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How safe is your Facebook info?

Out of the 150 million Facebook users in the U.S., almost 13 million don’t use or aren’t aware of the site’s privacy settings, according to a report published in the June issue of Consumer Reports. Further, 28 percent of the people polled by CR shared all, or almost all, of their wall posts with people beyond their friends.

Consumer Reports uncovered other types of risky behavior among Facebook users.

An estimated 4.8 million people have posted details about where they plan to go on a specific day. Such a tip-off attract burglars who can find a person’s address and know when the house will be empty. Incidents have already occurred where criminals have robbed homes based on information posted on social networks.

The study also found that 4.7 million people have “liked” a certain Facebook page about health conditions or treatments, which CR believes insurance companies could use against them.
Related stories

Facebook fans flames with privacy policy tweaks
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Even those who batten down their privacy could be at risk, noted Consumer Reports.

As one example, people who limit their personal information to be seen only by friends could potentially find their data exposed to third parties if a friends shares it via a Facebook app.

Some people are going so far as to post phony information because of security concerns. CR found that 25 percent of the people polled said they falsified certain details in their profile to protect themselves, up from just 10 percent a couple of years ago.

Beyond doctoring their data, how can Facebook users protect themselves and their online identites?

The magazine offers a variety of suggestions, among them:

Think before you type. Even if you delete your Facebook account, certain information can stick around for as long as 90 days.
Review your privacy settings on a regular basis and see how your own page looks to other people.
Protect basic information, such as your town or employer. And remember that sharing certain details with “friends of friends” could expose you to a lot of people.
Your username and photo are public, so users concerned about privacy may want to leave out a picture of themselves.
Set your controls to limit the information that Facebook apps can see about you

[Via Cnet]

 

 

 

 

Apple: Danger Ahead?

The seemingly undaunted rise of Apple AAPL -0.80% , the largest U.S. company by market value, has spurred plenty of conversation about the impact the stock is having on ETFs. To be sure, there are plenty of ETFs with which to gain exposure to the technology juggernaut.

Possibly overlooked in the matter of Apple and ETFs is just how vulnerable these funds could be should shares of Apple experience a deep pullback. Street One Financial President Scott Freeze argues that ETFs are designed to give investors broad-based exposure to sectors, while minimizing individual stock risks.

Highlighting the PowerShares QQQ QQQ -1.36% and the Technology Select Sector SPDR XLK -1.18% as particularly vulnerable to an Apple sell-off, Freeze notes “the extreme weighting of Apple in the weighted Technology ETFs accounts for 10% of the YTD gains and 15% of the rolling 52 weeks gains. So Ex-Apple we see a single digit gain in the QQQ and XLK this year and flat performance for the rolling 52 weeks.”

Apple accounted for 19.3% of QQQ’s overall weight as of April 3 and 19.1% of XLK’s weight as of April 2. The stock receives an allocation of 21.9% in the iShares Dow Jones U.S. Technology Sector Index Fund IYW -1.50% .

Maybe there’s something to be said for an equal-weight approach. As Freeze notes, the First Trust NASDAQ-100 Equal Weight Index Fund QQEW -0.70% “is up 16% YTD and 7% rolling 52 weeks.” Apple accounts for just 1.02% of QQEW’s weight and isn’t even among the ETF’s top-30 holdings. As one example, Netflix NFLX -2.39% receives a larger allocation in QQEW than Apple.

QQEW has average daily volume of less than 52,000 shares compared to 46.94 million shares for QQQ and 9.19 million shares for XLK, according to Finviz data. Investors using QQQ and XLK for broad-based tech exposure “need to be aware of the perils that holding an ETF with such a heavy weighting of Apple can cause,” Freeze said.

“Apple has much more competition for its core products now than it ever did before and questions persist about long term innovative products that will have the same impact as the I-Phone and I-Pad,” Freeze said.

Anecdotal, but important examples exist regarding the impact Apple’s ascent has had on Apple’s market. When the Nasdaq 100 rebalanced in 2011, mainly to diminish Apple as its driving force, the stock fell to 12.3% of the index’s weight and QQQ followed suit. But in the span of less than a year, the stock’s weight in the ETF has increased by more than 50%. The iShares Morningstar Large Growth Index Fund JKE -1.19% had a 12% allocation to Apple just a few days before Christmas 2011. Now JKE’s Apple exposure is north of 16%.

As has been noted time and time again by any number of banks and analysts over the past few months, strip Apple out of the equation and EPS growth for the S&P 500 in the first quarter is basically zero. Said another way, the entire market is vulnerable to even the slightest of Apple missteps, be it a disappointing batch of iPad sales figures, an extended delay of the next iPhone or problems with suppliers.

Logically, the broader market’s Apple vulnerability carries over to ETFs since it is demand for or selling pressure on an ETF’s underlying components that drives the fund’s price action. Freeze sees an even more viscous circle playing out while making a sound argument for equal-weight products.

“Should the expected pullback in the market occur, and investors sell out of QQQ and XLK, that will put oversized pressure on Apple itself, and a run of profit taking on Apple would then exert oversized pressure on QQQ and XLK and really hurt investors to a much greater level than ones invested in equal weighted products,” according to Freeze.

[Via Benzinga]

Going into a mall during the holidays can be as dangerous as sending an alcoholic into an open bar. The sales, the artful displays, and the pushy salesclerks can all woo you into buying something you don’t need, or worse, can’t afford. Here are some ways to curb compulsive shopping so you save your money for what you really, really want.

Break the snowball effect

Don’t buy everything in one store. We often think, “I’ve spent $200, what’s another $20?” So shop around, getting different purchases from different stores, or at least, trying to check out other options. You may end up finding a better deal, but even if you go back for the item you first fell in love with, at least you avoid shopper’s remorse.

Don’t just buy because of the price

Something can be dirt-cheap but if you won’t use it, or never planned to buy it anyway, then you still lose out. Ask yourself, “Would I buy this even if it weren’t on sale?” or “How big is the discount? Will I really save a significant amount of money?” If you use your credit card to buy something that’s just 25% off, but won’t be able to pay it off right away, then you end up spending a lot more on interest or late fees.

Pay with cash

The problem with credit cards is we don’t physically see what we spend. But when we use actual bills, we feel our wallet getting thinner. Also, a huge credit card debt also numbs us into buying more and more—kind of like a dieter going on a binge. “I already ate one piece, I might as well have the whole cake.”

Don’t shop when you’re depressed

Shopping can give us a temporary mood boost, but not only does this pleasure easily disappear, the euphoria makes us reckless. So the best defense is to go shopping when we’re already in a good mood. Don’t even step into a mall when you’re tired, depressed, lonely, or stressed out.

[Via o5]

Daimler testing wireless charging on a Mercedes Benz in a house from the future

Daimler (owners of Mercedes-Benz and Smart) is teaming up with Conductix-Wampfler and Röchling Automotive KG to produce wireless charging coils to form the centerpiece of 2012′s Effizienzhaus-Plus. It’s a government-backed project to build and test a dwelling that generates more energy than it uses — the excess will then charge the supplied B-Class E-Cell ‘Benz EV without the need of cabling. Simply park the car over a coil in the garage floor and the electromagnetic field will juice your environmentally friendly whip for free. The company hopes the project will iron out the logistical and financial issues preventing it from bringing the tech to the Autobahns of the world. One thing the project can’t do, however, is soothe the troubled brow of the fossil-fuel lobby — the press release we’ve got below dryly notes that “clearly, BP will not be happy about this.”
PRESS RELEASE
Charge on the Go: Daimler to Test Real Time Charging on a Modified Mercedes A-Class E-CELL
Inductive charging will allow the A-Class E-Cell to recharge without ever needing to be plugged in with a cable

07 December 2011 | JDavis
Incredibly, 2012 is nearly upon us, and unlike the visions of the future dreamed up in the ’80′s, flying cars and routine jaunts around space have yet to materialize. One thing that’s getting closer, however, is the idea of charging electric cars while driving, minus a cable. That’s right kids, Daimler is seeking to bring you charging on the go.

Called inductive charging, the concept is relatively straightforward. An electric car is fitted with a special charging coil that then needs to be positioned (or in this case driven) over a charging coil in the ground, which will then automatically start the charging process without no need for cable contact.

“We are keen to find out how the inductive charging process proves in daily use,” says Herbert Kohler, head of e-drive & future mobility in the Research and Advance Development department at Daimler AG. “We have already demonstrated the essential feasibility of the technology. The experience in day-to-day use will now provide important pointers for the further course of development. A number of technical and financial issues also need to be resolved before we can really assess the marketability of this technology.”

The electric car will be deployed in March 2012 in the project “Effizienzhaus-Plus mit Elektromobilität”, which was inaugurated in Berlin Wednesday by Federal Chancellor Dr. Angela Merkel and Dr. Peter Ramsauer, Member of the Bundestag and Federal Minister of Transport, Building and Urban Affairs.

The “Effizienzhaus-Plus mit Elektromobilität” uses cutting-edge technology to create an energy-efficient house that will generate more electricity than it needs, leaving a surplus of energy behind. This surplus electricity can then be used to recharge battery-powered electric vehicles, in this case, the Mercedes-Benz A-Class E-CELL. In essence turing your home into your very own gas station – clearly BP will not be happy about this.

The entire building has been designed along energy-efficient lines, seamlessly incorporating the area of electric mobility. Both the inductive and the cable-based charging devices are harmonically integrated in the house’s architecture, for example. A family of four will live at the house on an experimental basis for 15 months, beginning in March 2012. During their stay at the house they will use various electric vehicles to explore and demonstrate how a new generation of buildings and electric mobility interact in daily life. Apart from the Mercedes-Benz A-Class E-CELL with inductive charging option, Daimler AG will be providing the “Effizienzhaus-Plus mit Elektromobilität” project from the start in March 2012 with two other battery-powered electric vehicles for around three months: the second-generation smart fortwo electric drive and the smart ebike. The family will thus have a broad spectrum of battery-powered local emission-free electric vehicles from Daimler at its disposal to cover the most diverse uses. From the two-seater tailored perfectly to urban needs through the 5-seater family car to the electric bike which opens the door to electric mobility without any need for a driving licence. Daimler will also attend to installation of the necessary charging infrastructure at the house, providing a wallbox for conductive charging with a cable and a charging coil for inductive charging in the carport. Alternatively, the family will also be able to charge all the vehicles at public charging stations or by plugging them into a standard domestic power outlet.

In the end, the project “Effizienzhaus-Plus mit Elektromobilität” will hopefully show that sustainable living and driving is possible without compromising on one’s quality of life. Scientific evaluation of the data on usage of the vehicle which are collected in the course of the project may additionally provide important insights into customers’ wishes – and show how electric cars can become yet more sustainable and at the same time more comfortable and convenient in the future.

Charging without a cable

In addition to charging with a cable, the Mercedes-Benz A-Class E-CELL to be deployed in this project can also be charged inductively. This involves non-contact transmission of the charging current by means of an electromagnetic field. For this purpose, both the vehicle and the parking space at the energy-efficient house are fitted with corresponding coils. A special display system helps the driver to manoeuvre the vehicle into the ideal position over the charging coil.

In cooperation with Conductix-Wampfler and Röchling Automotive KG, Daimler has already developed a prototype version of this technology and demonstrated its functional effectiveness in a project sponsored by the Federal Ministry of the Environment. The technology’s suitability for everyday use is now to be sounded out thoroughly in the course of the practical trial.

A perfect match: energy-efficient house and electric vehicle in coordinated design

In order to highlight the close functional relationship between house and vehicle, a special edition has been developed for the “Effizienzhaus-Plus” project in close consultation between the Mercedes-Benz Design department and “Effizienzhaus-Plus” architect Prof. Werner Sobek. In keeping with the design and colour concept for the house, white and natural tones are predominant in the exterior and interior design of the Mercedes-Benz A-Class E-CELL and the second-generation smart fortwo electric drive. A specially developed pearl coat in platinum white metallic lends the vehicles a strong presence and reflects heat, thereby helping to keep the interior cool. The combined use of natural textiles such as wool, linen and nappa leather provides for an attractive contrast.

The coordinated design means that the family will feel totally at home in the cars, thus communicating the concept of integrated sustainable home living and motoring on a visual and an emotional level.

[via Mercedes-Benz]

Groupon is a good catch but its no shark in the IPO world.

Data security software company Imperva Inc.’s (IMPV) initial public offering generated strong trading gains during its debut Wednesday, following on Groupon Inc.’s (GRPN) success last week.

The company’s stock closed at $24 a share on the New York Stock Exchange, up 33% from its initial public offering price of $18. It sold 5 million shares at a price above its expected $14 to $16 range.

Imperva’s gains came even as broader market indexes tumbled; the Dow Jones Industrial Average declined 3.2%, and the Standard & Poor’s 500 stock index fell 3.67%. Imperva’s gains follow a 30.6% first-day pop achieved last week by daily deals website Groupon, which closed that day at $26.11. Groupon closed down Wednesday at $24.02, 8% below its first day close.

Imperva makes software that protects against hackers and cuts the risk of business-data theft. The software is designed to work across different systems in data centers, whether on-site at a company or housed in a cloud computing environment; it also offers cloud-based security services for web applications.

Its customers include four of the top five telecom firms, three of the top five commercial banks in the U.S., three of the top five financial data service firms, as well as government agencies around the world and more than 100 of the Fortune 1000 companies, according to its prospectus. It sells its products and services through a network of distributors and resellers.

Though it is headquartered in Redwood Shores, Calif., Imperva’s principal research and development facilities are located in Israel.

The company, which was founded in 2002, has never been profitable and operates in a very competitive sector. But its sales have been growing; in the nine months that ended Sept. 30, net revenue rose 43% to $55 million compared to the same period of 2010, due to increasing demand for its products and services, according to the company’s prospectus. Its net loss narrowed slightly to $8.8 million during that time.

[Via WSJ]

AMERICA’S FASTEST AND MOST RELIABLE 4G NETWORK EXPANDS TO MORE THAN 175 MARKETS ON NOV. 17

BASKING RIDGE, N.J. and SAN DIEGO – Verizon Wireless announced today at CTIA Enterprise and Applications™ 2011 that its 4G LTE network will be available in 178 markets by Nov. 17. The leader in mobile broadband will turn on its 4G LTE network in 22 new cities and expand the network in four cities on Oct. 20, and will turn on the 4G LTE network in 13 cities and expand in five cities on Nov. 17, making the largest 4G LTE network in the county even bigger.

Consumers and businesses in these cities will be able to access the blazingly fast speeds of Verizon Wireless’ 4G LTE network with any of Verizon Wireless’ 13 4G LTE-enabled devices, including the new Pantech Breakout™ and DROID BIONIC™ by Motorola smartphones, and the 4G LTE-enabled Motorola XOOM™.

“When we launched our 4G LTE network just 43 weeks ago, we had an ambitious growth plan because we understood the impact 4G LTE could have on people’s lives,” said David Small, chief technical officer of Verizon Wireless. “Americans in 178 cities from coast to coast will have access to the nation’s most reliable 4G network before Thanksgiving, allowing them to harness the speed and power of the network not only where they live but also where they travel.”

On Thursday, Oct. 20, Verizon Wireless’ 4G LTE network will be available in Birmingham, Ala.; Modesto and Stockton, Calif.; Fort Myers, Fla.; Bloomington, Elkhart, Evansville, South Bend and Terre Haute, Ind.; Sioux City, Iowa; Hagerstown, Md.; Tupelo, Miss.; Albuquerque and Santa Fe, N.M.; Buffalo, N.Y.; Asheville, N.C.; Bartlesville, Okla.; Jackson and Martin, Tenn.; Greater Hampton Roads and Richmond, Va.; and Green Bay, Wis. Verizon Wireless is also expanding its 4G LTE network in Los Angeles and San Diego, Calif.; Washington, D.C.; and Erie, Pa. the same day.

On Thursday, Nov. 17, the company will turn on its 4G LTE network in Little Rock, Ark.; Savannah, Ga.; Cedar Rapids and Des Moines, Iowa; Lexington, Ky.; Kansas City and Springfield, Mo.; Lincoln, Neb.; Orange County, N.Y.; Greater Providence; Rapid City, S.D.; Roanoke, Va.; and Appleton, Wis. The company is also making major 4G LTE expansions on Nov. 17 in Louisville, Ky.; Grand Rapids, Mich.; Minneapolis/St. Paul, Minn.; Pittsburgh, Pa.; and Nashville, Tenn.

4G LTE Speed and Coverage

In real-world, fully loaded network environments, 4G LTE users should experience average data rates of 5 to 12 megabits per second (Mbps) on the downlink and 2 to 5 Mbps on the uplink. When customers travel outside of a 4G LTE coverage area, devices automatically connect to Verizon Wireless’ 3G network, enabling customers to stay connected from coast to coast. Verizon Wireless’ 3G network is the most reliable network in the country and allows customers in 3G coverage areas who purchase 4G LTE devices today to take advantage of 4G LTE speeds when the faster network becomes available in their city.

Reliability: In and Beyond Major Cities

As the company with the most reliable 4G wireless network in the county and the first wireless company in the world to broadly deploy 4G LTE technology, Verizon Wireless is committed to building its 4G LTE network with the same performance and reliability for which it has long been recognized. Verizon Wireless’ consistent focus on reliability is based on rigid engineering standards and a disciplined deployment approach year after year. The company’s 700 MHz spectrum gives Verizon Wireless specific advantages with 4G LTE, including a contiguous, nationwide network license.

Over the past year, Verizon Wireless has also worked to bring its 4G LTE network beyond major cities with its LTE in Rural America program. The company is working with rural communications companies to collaboratively build and operate a 4G LTE network in those areas using the tower and backhaul assets of the rural company and Verizon Wireless’ core 4G LTE equipment and premium 700 MHz spectrum. Already, 12 rural organizations have announced their participation in the LTE in Rural America program and have leased spectrum covering, in total, more than 2.6 million people in rural communities and nearly 82,000 square miles. These companies include: Appalachian Wireless, Bluegrass Cellular, Carolina West/Clear Stream, Cellcom, Chariton Valley, Convergence Technologies, Cross Telephone, Custer Telephone Cooperative, Pioneer Cellular, S and R Communications, Strata Networks and Thumb Cellular.

Former eBay chief Meg Whitman replaces Apotheker as HP CEO

Former eBay CEO Meg Whitman has officially replaced Leo Apotheker as the CEO of HP. Unlike Apotheker, Whitman has experience working in the consumer market after spending 10 years with eBay. Ray Lane will assume the executive chairman position on the board of directors. “We are fortunate to have someone of Meg Whitman’s caliber and experience step up to lead HP,” Lane said. “We are at a critical moment and we need renewed leadership to successfully implement our strategy and take advantage of the market opportunities ahead. Meg is a technology visionary with a proven track record of execution. She is a strong communicator who is customer focused with deep leadership capabilities. Furthermore, as a member of HP’s board of directors for the past eight months, Meg has a solid understanding of our products and markets.” Read on for the full press release from HP.

HP Names Meg Whitman President and Chief Executive Officer

Ray Lane appointed executive chairman; Léo Apotheker steps down as president, chief executive officer and director

PALO ALTO, Calif.–(BUSINESS WIRE)– HP (NYSE:HPQ – News) today announced that its board of directors has appointed Meg Whitman as president and chief executive officer.

In addition, Ray Lane has moved from non-executive chairman to executive chairman of the board of directors, and the board intends to appoint a lead independent director promptly. These leadership appointments are effective immediately and follow the decision that Léo Apotheker step down as president and chief executive officer and resign as a director of the company.

“We are fortunate to have someone of Meg Whitman’s caliber and experience step up to lead HP,” said Lane. “We are at a critical moment and we need renewed leadership to successfully implement our strategy and take advantage of the market opportunities ahead. Meg is a technology visionary with a proven track record of execution. She is a strong communicator who is customer focused with deep leadership capabilities. Furthermore, as a member of HP’s board of directors for the past eight months, Meg has a solid understanding of our products and markets.”

Whitman said, “I am honored and excited to lead HP. I believe HP matters – it matters to Silicon Valley, California, the country and the world.”

Speaking on behalf of the board, Lane said, “We very much appreciate Léo’s efforts and his service to HP since his appointment last year. The board believes that the job of the HP CEO now requires additional attributes to successfully execute on the company’s strategy. Meg Whitman has the right operational and communication skills and leadership abilities to deliver improved execution and financial performance.”

Financial analyst conference call details

HP will host an audio webcast for financial analysts and stockholders to discuss today’s announcement. Details are below:

When: Sept. 22, 2 p.m. PT / 5 p.m. ET

URL: www.hp.com/investor/briefing

It is recommended that attendees dial in 15 minutes early to avoid registration delays.
[via BGR]

Netflix adds more content

Forget the loss of Starz for a couple of seconds. I know it hurts, but at least consider that Netflix has signed the Discovery network on for at least two years of streaming content before you drop your subscription.

The deal is sure to thrill brainy factoid lovers everywhere, with the inclusion of popular TV shows like Man vs. Wild, River Monsters and Deadliest Catch. The deal includes several channels: Discovery, TLC, Animal Planet, ID: Investigation Discovery and the Science and Military channels.

The U.S. Has a new Debt deal to pay it’s bills but market is still going down

Monday’s stock market tape said plenty about what the new debt deal means to investors. The Dow Jones Industrial Average opened more than 100 points higher in celebration of word from Congress that it would narrowly avoid a U.S. default. But that’s like cheering a boxer for not punching himself in the privates, investors soon realized, and stocks slipped into the red before lunchtime.

The problem isn’t the deal itself. True, it’s a compromise so meager that it makes Friday’s passing of House Resolution 2244, naming a New York post office after a Vietnam War hero, look daring by comparison. The deal imposes almost no spending cuts over the next two years and thereafter slows but doesn’t eliminate the rise in the debt, and it leaves work on the difficult parts — tax and entitlement reform — for later. But it avoids default today and forces lawmakers to get serious in coming months about some long-ignored problems.

It doesn’t do anything to change two of the biggest forces that will drive investment returns in years to come, however. The first is that, just as wanton borrowing has flattered economic growth in recent decades, prudence must now crimp growth. The second is that a demographic bulge that spent a quarter-century stuffing pay into shares and bonds will now begin cashing these assets in, and the effect on prices isn’t certain but is unlikely to be positive. Next to these two factors, remaining concerns, including the continued risk of a U.S. credit downgrade, seem trifles.

Corporate leaders view the debt plan as a self-inflicted wound, perpetuating feelings of frustration and insecurity towards the U.S. economy. Vipal Monga of the WSJ’s CFO Journal discusses the CFO reaction with John Bussey and Alan Murray. Photo: AP

The naked economy, stripped of its deficit spending, isn’t pretty. Gross domestic product per head has increased 6% over the past decade, but take away for the amount by which public debt has swelled and the result is a 6% drop in GDP, wrote Rob Arnott or Research Affiliates in an April newsletter to clients. The real economy, absent population growth and borrowed puffery, hasn’t improved since 1998. That suggests that if the nation spends within its means, or beyond them by less, as seems necessary, the result will be a long economic slog.

Ultra-low interest rates have forced a quick bounce-back for stock and bond prices, but they can’t force a return to dependably rich long-term returns. The first of 79 million baby boomers turns 65 this year. The mutual fund industry, with its $12 trillion of stock and bond assets, grew up around boomers like the trade in relaxed fit jeans. A retirement wave might thus set off a long decline in stock demand as boomers spend part of their savings.

The Government Accountability Office studied the matter in 2006 and concluded there’s little to worry about. “The small minority who own most assets held by this generation will likely need to sell few assets in retirement,” read its report. But that’s another way of saying that most boomers are broke. If the GAO is wrong, stocks may disappoint. If it’s right, the retirement and health care needs of low-savings boomers will create a drain on the public purse, leaving less for private investment, and stocks may disappoint.

There’s no doomsday on the horizon, as much fun as it would be to prepare for one. There’s not even necessarily a crash. But there’s likely to be a long period of challenging conditions for investors. The 18% average real returns (after inflation) of the 1980s and 1990s are as over as M.C. Hammer pants. The 7% real returns of the past two centuries look optimistic, too. Cal Tech economist Bradford Cornell won a Graham and Dodd Scroll Award last year for a paper published in Financial Analysts Journal. In it he argued simply that stock returns are inevitably driven by economic growth, and that economic growth in the U.S. is sure to slow. Investors should thus expect real long-term stock returns of about 4% a year, in Cornell’s view.

If he’s right, investors might want to make some adjustments to their portfolios. Dividend yields average a measly 2% at the moment, but there are plenty of 3% ones to be found, and in a world of 4% stock returns, a 3% income is plenty attractive. Second, a big price drop is a difficult thing to come back from at a pace of 4% a year. That makes preserving capital as important as trying to spot the next big score.

[Via Smart Money]

Former U.S. Treasury Secretary Larry Summers Joins Square’s Board

Mobile payments startup Square has added some economic muscle to its board of directors with Larry Summers, the former U.S. Treasury secretary and former president of Harvard.Summers will join an all-star board that includes venture capitalists Vinod Khosla (Khosla Ventures), Roelof Botha (Sequoia Capital, PayPal), Gideon Yu (Khosla, Sequoia, YouTube, Facebook, San Francisco 49ers) and CEO Jack Dorsey.

“Square is at a key point in our trajectory and we know Larry will contribute tremendous wisdom and expertise toward our continued success,” Dorsey said in a statement.

Summers was the 71st secretary of the Treasury, from 1999 to 2001, during the end of Bill Clinton’s presidency. He then moved on to become the president of Harvard University from 2001 until his resignation in 2006. While at Harvard, Summers heard and dismissed a claim by the Winklevoss twins that Mark Zuckerberg had stolen their idea to found Facebook – a scene later portrayed in the movie The Social Network.

More recently, Summers served as President Obama’s director of the National Economic Council, a position he held from January 2009 to December 2010. He also served as the chief economist of the World Bank.

Square, founded in 2009 by Twitter co-founder Jack Dorsey, has been on a tear. It unveiled a pay-with-your-namesystem last month and is processing more than $2 million in card payments daily. It’s rumored to be seeking a$2 billion valuation in its next venture funding round.

[Mashable]

Yandex Priced at $25

Russian search engine Yandex N.V. (YNDX) priced its initial public offering Monday night at $25 a share, above its expected range.

The company sold 52.2 million Class A shares, raising a total of $1.3 billion. The stock begins trading Tuesday on the Nasdaq under the symbol YNDX.

Yandex had originally set its expected price range at $20 to $22.

Yandex, the largest Russian Internet company by revenue, is also its most popular search engine, generating 65% of all search traffic in a country that isn’t dominated by Google Inc. (GOOG). The company also operates in Ukraine, Kazakhstan and Belarus.

Consumer Internet companies both public and private have been drawing buzz in the U.S., especially in the wake of LinkedIn Inc.’s (LNKD) initial public offering last week, during which its shares doubled on the first day, the second-highest IPO performance of the year. That stock closed down 5% for the day Monday

Though Yandex isn’t in the same social media sector as LinkedIn, its dominance in a high-growth region for Internet users is attractive to investors.

Morgan Stanley (MS), Deutsche Bank AG (DB) and Goldman Sachs Group Inc. managed Yandex’s offering.

[Via dowjones]

Zecco Launches App To Let You Trade Stocks, View Realtime Stock Market Data On Facebook

When it comes to public interaction with the stock market, the ability to trade stocks online has completely changed the game. With abundant financial information on the Web, through a little research, more people than ever before have joined in on an activity once reserved for a relationship between the broker and a trader. If you trade online, you may have used ETRADE or TD Ameritrade, or a host of other sites, or you may use Google Finance or Yahoo Finance to do your research. But, of late, we’ve seen the social trend hitting online trading, as it has for so many other spaces.

Last year, rapidly-growing online brokerage company, Zecco, launched the first part in an effort to crank online trading into the next gear: Allowing online stock traders to trade anywhere on the Web, whenever they feel so inspired. This took the form of Zap Trade, which was released in conjunction with StockTwits, the growing social micro-blogging and trading service, as a widget on the StockTwits site and as a Firefox add-on. The Zap Trade widget allows users to place trades from StockTwits or directly from the browser. Today, live from TechCrunch Disrupt in New York, the trade-where-you-want-when-you-want parade continues, as Zecco launches the appropriately named “Wall Street”, which the company says is the “first and only” Facebook app to offer realtime stock quotes, charts, and community discussions on Facebook. And, my friends, not only that, but the Facebook app allows you to make stock trades directly from Facebook, using a compact trade ticket, without ever having to leave the friendly confines of Facebook.

Besides allowing the access to realtime stock data and to make trades within the app, the Facebook integration gives both amateur and expert traders alike the ability to “Like” a stock and to thereby stay tuned on the stock’s latest developments, as well as to see which stocks your friends “Like”. So that you can then publicly ridicule them on their Facebook page, or covertly buy that stock as well. What’s more, the app allows you to comment on a stock, participate in discussions, and share investment ideas with specific Facebook friends.

On stage today at Disrupt, Zecco CEO Michael Raneri allowed Erick Schonfeld to make what he says is the first-ever online stock trade on Facebook. ZOMG! The CEO showed off the Facebook app’s realtime quotes and charts, which you can see in the image to the left.

Beyond trading specific stocks, say that you want to search for wider market trends, Zecco’s app allows you to not only get free quotes and charts on any number of stocks or ETFs, but also lists of the previous day’s most actively and widely-held stocks, so that you can see how risky or safe a stock is compared to others in the market. The app looks great and seems very easy to use. It may take some time for people to get used to the idea of making stock trades on Facebook, considering many people tend not to use the social networking site for financial services, but I think it’s pretty neat that stock trading and free market data has finally come to Facebook — now I can stalk ex-girlfriends and trade my ETFs in one fell swoop. Now, that is something worth writing home about.

[Via TechCrunch]

Zipcar Inc. said Wednesday that a spike in membership helped sales rise by 48%, though several one-time items, including acquisition costs, led to a wider first-quarter loss

The car-sharing company said it lost $6.1 million, or 95 cents a share, compared with a loss of $5.3 million or $2.37 a share a year earlier.

Adjusted for one-time items, Zipcar ZIP +0.21% said it lost $1.9 million, an improvement from an adjusted loss of $2.6 million in last year’s period.

Looking ahead, Cambridge, Mass.-based Zipcar said it expects to post sales of $59 million to $60 million in the second quarter, which is slightly ahead of Wall Street targets.

The stock closed down fractionally at $28.63 before dropping to $28.25 in extended trading. Zipcar went public last month at $18 a share.

[via MW]

Boingo Wireless, a nationwide WiFi provider, has just issued a release stating that it is pricing its IPO tomorrow morning at $13.50 per share, which falls into the expected range. The shares will begin trading on the NASDAQ under the symbol “WIFI.”

Boingo is looking to raise $75 million in its public offering. Boingo claims that it is one of the largest commercial Wi-Fi networks in the world, with 211,000 Wi-Fi locations in over 100 countries. The company installs, manages and operates wireless networks in locations like airports and restaurant chains, which Boing says had more than 800 million visitors in 2009.

Boingo is offering 3,846,800 shares and selling stockholders are offering 1,923,200 shares. In addition, Boingo has granted the underwriters a 30-day option to purchase up to an additional 865,500 shares, on the same terms and conditions. Credit Suisse, Deutsche Bank Securities, Pacific Crest Securities and William Blair & Company are underwriting the offering.

According to the initial S-1 filing, Boingo had 1.3 million consumers who have purchased its mobile Internet services in the past year. The company’s primary source of revenue is from consumers who purchase month-to-month subscription plans or hotspot specific, single-use access to its network. Boingo also receives money from business partners that pay to allow their consumers to access the network. Other revenue channels include telecom operators and advertisers.

[via bizweek]

Credit Agencies Now Asking: Did You Pay the Rent on Time?

Paying your rent on time not only keeps you in good standing with your landlord; starting this year it may also translate into a stronger credit report. Experian, one of the three major credit reporting agencies, has begun reporting positive rental data — and only positive data — to help consumers enhance their credit reports. But renters beware: In 2012 Experian will continue to report the good along with the bad. Failing to pay your rent on time or getting evicted will eventually be noted, as well.

This is helpful news for individuals who are renting due to destroyed credit in the wake of a foreclosure. It’s also potentially beneficial to young adults, the biggest population of renters, who may be able to boost their credit rating simply by paying their rent on time, which will help them qualify for a mortgage down the road.

While this is a significant change, not every renter will be affected just yet. Experian has information from only 8 million landlords included in its RentBureau reporting unit, which it acquired in 2010. About one-third of the population rents.

Experian will include the data in your credit report and factor it in when calculating your VantageScore, an alternative credit scoring model developed by Experian and fellow credit reporting agencies TransUnion and Equifax. But FICO, which calculates the most widely used credit score, has not said whether it will use rental data.

My guess it won’t be too far off in the future. This move by Experian is clearly a sign of the times. As 8 million fewer Americans use credit cards and fewer buy homes, the traditional ways of establishing and building credit are becoming less common. If lenders want to assess credit worthiness in the “new normal” economy, the credit reporting agencies may need to provide them with other telling variables. My gut tells me other credit reporting agencies will follow suit. And who knows what else will suddenly become a sign of credit worthiness? Could credit reporting agencies keep track of whether you pay your family loans back on time? After all, more are borrowing from loved ones in this economy partly because banks won’t budge.

Chief Executive Tom Watkins said Monday that Human Genome Sciences Inc. expects its yet-to-be-approved Lupus drug Benlysta to help generate “multi-billion dollar annual revenues” for the company by 2015.

Watkins, in an appearance at the JP Morgan Healthcare Conference in San Francisco, said that Human Genome (HGSI) is prepared to begin selling Benlysta in tandem with partner GlaxoSmithKline PLC. (GSK ), if and when the U.S. Food and Drug Administration approves the drug by early March.

[via CBS Money]

It’s the fourth modification of the Starbucks logo since it was created in 1971 and the first significant tweak since the company went public in 1992.The switch marks a new chapter in Starbucks’s history, according to the company.The company, which has turned around its business since stumbling badly at the outset of the economic downturn, is celebrating its 40th anniversary this year and is making a push to become a worldwide consumer-products company, moves that include selling more of its products through grocery stores and serving beer and wine in some of its remodeled stores.

“We’ve given [the logo] a small but meaningful update to ensure that the Starbucks brand continues to embrace our heritage,” Starbucks Chief Executive Howard Schultz said in a statement.The first siren logo in 1971 was brown and included the words “coffee,” “tea” and “spices.”In 1987, when Starbucks began serving espresso beverages, the logo turned mainly green, and the tea and spices references were dropped. In 1992, the image of the siren was changed.The company also re-embraced the retro brown logo for some cups when it reintroduced its Pike Place coffee blend in 2008.Starbucks shares were down 4 cents at $32.42 in afternoon trading Wednesday.