Dow, Nasdaq Surge to Post-Crisis Highs on Strong Jobs, Economic Data

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Wall Street enjoyed a broad-based rally on Friday as two key stock indexes rose to the highest levels since before the Great Recession, propelled by better-than-expected employment data released earlier in the day. The strong upward movement by stocks suggests that investors are gaining confidence in the U.S. economic recovery and putting money back to work in the equity markets.

Micron CEO Dies in Plane Crash

(BOISE) — Steve Appleton, the chief operating officer and chairman of Micron, died Friday morning in a small plane crash in Boise, the company said. He was 51.

January Jobs Report: Good News for the Economy, Bad News for the Pessimists

Some Obama opponents are struggling to find a cloud in the silver lining of January’s jobs numbers, which estimated that there was a 243,000-job boost and a big drop in the unemployment rate, from 8.5% to 8.3%, last month. Their biggest gripe focuses on the size of the labor force: As the unemployment rate has trended down over the last few months, anti-Obama commentators have argued that the official percentage for those without jobs is deceptive because the Bureau of Labor Statistics doesn’t count those who have stopped looking for work. In Friday’s report, they found a sharp increase in that group: More than 1.2 million people joined the non-job seeking pool of working-age Americans last month.

Zynga Shares Jump On Facebook IPO Connection

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It's good to be friends with Facebook. Zynga, the online video game company, saw its stock soar nearly 20% Thursday after Facebook disclosed that it made 12% of its revenue off the company last year. The social networking giant, which plans to go public later this year, also listed its dependance on Zynga as a "risk factor" in its IPO filing. Zynga, which makes games such as Farmville, CityVille, and MafiaWars, was founded in 2007 by Mark Pincus. The company boasts 54 million users who play every day and 227 million users who play at least once a month. Many of them play on Facebook. In the first nine months of 2011 Zynga users spent nearly $800 million on virtual goods that enhance the gaming experience, such as extra “energy,” increased “power,” and various in-game objects like buildings and animals

New Sony CEO Faces Historic Losses and Global Challenges

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Sony Corp. announced grim projections for the fiscal year on Thursday in Tokyo, reporting $1.2 billion in operating losses for the third quarter and a projected $2.9 billion loss for the year.  The bleak figures highlight the challenge ahead for Kazuo “Kaz” Hirai, who will take the helm of the struggling electronics and entertainment giant, assuming the role of both president and chief executive on April 1. The Tokyo-born Sony veteran will replace current CEO, president and chairman Sir Howard Stringer, who will become chairman of the board, a non-executive position, in June. “I look forward to helping Kaz in every way I can so that succession leads inevitably to success,” Stringer said in statement issued by Sony yesterday. “He is ready to lead, and the time to make this change is now.”

Bernanke Urges Caution in Sharp Deficit Cutting

WASHINGTON — Ben Bernanke is urging lawmakers to balance their desire to cut deficits with policies that could help boost the weak economy in the short run.

Bernanke told the House Budget Committee that he recognizes that huge budget deficits represent a serious threat to the economy.

A Look Inside President Obama’s New Housing Proposals

President Obama held a rally yesterday in Falls Church, Virginia, where he provided more details concerning his plan, mentioned briefly in his state of the union speech, to stabilize the housing market.  The centerpiece of the plan is a new program that would expand HARP to many homeowners whose loans are not backed by government-owned Fannie Mae and Freddie Mac, enabling them to refinance even if they don’t qualify under traditional lending standards.

Why Facebook’s IPO Matters

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Facebook's initial public offering later this spring will create a billion-dollar windfall for its founders and early investors. But at a deeper level, the company's IPO serves as a symbol for the emergence of the Internet as a powerful tool for individual self-expression and collective organization. It's also a dramatic example of a generational shift taking place among the entrepreneurial class, one that elevates social change as a priority along with commercial success.

Social Windfall: Facebook IPO’s Winners

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Social networking giant Facebook filed IPO documents with the Securities and Exchange Commission on Wednesday. Facebook’s public debut could value the company as high as $100 billion. Several individuals and venture capital firms stand to reap massive financial windfalls. Here's a look at some of the biggest winners from the company's offering.

Facebook by the Numbers: IPO Filing Highlights

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Facebook’s S-1 IPO filling with the Securities and Exchange Commission is the first step toward becoming a public company — and the first time that public market investors have been able to scrutinize the company’s books. Here are some highlights.