Looking for a Turnaround: Facebook, Blackberry and the Economy

Laura Shin
Posted

Will people ever stop talking about the Facebook IPO?

We’ll be short and sweet about it: The stock hit a new low from its IPO price of $38 (it was at $27 and change in mid-day trading Thursday), causing the company to lose about $25 billion in market value. The rocky debut has even pushed other startups such as Kayak to delay their IPOs.

In other tech giant news, Apple CEO Tim Cook gave a wide-ranging interview at the All Things Digital conference, dropping hints that Apple may soon revolutionize the way we watch (and pay for) TV. Meanwhile, the ailing Research in Motion, maker of Blackberries, is urgently working on a turnaround strategy after having to project a second quarterly loss.

As the presidential campaign turns from the party nominations to the general election, which will likely center around the economy, recovery signs were mixed: The unemployment rate ticked upward, a sign of slowed momentum, but retailers enjoyed a bounce in May, indicating the economy is recovering.

Things looked bleak in Europe, where the president of the European Central Bank warned that the structure of the euro zone was unsustainable. As some Greeks and Spaniards began withdrawing their money from banks, the International Monetary Fund looked at whether it could help Spain rescue the country’s third-largest bank, if necessary.

Meanwhile, today we’ve got two hot topics for you regarding honesty … and big-time scams. Turns out serious criminals could be profiting from your tax return, while shoppers just aren’t interested in honest pricing.

There’s Nothing Shoppers Hate More Than … Honest Prices?

JC Penney instituted an honest pricing policy that did away with fine print and tricks like prices that end in $0.99. But shoppers proved they wanted “price shrouding” back. Why?

Could You Be at Risk for This New Identity-Stealing Scam?

The old stolen identity scam has a new twist: Instead of fraudulent credit cards, it now involves falsified tax returns. Find out how to stay safe.