Rightways to Success

Tuesday 29 May 2012

Facebook share price drops to $28, shaves $40bn off

Facebook shares fall below $30 as US authorities begin investigation into IPO

Shares continue to slump on Wall Street as lawsuits against founder Mark Zuckerberg allege company misled investors

Electronic screens show the price of Facebook shares after they began trading in New York earlier this month. Photograph: Richard Drew/AP

Facebook's shares dipped below $30 Tuesday as the company's shares hit new lows and continued to struggle in the wake of its massive initial public offering (IPO).

Even as US stock markets bounced back from falls last week, Facebook's shares slumped 9.62% to end the day at $28.84 – almost $10 below the $38 price set at their IPO earlier this month. Stock markets in the US, which had been closed on Monday for Memorial Day, ended up for the day.

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During the Trading Day

28.84	-3.07 / -9.62%
Data as of 4:00pm ET	Day’s Change During After-Hours Switch to standard view »

28.78	-0.06 / -0.21%
	Volume: 1,246,000 vs. Technology Services News

The share slide means Facebook is now valued at $61.98bn, a sharp fall from the $104bn it was valued at when the company went public on 18 May.

The IPO has proved a disaster for Facebook and its bankers. US authorities are investigating allegations that the company gave critical information to some investors and not others. Shareholders have launched class action lawsuits against founder Mark Zuckerberg, the company and its bankers, including lead bank Morgan Stanley.

Walter Zimmermann, senior technical analyst at United-ICAP, said there was plenty of evidence that the stock could fall further. He said the share sale had represented "a mania of historic proportions".

"This was an IPO that was going to save California and uplift the western world. It was so overhyped and overvalued that it could only fall," he said.

Some traders pointed to technical reasons for the stock's continuing woes. Trading in Facebook options – contracts that allow investors to make bets on the direction of a company's shares – started Tuesday. Traders can now also "short" Facebook shares, betting that the price will fall.

Sam Hamadeh, founder of analyst PrivCo, said most of the options were "bearish" meaning traders were betting on price falls and that popular contracts were putting Facebook's share price in the mid $20s for June and July. PrivCo estimated Facebook's shares were worth $25 ahead of the IPO.

"The shares would have probably fallen anyway but this probably sped the process up a little bit," he said.

Zimmerman said discussions of technical issues missed a wider point. He said Facebook had sold so many shares – 96m – that there was little appetite from investors who had not bought shares. "Who is left to buy?" he said.

News that the company is considering building its own mobile device, an area where it has struggled to make money, seems to have been shrugged off by investors.

Last week law firm Robbins Geller launched a class action lawsuit on behalf of Facebook investors against the company and its bankers. Massachusetts' secretary of commonwealth William Galvin has sent a subpoena to Morgan Stanley demanding more details of what the bank and Facebook executives told select investors ahead of the IPO.

By Dominic Rushe in New York guardian.co.uk

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Monday 28 May 2012

Stray dog sensation in China!

Stray dog "Xiaosa" winds her way up to Lhasa

● Xiaosa experienced a variety of inclement weather and completed the trip
● Xiaosa gave cyclists great fun and encouragement
● Xiao Yong started a blog to broadcast Xiaosa’s journey

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A stray dog nicknamed "Xiaosa" has been following a team of cyclists for 20 days along Sichuan-Tibet Highway. The cyclists said she has given them encouragement all the way to Tibet, and are planning to bring her to their hometown in Central China’s Hubei Province.

It’s more than 1,800 kilometers from Sichuan to Tibet. Xiaosa and her new masters made their way all by themselves. During the 20-day trip, Xiaosa ran 50 to 60 kilometers every day and never fell behind.

A stray dog nicknamed "Xiaosa" has been following a team of cyclists for 20 days along
Sichuan-Tibet Highway.

Xiao Yong, a cyclist, said, "At present it runs 60 km by the farthest, just uphill."

On May 4th, Xiao Yong with his cyclist friends came across the stray dog basking in the sun. They threw her a drumstick. To their surprise, the homeless dog latched on to them and would not let go.

Xiao Yong, a cyclist, said, "At first we didn’t consider keeping her and thought she just wanted to follow us for a while. But she showed a very strong willpower and followed us all the way here."

A stray dog nicknamed "Xiaosa" has been following a team of
cyclists for 20 days along Sichuan-Tibet Highway.

Throughout the journey, the dog climbed over 12 mountains higher than 4,000 meters and experienced a variety of inclement weather.

There were about 300 cyclists on the highway, but most of them could not complete the trip. Many of them hitchhiked or took buses along the way. Only Xiaosa and another three cyclists made it.

Mr Heng, a student in Wuhan, Hubei province, had decided to cycle to Llasa as a graduation
trip with friends when he met a lonely dog.

Lu Bo, a cyclist, said, "The dog was very important to us. She brought us a lot of fun and also gave us a lot of encouragement. For example, when some of us fell behind, it would run down the mountain and bark encouragement to follow. It really gave us great strength."

Xiao Yong decided to pick the dog up. He started a blog to broadcast Xiaosa’s journey, drawing about 40,000 fans.

The dog and his friends have built up a massive following online after word got out about
their trip.

As many netizens are concerned about Xiaosa’s health condition after the long trip, her new master took her to the vet.

Yang Bo, vet, said, "Everything is fine with her, including her nose, teeth. She’s not affected by altitude sickness."

With such a successful journey under her belt, Xiaoyong decided to send Xiaosa back to Wuhan, his own hometown, by plane. Xiaoyong said he would bring the dog on journeys in the future. With a dream as the direction, he hopes the dog can run her way like Forrest Gump.

When a group of Chinese cyclists threw a stray dog a bone, little did they know that they were at the start of an epic journey that makes Lassie Come Home look like a walk in the park.

The cyclists, on a 1000-mile (1600-kilometre) expedition from Chengdu to Lhasa, came across the small white mongrel in the mountains around Yajiang, a Tibetan area of Sichuan, five days after starting out.
One of the riders, 22-year-old Xiao Yong, tossed the dog a chicken drumstick. To his surprise, it began to follow them - and stayed the course for 20 days to become a sensation in China.

The dog - since named Xiao Sa, or Little Sa - climbed 12 mountains higher than 13,000ft, and stuck with the group during heavy storms. Indeed, as cyclist after cyclist dropped out, exhausted by the steep mountains and the thin air of the Tibetan plateau, the dog kept him and his colleagues going, said Mr Xiao.

"There was one day when we climbed the 14,700ft-tall peak of Anjiala mountain," he said.

"We did more than 40 miles uphill and at the end I had to get off my bike and push. The dog ran ahead of me and stopped at a crossroads.

"She waited for a while, but got bored because I took so long, so ran back, put her paws on my calves, and started licking me."

He said the dog had enough energy to run with the cyclists for at least 30 to 40 miles a day, although he would occasionally carry it in a box on the back of his bike. At night, Xiao Sa slept on the cyclists' raincoats - and would share in their rations, being fed custard tarts, boiled eggs and sausages.

There were some fierce encounters with other dogs along the way. "Once, a large dog started chasing us along a series of dark tunnels and his barking drew a whole pack of others," said Mr Xiao.

"I put Xiao Sa on my bike and started peddling desperately.

"One of my bags was ripped, but otherwise we got away."

Mr Xiao said at first he suspected the dog of following them only for food, "but I can now see a bond between us from the way she looks at me. I think we have definitely moved beyond food".

He has since adopted the dog. Yesterday, Xiao Sa was travelling in a manner more befitting its celebrity: after being given a full medical by a vet in Lhasa, it was returning to Chengdu by passenger plane.

The Daily Telegraph, London
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How to avoid dogs attack you?

Learn to be safe if a dog attacks, says trainer - If a dog is coming at you, not run or turn to fact it - M.Selvamanickaraja

KUALA LUMPUR: The public should learn how to avoid being attacked by dogs following the case of a jogger who died after being mauled by a dog.

Dog trainer M. Selvamanickaraja said the risk of injury could be reduced significantly if you knew what to do when faced with an aggressive dog.

He added that local councils should also conduct awareness programmes for dog owners so they would know how to be responsible for their pets.

“After issuing licences to owners, local councils should brief them on basic things that they should do, such as keeping a proper kennel and securing their house compound so that dogs will not be able to escape,” he said at his house here.

On May 8, a miniature bull terrier cross bit Yip Sun Wah, 74, on the neck and almost tore off his left ear as he was jogging about 1km from his house in Subang Jaya. Yip died on the spot.

Selvamanickaraja, who has been training dogs for 10 years, said banning dog breeds was not the answer as mongrels could also turn aggressive.

He said that not allowing breeds such as the German Shepherd will also deprive people from owning gifted and loyal family dogs.

On what people can do when faced with a vicious dog, Selvamanickaraja said: “When a dog wants to attack you, it thinks of you as prey. You must change the dog’s perception of you as prey.

“If a dog is coming at you, do not run or turn to face it. Remain still and turn to your side, with your hands behind your back.

“Clench your fists as you do not want to leave anything exposed for the dog to bite. By doing this, you are not giving the dog space to attack,” he said.

The dog will become confused and might change its mind about attacking.

“But in its state of confusion, it might try to bite but you must stand firm. At most, it will bite once and then leave,” Selvamanickaraja said.

He said people should only attempt to run away or confront the dog if they were absolutely sure they can escape or defend themselves.

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