(Hot Trends article updated with new information on Boeing's plans to buyout intelligence and defense technology company Argon ST.)
NEW YORK (
for $775 million.
Boeing announced the acquisition on Wednesday, offering Argon ST shareholders $34.50 per share, and sending Argon ST to the list of most-searched-for terms on the web. The transaction is expected to be finalized in the third quarter, and Boeing hopes it will expand its ability to address the cyber and intelligence markets.
News of the acquisition vaulted Argon shares up more than 40% for the day to close at $34.29.
In other news Wednesday, the World Trade Organization has ruled that the European Union violated global trade rules by providing aid to Airbus SAS to help lower the cost of developing new airplanes.
The WTO found that the government provided Airbus with more than $20 billion in low-interest loans that helped it gain foreign sales, significantly impacting
, its chief U.S. competitor.
European Aeronautic Defence & Space Co, the parent company of Airbus, may be forced to repay some aid money, or possibly give the U.S. the right to raise import tariffs on goods imported from Europe.
Rumors are circulating online that
iPhone 4 will be available on the Verizon network
by January of 2011.
The iPhone 4 was Apple's most successful product launch in history, and while allowing customers to use their iPhones on the
network would broaden their consumer pool, Apple appears to be in a five-year exclusivity contract with AT&T that doesn't expire until 2012.
Tropical Storm Alex was upgraded to Hurricane Alex late Tuesday night, delaying
oil-spill cleanup efforts
-- and making the phrase "Hurricane Alex" one of the most-searched-for terms on the Internet Wednesday.
Alex continues to gain strength as it
crosses the warm waters of the Gulf of Mexico
and heads towards Mexico and Texas. The strong waves created by the storm have pushed much of the oil towards land, dumping apple-sized tar balls on the beaches of Louisiana.
stock finished its first day of trading on Tuesday at $23.89, after shares opened at a
higher than expected
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after its shares became active on the NASDAQ Tuesday morning, and the buzz appears to have carried over into today, keeping it one of the most searched for items on the Web. Within 40 minutes of the Tuesday debut, around
had changed hands.
Tesla shares had retreated to below $18 by mid-morning on Tuesday, but then staged a steady comeback, regaining the $19 opening price just prior to 2 p.m. and surging just prior to the closing bell.
In the first 15 minutes of trading Wednesday, shares of Tesla Motors had spiked another 16%, to reach $27.63.
The Federal Aviation Administration granted the Terrafugia Transition an exemption on Tuesday,
, making "flying car" one of the most searched for phrases on the Internet.
Terrafugia, a Woburn, Mass.-based company, said the exemption allows the Transition to qualify as a light sport aircraft under FAA rules. The "roadable aircraft" has been billed as the first flying car, and could be available as early as 2011.
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