Facebook stock passes $38 initial public offering price

Facebook’s stock has passed its $38 IPO price for the first time since its rocky public debut last May, crossing a symbolic hurdle that has eluded it for more than a year.

Shares of Facebook Inc. increased 1.2 percent to $38.08 in morning trading Wednesday. That’s the highest the stock has traded since the company’s highly anticipated initial public offering ended with a thud. The stock is up by more than 50 percent since last week.

The world’s biggest online social network has been on a roll since reporting stronger-than-expected earnings on July 24. Investors are especially upbeat about its fast-growing mobile advertising revenue.

Facebook’s ability to grow mobile revenue was one of the biggest concerns in the weeks leading up to its IPO last year. Investors were worried that its ad business was not migrating to mobile gadgets as quickly as its user base. 

Whole Foods: 21 percent rise in profit for quarter

Whole Foods Market Inc. says its profit rose by 21 percent in the latest quarter, as the organic grocery store chain saw sales climb and costs ease.

The company, based in Austin, Texas, says sales at stores open at least year rose 7.5 percent. But in the current quarter so far, the company said the figure was up a slower 5.8 percent.

Whole Foods has more than 350 locations, including Portland. 

Dell board’s decision likely to quash bid for buyout

Dell’s board rejected CEO Michael Dell’s attempt to change the voting rules for his bid to buy the slumping personal computer maker, a decision that is likely to doom the deal.

But the endangered buyout could still get a reprieve if Michael Dell and his allies accept a counterproposal that would extend the voting period for a third time and allow a bigger pool of shareholders to cast ballots.

The rebuff announced Wednesday marks the latest blow that Michael Dell and his main backer, Silver Lake Partners, have absorbed since reaching an agreement with Dell Inc.’s board nearly six months ago to buy the Round Rock, Texas, company for $24.4 billion, or $13.65 per share.

A vote on Michael Dell’s offer is scheduled to be held Friday. 

Starbucks says Google deal will give stores better Wi-Fi

Starbucks says it’s reached a deal to partner with Google that will allow it to offer its customers dramatically faster Wi-Fi service.

Starting in August, new U.S. company-operated Starbucks stores will begin to receive up to 10 times faster network and Wi-Fi speeds. Over the next 18 months, Starbucks will convert more than 7,000 U.S. stores to the upgrade.

– From news service reports