Kevin Landis News
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Everyone who’s held a smartphone to the ear or watched a movie with a laptop balanced on their knees knows the devices get hot. Most are unaware the same battery technology is widely used in electric cars and has made few notable advances in a decade.
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Bulldog Investors, the $530 million activist hedge fund run by Phillip Goldstein, is pushing Firsthand Technology Value Fund Inc. to buy back shares because the closed-end fund is trading at a discount to net asset value.
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Kevin Landis hasn't had much to boast about lately. For the decade ending in 2010, his flagship Firsthand Technology Value Fund suffered an annualized loss of 9 percent, compared to a 0.72 percent gain for the benchmark Nasdaq Composite Index. Like every tech fund, it was slammed in the 2008 crash. Unlike most tech mutual funds, however, Firsthand held a slug of private equity. And after investors withdrew cash and liquid securities, Firsthand saw its private equity position swell to 35 percent by March 2009, so it missed out on the full effect of the 2009 stock market rebound.
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SolarCity Corp., the solar power provider led by billionaire Elon Musk, is betting prospects for clean energy and Musk’s name will help it garner a valuation 19 times the price of peers in an initial public offering.
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Facebook Inc. is already trading like a public company as insiders and wealthy investors use private marketplaces to buy and sell stock in the social- networking company ahead of its initial offering.
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Zillow Inc.’s initial public offering, slated to price today, will do more than raise money for the real estate website. It will signal whether other small dot-com companies can join the IPO frenzy.
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Facebook Inc.’s stock plunge has robbed Goldman Sachs Group Inc. and Microsoft Corp. of much of the potential gain they could unlock as soon as this week, when a ban on sales of insiders’ shares begins to lift.
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Facebook Inc. will probably put off its initial public offering until 2012, giving Chief Executive Officer Mark Zuckerberg more time to gain users and boost sales, three people familiar with the matter said.
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Facebook Inc., the social network that filed for an initial public offering yesterday, listed rivalry with Google Inc., regulatory scrutiny, hacker attacks and the shift to mobile technology among the risks it faces.
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Equinix Inc., operator of data centers for companies such as AT&T Inc. and Amazon.com Inc., is the latest technology business to consider changing its corporate status to cut hundreds of millions of tax dollars.
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