Facebook reportedly is set to go public in May. The social networking giant is targeting May for its initial public offering, according to The Wall Street Journal, which cited a source close to the matter. Facebook, which has 845 million users, could raise as much as $10 billion in the offering. It was reported on Wednesday by Bloomberg that Facebook will soon halt trading of its shares on secondary markets such as SharesPost and SecondMarket.
Best Buy ( BBY), the electronics retailer, is expected by analysts Thursday to post fiscal fourth-quarter profit of $2.16 a share on revenue of $17.2 billion. Same-store sales are seen dipping 0.6% in the February-ended period. UBS kept a neutral rating on Best Buy on Wednesday but lifted its price target to $27 from $25, saying it expects the company to announce more steps to reduce costs.
Research In Motion ( RIMM), the troubled BlackBerry maker, is expected by analysts to report quarterly earnings of 82 cents a share, which is below the company's own expectation for earnings of 85 cents to 90 cents a share. RIM is working toward the release of its next-generation handset, the BlackBerry 10, in the second half of this year. Shares of RIM have fallen 4% so far in 2012.
In IPO action on Wednesday, Rexnord Holdings, the industrial parts maker, sold 23.7 million shares for $18 a share, which was at the low end of the expected range. Millennial Media, the mobile advertising company, sold 10.2 million shares at $13 a share, above the expected range. Cafepress, the print-on-demand Web site, sold 4.5 million shares in its IPO at $19 a share, higher than the expected range.
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