Monday, May 21, 2012
  • Gavin O'Malley, May 21, 2012, 11:53 AM
  • Facebook's Stock Trades Below IPO Price Casting doubt on Facebook’s fortunes, shares of the company were trading below its initial IPO price on Monday. What gives? “The initial estimates of the IPO selling range were in the $28-$35 range,” Forbes recalls. “Perhaps the range that was calculated before the final frenzy of the road show and the last week to the IPO is the natural support range? Maybe it is just that the raise in the target price plus the issuance of more stock into the IPO was the froth that is now being blown away?” Whatever the real answer, we’ll likely have to wait a few weeks to find out. The only thing we know now, as Forbes notes, is that: “For the stock to have broken so decisively down through the obvious support level that the underwriters will have at least tried to maintain means that the selling pressure must be very high.” After a long build-up -- and amid rampant curiosity in a company that has seemingly transformed American culture overnight -- it was generally accepted that Facebook’s market debut would witness a first-day “pop.” Not that the shares are languishing, analysts and Web watchers are already questioning Facebook’s future as a public company.       Read the whole story...
  • Microsoft Has A New Social Network And you thought the days of also-ran social networks were over. Having missed that particular memo, Microsoft has quietly launched an experimental social network dubbed So.cl, which encourages users to search for information about a particular topic, then compile the best results -- textual content, images and videos -- into a single post. Initially targeted to students, “It may end up being useful to that market, but it's unlikely to get traction as a mainstream social network,” according to ReadWriteWeb. The criticism only gets worse from there. “File this in the ‘we-try-it-out-so-you-don't-have-to’ category,” RWW adds. “So.cl is a derivative social network that may be useful to students, but it won't fly elsewhere.” Microsoft is calling So.cl "an experiment in open search," in that anything users search for on the network is viewable by other users, and made available to third-party developers. So.cl also features "video parties," which are essentially video playlists with a chat area. “It's probably the most innovative feature in So.cl, but that isn't saying a lot,” RWW jokes. “The reality is that Facebook or Google+ could easily replicate it, if they wanted to.”   Read the whole story...
  • Cable Co.'s Expand Free Wi-Fi Supporting the spread of the mobile Web, top cable operators are coming together to offer free Wi-Fi access to their broadband customers in more than 50,000 hotspots around the country. This week, Bright House Networks, Cablevision, Comcast, Cox Communications, and Time Warner Cable agreed to enable each other's broadband customers to access their metro Wi-Fi hot spots. “The companies are calling the new network ‘CableWiFi,’ so that subscribers will be able to find the hot spots when they're roaming outside their own cable territory,” CNet reports. Cablevision, Comcast, and Time Warner Cable have been working together on the project since early 2010, when they began allowing their subscribers to roam onto each other's Wi-Fi networks in New York City, Long Island, New Jersey, Philadelphia and Connecticut. Bright House Networks and Cablevision, meanwhile, just launched CableWiFi alongside their branded WiFi networks around New York City and in central Florida, earlier this month. “The CableWifi network will be added to each of the participating cable companies' services in the coming months,” CNet notes. “This means that Cablevision customers from Long Island will be able to access Time Warner's Wi-Fi networks in Los Angeles, and vice versa.”   Read the whole story...