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Best Boss Ever? CEO Gives Workers $1.5M of Own Stock

'Enjoy being an owner of the company,' says Bobby Frist

(Newser) - It was just another day at the office yesterday for 600 employees at Nashville health care company HealthStream—that is, until they received a welcome surprise via a video message sent to their cellphones. In it, CEO Bobby Frist announced that as of late August, they'll all be part-owners... More »

Best Buy CEO Unloads Big Stake ... to Pay for Divorce

Hubert Joly nets about $10M

(Newser) - Best Buy had to issue an unusual statement explaining exactly why its CEO just dumped 20% of his stake in the company: the business his fine; his marriage, not so much. Hubert Joly sold about 450,000 shares and netted $10 million, reports CNNMoney . "This sale reflects only one... More »

GM to Buy Back 200M Shares From Treasury

Move could speed up US exit from company

(Newser) - General Motors will spend $5.5 billion to buy back 200 million of its own stock from the US government in the next two weeks, accelerating Uncle Sam's exit from the automaker, the company announced today. GM will pay $27.50 a share, a 7.9% premium on yesterday'... More »

Yahoo, Alibaba End Years of Bickering With $7B Deal

Yahoo will sell back up to half its 40% stake in Chinese company

(Newser) - It's a resolution for what All Things Digital's Kara Swisher calls "perhaps the longest running global cat fight in Internet history": In a $7.1 billion deal, Yahoo is selling back up to half its 40% stake in China's Alibaba , the Wall Street Journal reports. For... More »

Zynga to Workers: Can We Have That Stock Back?

Move could rock Silicon Valley model if successful

(Newser) - With what’s expected to be an almost $20 billion IPO looming, Zynga CEO Mark Pincus is starting to wish he hadn’t given out so much stock to attract early employees to his company. So he’s doing something unheard of: He’s demanding employees give their stock back... More »

Apple Thanks New CEO With 1M Shares

Tim Cook will reap $383M value by staying on until 2021

(Newser) - "Thanks for taking over as Apple's CEO, Tim. And by the way, here's $383 million." That's not an exact quote, but yes, Apple is awarding Tim Cook with one million shares currently valued at $383 million for taking the helm until 2021. MacRumors reports the... More »

Hef Sued for Not Selling Playboy

Shareholder claims Hugh Hefner sabotaged two deals

(Newser) - At 81, Hugh Hefner is still attending glamorous parties with decades-younger models on each arm, but his company is languishing—and one shareholder has had enough. A class action lawsuit obtained by TMZ alleges that Hef has sabotaged two deals to sell Playboy. The suit cites an analyst's note that... More »

Stock Split Means You Can Afford Buffett Shares

Shareholders approve price cut; shares now $66

(Newser) - Berkshire Hathaway shareholders approved a 50-for-1 stock split today, making shares of Warren Buffett's company affordable for a wider range of investors. The price of Class B shares will drop from $3,300 to $66. Class A shares, which confer stronger voting power, remain a princely $101,700. More »

Bankrupt Lehman Stock Booms in Long-Shot Trading

Bankrupt company jumps sixfold in 'lottery ticket' deals

(Newser) - Here's a stock tip for you: Lehman Brothers. No, really—the busted financial giant, which had been trading at less than 5 cents a share, peaked at 32 cents last week, with volume hitting 100 million shares in late August after sitting at virtually zero most of the year. The... More »

Builders Are Building Again, Despite Risk

(Newser) - A decrease in vacant housing inventory and an uptick in sales have home builders ramping up construction for the first time in months, Time reports. Currently, the number of new homes on the market would take an estimated 8.8 months to sell—a far cry from the standard of... More »

GM to Cut 21K US Factory Jobs

Firm restructuring in bid for more government aid

(Newser) - General Motors will cut 21,000 US factory jobs by next year, phase out its Pontiac brand, and ask the government to take company stock in exchange for half of GM's government debt as part of a major restructuring effort needed to get more government aid, the firm said today.... More »

Going Public in Bear Market Is Risky Bet for Rosetta Stone

Firm could make less money due to bear market

(Newser) - Rosetta Stone, the popular language-learning software maker, holds its initial public stock offering today—a risky move in a bear market, Jennifer Collins reports for Marketplace. Rosetta Stone’s profit has quadrupled since 2007, but it could make twice as much by waiting. It’s possible Rosetta needs cash now,... More »

Crisis Brings Day Traders Back to Wall Street

Risk-loving market riders experience new heyday

(Newser) - Some traders like to buy and hold positions based on rational market fundamentals. Then there’s Peter Milman, who’s constantly making—or losing—tens of thousands of dollars, perched over his computer making a furious stream of bets like an arcade pinball wizard. Day traders like Milman are having... More »

Cramer Shares 'Obama Portfolio'

Guru picks hot stocks for 2009

(Newser) - America isn’t out of the economic woods, but savvy investors should drop some kindling on their investment fires, James Cramer writes in New York. “Obama’s swift transition and desire to spend trillions to get us moving could prove that happier days will eventually beckon, at least for... More »

Apple Stock Dives Amid Jobs Health Rumors

Shares take a hammering despite robust 3Q results

(Newser) - Apple reported one of its best third-quarter results ever yesterday, but its stock took a 17% nosedive amid rumors that CEO Steve Jobs is in poor health, reports the San Jose Mercury News. Jobs, who beat pancreatic cancer four years ago, appeared gaunt at a conference last month. Investors were... More »

Sleight of Hand Has IRS After Billionaire

Anschutz owes $143M on gains, feds say; he claims technicality

(Newser) - The IRS is going after the US’ 41st-richest man, the Wall Street Journal reports, as part of a larger move to curtail one method of skirting capital-gains taxes. Philip Anshutz owes $143.6 million in back taxes on a “variable prepaid forward contract” deal he made in 2000 and... More »

BEA Posts 59% Jump in Profit

Company hopes better-than-expected Q3 will draw higher bids than Oracle's

(Newser) - BEA Systems reported earnings up 59% in the third quarter yesterday, in the first audited quarterly statements released in over a year. The San Jose-based company's financials have been held up by a reporting dispute with the SEC. BEA hopes the higher-than-expected results will boost its case that the company... More »

Bank Industry Woes Spill Over to RIM

BlackBerry maker’s stock drops after Cisco's negative projections

(Newser) - Research in Motion’s share price run-up ended yesterday on worries about softness in the banking industry, after Cisco Systems reported declining orders for its products, Reuters reports. The BlackBerry maker’s stock was up 140% since June, with analyst raising price targets 30-50% after its Oct. 5 quarterlies. RIM... More »

Billionaire Takes Huge Stake in Bear Stearns

Josephe Lewis becomes largest shareholder with $860M buy

(Newser) - Billionaire Joseph C. Lewis has bought enough stock to become the largest single shareholder in embattled investment bank Bear Stearns, Reuters reports. The reclusive British-born currency trader bought up $860.4 million in shares over the last month, nabbing a 7% stake. Putnam Investing, the second largest shareholder, owns a... More »

Bank of America Bails Out Countrywide

Lender avoids disaster as bank buys $2 billion in cut-rate shares

(Newser) - Countrywide came back from the brink yesterday as Bank of America bought $2 billion in preferred stock in the mortgage company, writes the Los Angeles Times. Countrywide's share price soared in after-hours trading, only a week after the credit crunch brought it to the point of bankruptcy. More »

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