NEW YORK (
reached a patent licensing agreement.
The five-year deal covers the use of Rambus-patented technology in Broadcom chips, and resolves litigation between the two parties.
Rambus shares rose 16.3% to $8.81 in premarket trading Friday.
, the photo sharing Web site, lowered its fourth-quarter revenue guidance.
Shutterfly said Friday it expects revenue of $259 million to $264 million; it previously forecast revenue of $270.5 million to $275.5 million.
Analysts surveyed by Thomson Reuters expect Shutterfly to post fourth-quarter revenue of $267.76 million.
"While we are pleased to once again set new records for fourth quarter net revenues, we believe that the uncertain economic environment, combined with heavy competitor discounting throughout the peak holiday shopping season, contributed to the net revenue and adjusted Ebitda shortfalls, said President and CEO Jeffrey Housenbold, in a statement Friday.
Shutterfly expects adjusted earnings before interest, taxes, depreciation and amortization of $84 million to $88 million, down from its previous forecast of $96.3 million to $101.1 million.
American International Group
CEO Robert Benmosche has told the insurance company's board he would like to remain as CEO longer than previously planned,
The Wall Street Journal
Benmosche, 67 years old, told the newspaper he plans to run AIG beyond next year, his health permitting. He was diagnosed with cancer in late 2010; he previously indicated he planned to retire sometime in 2012.
AIG's board doesn't have to approve Benmosche's decision to stay, according to people familiar with the matter, the
said. Benmosche previously threatened to quit two years ago because of frustrations over government-imposed pay curbs.
The Treasury Department owns 77% of AIG following its 2008 rescue of the insurer and a sale in the spring of some AIG stock.
Quatela, who most recently served as general counsel, will serve as president alongside current president Philip Faraci; both will report to CEO Antonio Perez.
Eastman Gelatine has roughly 95 employees and makes gelatin used in photographic movie film and paper emulsions. It is being sold to
, which is part of the
Vion Food Group
$1.93 billion purchase of unused wireless spectrum from
was approved by the Federal Communications Commission.
AT&T bought the spectrum to add capacity to its fourth-generation, or 4G network.
major blunders in 2011
According to a
Securities and Exchange Commission
filing, Hastings will receive an annual salary of $500,000 on top of stock option allowance of $1.5 million in the coming year. In 2011, Hastings earned $500,000 and received an annual stock option allowance of $3 million.
-- Written by Joseph Woelfel
>To contact the writer of this article, click here:
>To submit a news tip, send an email to:
Copyright 2011 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.