 | Good afternoon Bit |  |  | Online coupon company Groupon filed for an initial public offering of up to $750 million, the latest in a series of Internet companies to tap the U.S. capital markets. In April, a source told Reuters that Groupon could raise as much as $1 billion in the IPO, which could value the fast-growing daily deals site at $15 billion to $20 billion. The IPO filing did not specify the number of shares to be sold in the IPO, the price range, or the exchange, though it did say the shares would trade under the symbol "GRPN."
Groupon is losing an astounding amount of money, but generating an equally impressive amount of revenue, writes Silicon Alley Insider's Jay Yarrow. In the first three months of 2011, it had a net loss of $114 million. For all of 2010, its loss was $414 million. For the first three months this year it generated $645 million in revenue, a 1,366 percent increase from the year prior, when it generated $44 million, adds Yarrow.
The hacker group calling itself Lulz Security said that it broke into servers that run the SonyPictures.com website, and then compromised the personal information of more than 1 million Sony customers. Lulz Security said in a statement posted on its website that it hacked into a database that included unencrypted passwords as well as names, address and birth dates of Sony's customers.
Washington scrambled to assess whether security had been compromised after Google revealed a major hacker attack targeting U.S. officials that the Internet giant pegged to China. Neither Google nor the U.S. government has said the Chinese government was behind the attacks. Beijing nevertheless reacted angrily to Google's charge, saying it was "unacceptable" to blame Beijing and allegations that China supports hacking were unfounded "and have ulterior motives".
The Executive Office of the President, which includes the White House and related offices, blocks access to outside email services such as Gmail, Hotmail and Yahoo Mail on its networks within the complex. Other agencies also have firewalls to block access.
An alleged contract and emails that Paul Ceglia says entitle him to a huge stake in Facebook are forgeries, the social network's founder Mark Zuckerberg said in a court filing. Zuckerberg asked a federal judge to order Ceglia to immediately turn over the alleged original contract and emails, and for permission to inspect Ceglia's computers. In the filing, Zuckerberg acknowledged signing an agreement with Ceglia, but that it concerned work Zuckerberg did for StreetFax.com, a website that posted photographs of traffic intersections for use in the insurance industry. | | | LATEST NEWS | | Microsoft shows off Windows 8 operating system | | June 02, 2011 09:10 AM ET | | TAIPEI/PALOS VERDES, California (Reuters) - Microsoft Corp showed off a version of its next operating system at technology conferences in the United States and Taipei, as some PC makers grumbled over restrictions on their involvement in the development of the system. | Full Article | | Cybersecurity becoming U.S. diplomatic priority | | June 02, 2011 01:16 PM ET | | LONDON (Reuters) - Cyber security is now a diplomatic priority for the United States with Washington looking to build relationships to tackle information theft and reduce the risk of conflict, a senior official said. | Full Article | | Alibaba's Ma offers Yahoo some advice: break up | | June 01, 2011 10:15 PM ET | | PALOS VERDES, Calif./SAN FRANCISCO (Reuters) - Alibaba founder Jack Ma didn't shed new light on his negotiations with Yahoo Inc and Softbank during an appearance at a conference on Wednesday, but he did offer some unexpected advice for Yahoo. | Full Article | | | BUSINESS NEWS
| | Goldman Sachs subpoenaed for financial crisis role | | June 02, 2011 04:13 PM ET | | NEW YORK (Reuters) - New York prosecutors have asked Goldman Sachs to explain its behavior in the run-up to the financial crisis, the latest investigation that has cast a pall over the reputation of the largest U.S. investment bank. | Full Article | | Groupon files for IPO of up to $750 million | | June 02, 2011 05:05 PM ET | | NEW YORK (Reuters) - Groupon Inc, the online daily coupon site, has filed for an initial public offering, capitalizing on investor infatuation with social media companies that have yet to prove they are the real deal. | Full Article | | Fed balance sheet hits fresh record size | | June 02, 2011 04:51 PM ET | | NEW YORK (Reuters) - The Federal Reserve's balance sheet expanded to a record size in the latest week, as the central bank bought more bonds in an effort to support the economy, Fed data released on Thursday showed. | Full Article | | Moody's may cut BofA, Citi, Wells ratings | | June 02, 2011 04:25 PM ET | | NEW YORK (Reuters) - Moody's Investors Service said it may downgrade the debt ratings of Bank of America Corp, Citigroup Inc and Wells Fargo & Co, citing concerns about waning U.S. political willingness to offer support for the largest banks. | Full Article | | | | U.S. TOP NEWS | | | | | RELATED VIDEO | | |  |  | | A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today. |  | | Your daily briefing on the latest tech developments from around the world from Reuters expert tech correspondents. Register Today. |  | | The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day.. Register Today. | | | » MORE NEWSLETTERS | | | ODDLY ENOUGH | | | | | | |
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