Business
Facebook Now Worth More Than Wal-Mart on Stock Market
BARBARA ORTUTAY, AP Technology Writer
NEW YORK (AP) — Facebook is now bigger than Wal-Mart, at least when it comes to its value on the stock market.
The world’s biggest online social network knocked the world’s largest retailer out of the top 10 list of the highest-valued companies in the Standard & Poor’s 500 index on Monday and the gap widened on Tuesday.
While the switch is mostly symbolic — nothing specific happened this week to warrant it, and the difference between the two giants is not that big — it signals investors’ insatiable appetite for successful tech stocks. Apple, Microsoft and Google top the list of the highest-valued companies in the U.S., and Facebook looks to be on its way to joining them.
A company’s market value is calculated by multiplying the number of shares of stock it has in circulation by the current price of one share.
Facebook Inc. was valued at $238 billion at the close of trading Tuesday, according to FactSet. Its stock gained $3.14, or 3.7 percent, at $87.88.
Wal-Mart Stores Inc. was valued at $234 billion. Its stock dipped 22 cents to $72.57.
Facebook, which is based in Menlo Park, California, has been on a roll this past year, its shares up about 34 percent in the past year compared with just 8.2 percent for the S&P 500 index. Its quarterly results have consistently surpassed expectations.
Bentonville, Arkansas-based Wal-Mart, meanwhile, asked for investor patience after its most-recent earnings report showed a 7 percent profit decline due to the effects of the strong dollar and higher worker wages and spending on its online operations.
Comparing the two companies’ financial results, though, shows just how much Wall Street is investing in growth and potential — Facebook — versus existing size and might — Wal-Mart. In the first three months of this year, Facebook’s total revenue of $3.54 billion amounted to just a little more than Wal-Mart’s total profit for its fiscal first quarter of $3.34 billion. But while Facebook saw revenue grow 42 percent in the same period, Wal-Mart’s declined slightly.
That said, none of the nine companies that follow Apple in the top 10 come even close to the mighty iPhone and Mac maker, whose market capitalization is about $735 billion.
Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Business
Cal. Supreme Court Could Strip Gov and Legislature of Power to Raise Taxes
On May 8, the California Supreme Court heard oral arguments on the Taxpayer Protection and Government Accountability Act, a measure that has already been approved for the November ballot. It calls for restricting the state Legislature and Governor’s ability to increase taxes without statewide voter approval. California business owners back the measure while Labor unions have rallied in opposition to it.
By California Black Media
On May 8, the California Supreme Court heard oral arguments on the Taxpayer Protection and Government Accountability Act, a measure that has already been approved for the November ballot. It calls for restricting the state Legislature and Governor’s ability to increase taxes without statewide voter approval.
California business owners back the measure while Labor unions have rallied in opposition to it.
Gov. Gavin Newsom and legislative Democrats have petitioned the Supreme Court to remove the proposal from the ballot since the California Constitution requires a constitutional convention to ratify the ballot with a two-thirds majority vote in the legislature.
Democrats and labor unions stated that the ballot measure could limit state and local funding thus crippling the state’s ability to produce new sources of revenue. A reduction in revenue may result in government programs and initiatives being underfunded,” they say.
Legislative Democrats also argued that the measure’s economic impact will make it harder to resolve the state’s budget deficit.
Business owners and company leaders advocating for the ballot measure stated that the tax initiative can help form new checks and balances on taxation and attract companies to invest in California creating more jobs.
President of the California Business Roundtable Rob Lapsley, a supporter of the tax initiative, said that people are fed up with the state’s high taxes.
“This gives the people of California the right to vote on future taxes, and voters are going to support it if it’s on the ballot,” Lapsley said.
Opposers of the tax initiative, mainly labor unions and state workers such as teachers, police officers, and firefighters, have aligned with Legislative Democrats to reject the tax law.
Executive director of Service Employees International Union California Tia Orr said the tax law was created to benefit wealthy corporations and deceive the average taxpayer.
“I want to make it clear that the ‘Taxpayer Deception Act’ let’s wealthy corporations, who can afford expensive campaigns, to block taxes on their industries while regular Californians, regular people, shoulder more of the cost of critical services,” Orr said.
The California Supreme Court is expected to make a ruling on the future of the initiative by June 27 this year.
Antonio Ray Harvey
Cal African American Chamber of Commerce Holds Annual Gwen Moore Legislative Reception
The California African American Chamber of Commerce partnered with the California African American Action Fund to host its annual “Honorable Gwen Moore California Legislative Reception.” The event took place on May 7 at the Sutter Club in downtown Sacramento. Distinguished guests included business leaders, state officials, and both former and current lawmakers. Notably, members of the California Legislative Black Caucus (CLBC), attended the event.
By Antonio Ray Harvey, California Black Media
The California African American Chamber of Commerce partnered with the California African American Action Fund to host its annual “Honorable Gwen Moore California Legislative Reception.” The event took place on May 7 at the Sutter Club in downtown Sacramento.
Distinguished guests included business leaders, state officials, and both former and current lawmakers. Notably, members of the California Legislative Black Caucus (CLBC), attended the event. Former Assembly Speaker and San Francisco Mayor Willie Brown, 90, was the keynote speaker. Former state Sen. Roderick Wright and CAACC Executive Director Timothy Alan Simon served as emcees.
“The California African American Chamber of Commerce and the California African American Action Fund represent the African American economy of the fourth largest economy of the world,” Simon said during the introduction of the event. “Therefore, tonight let’s have some fun. We are going to learn how to acquire more power, more financial funding, and more access. We’re opening up those doors to you.”
During the reception, an award ceremony honored individuals for their achievements, innovative ideas, leadership, business acumen, and political contributions.
The CAACC Media and Communications Award was presented to Civil Rights Activist Danny Bakewell Jr., President of the Bakewell Company and Executive Editor of the Los Angeles Sentinel.
The Gwen Moore Legislative Impact Award was presented to Assemblymember Lori Wilson (D-Suisun City), Chair of the CLBC. The Legislator of the Year honor went to Assemblymember Corey Jackson (D-Moreno Valley).
“This is an absolute honor. Especially, with my knowledge and familiarity with Assemblymember Moore’s work,” Wilson said. “It’s just a reminder, honor, and privilege of this space I get to be in. This award holds profound significance for me and those who dedicated their lives to advancing equity, justice, and opportunities for all.”
Cathy Adams, President and CEO of Oakland African American Chamber of Commerce was presented with the Aubry Stone Outstanding Business Award. The Trailblazer Award was presented to the late Linda Crayton, former San Francisco City Commissioner.
Crayton served on the Airport Commission for the City and County of San Francisco from 1996 to 2020.
“She clearly served for almost 25 years, and she was totally sensitive to the need and careful implementation within the framework of all the rules that had been established,” Brown said of Crayton. She was a difference for many.”
Other leaders honored were John Reynolds, California Public Utilities Commission (recipient of the Distinguished Service Award); Hon. Heather Hutt, Councilmember for the City of Los Angeles, representing Council District 10, (Distinguished Service in the African American Community Award); and Thurman White, Senior Advisor ESO Ventures (Distinguished Recognition Award).
Rounding out the special guests and awardees list were Sen. Steven Bradford (D-Inglewood), CLBC Vice Chair, Dennis Thurston, Supplier Diversity Program Manager for Southern California Edison; Angela Gibson-Shaw, President of Greater Los Angeles African American Chamber of Commerce; and Tommy Ross, Pinnacle Strategic Group.
Toks Omishakin, Secretary of the California State Transportation Agency (CALSTA) also attended the two-hour event.
“That’s the nature of how we need to work in the world of politics and, how we need to exercise authority and privilege.”
Activism
Oakland Post: Week of May 15 – 21, 2024
The printed Weekly Edition of the Oakland Post: Week of May May 15 – 21, 2024
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