for $199.

Building to its sale Google has refreshed the Nexus 7 by doubling the capacity of the $199 model to 16 gigabytes. A 32-gigabyte model is also available for $249. Yesterday it unveiled two new siblings of Nexus 7: the Nexus 10 tablet and Nexus 4 smartphone: The 10-inch tablet is priced at $399 for 16 gigabytes of storage, and the phone at $299 without a wireless contract.

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