Despite not being public yet, Facebook made news on Thursday when it set its IPO price range.
Facebook could raise as much as $13.6 billion from the IPO, and expects to receive approximately $5.6 billion from the offering. Approximately 180 million of the 2.14 billion shares Facebook has will be sold in the IPO.
The social networking giant expects its IPO to price between $28 and $35 per share. Shares priced at $35 would give Facebook a total valuation of $74.83 billion, less than the $100 billion mark rumored in recent weeks.
Yahoo! (YHOO) made the news this week, as the company's battle with activist investor Dan Loeb escalated. Yahoo! sent a letter to shareholders on Wednesday urging them to support their board of directors amid an unfolding proxy fight between Yahoo! and its largest investor, hedge fund manager Loeb. "We are confident that when you assess our new board's qualifications against Third Point's slate, you will come to the same conclusion that we did -- that this is the right board with the right mix of skills and experience to lead the company forward to create value for shareholders," Yahoo! wrote in its letter. Just one day after that, Loeb and his hedge fund Third Point called for the resignation of CEO Scott Thompson, accusing the Yahoo! chief of lying on his resume. Thompson said he had a computer science degree from Stonehill College, but the college refuted that. Yahoo! called it an "inadvertent error," and is now looking further into the situation. Shares of Yahoo! closed the week down 2.4% at $15.15.