Shares of Facebook fell 19 percent on Thursday, a day after the world’s largest social media company disclosed that its quarterly revenue did not live up to expectations and that its user metrics grew slower than some on Wall Street had predicted.
The dollar value of the loss was the largest ever by a publicly traded company in the U.S.
Facebook stock had recovered from a decline earlier this year in the wake of the Cambridge Analytica scandal, one of several controversies and warning signs that the company had managed to weather with little damage to its stock. But declining revenue and user growth, topped by a warning from executives that it will continue, seemed to end that run.
Facebook CEO Mark Zuckerberg’s net worth plummeted more than $15 billion with the stock dive, although it’s still around $67 billion, according to Forbes’ real-time net worth tracker.
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Wednesday morning, Comcast confirmed an open secret: The company is preparing an all-cash offer for 21st Century Fox that it says is “superior” to Disney’s current $52.4 billion deal to acquire most of Fox’s assets.
Comcast said any offer for Fox would be at a “premium to the value of the current all-share offer from Disney,” but it didn’t reveal an anticipated price tag. The media conglomerate added that the structure and terms of its bid for the 21st Century Fox assets—including regulatory-risk provisions and the termination fee it would be required to pay—would be “at least as favorable to Fox shareholders as the Disney offer.”
The cable giant, which owns NBCUniversal, had in December bowed out of the bidding process just before Fox accepted the Disney deal, which includes the 20th Century Fox movie and TV studio, all the international pay-TV properties including its stake in Sky, as well as a number of other assets.
The trigger for Wednesday morning’s announcement, Comcast said, was the filing of SEC documents by Fox and Disney in preparation for special shareholder meetings. The summer meetings are when 21st Century Fox and Disney shareholders are expected to vote on the proposed $52.4 billion acquisition of the Fox assets—neither company has specified a date as yet for its vote.
By Kevin Gray
Marvel's Black Panther had another busy weekend at the box office while passing some major milestones for super hero movies. The movie has been #1 at the domestic box office for five straight weeks, losing the top spot this past weekend to Pacific Rim Uprising.
As far as those milestones, Black Panther took down some of it's Marvel siblings in the process. The first milestone was reached Saturday (March 24) as Black Panther became the highest grossing super hero movie in U.S. history, over taking 2012's The Avengers, which grossed $623.4 million.
The second milestone came on Sunday (March 25) as Black Panther became the third highest grossing superhero movie Worldwide all-time, amassing $1.237 billion, surpassing Iron Man 3. Black Panther is now just behind The Avengers ($1.5 billion) and Avengers: Age of Ultron ($1.4 billion).
Filmmaker Ryan Coogler’s critically acclaimed Black Panther continues its historic run-up into theaters, outpacing all previous movies released in the first quarter in terms of advance ticket sales on market leader Fandango.
Fandango reported Wednesday that at the same point in the sales cycle, Black Panther is on track to pass 2012’s The Hunger Games and 2017’s Beauty And The Beast. The tentpole, starring Chadwick Boseman, is also pacing to be Fandango’s top preseller among all superhero titles. It hits theaters on Feb. 16.
Today was supposed to be a good day for Sam's Club and their parent company Walmart. It was to be the day they announced plans to raise starting hourly wages to $11, expand employee benefits, and offer workers bonuses of up to $1,000, and while they did announce that, another decision from today is what they will be remembered for.
This morning, employees and customers at a number of Sam's Club locations throughout the country pulled up to the store only to find out it was close permanently. Some employees found out via Fed Ex this morning, others through a company wide email also sent this morning, and others didn't find out until they arrived at work and were turned away by local police.
In all, Walmart will be closing 63 Sam's Clubs across the nation. Over 11,000 employees are affected by these closures, although it is unknown how many will actually be laid-off. Ten of the affected stores will be turned into e-commerce distribution centers, and employees of those stores will have the opportunity to reapply for positions at those locations, a Walmart official said.
Sam's Club membership fees - which cost $45 annually - will be refunded to customers affected by the closings, a Walmart official said.
Here's a list of closings rounded up from local media reports: