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May 21, 2012 01:17 PM

Monday Afternoon Business Brief

On Wall Street, investors appear to be focusing on hopeful signs about China. The Dow was up nearly 100 points in afternoon trading, a marked change from its recent performance, which has been crippled by the Greek economic crisis. Investors latched on to weekend statements from China's premier, who promised to boost the country's consumption rather than just try to curb inflation.

  • On its second day as a public company, Facebook stock has plunged 11 percent to $33.95, well below Friday's initial public offering price of $38. Facebook's IPO was one of the most anticipated ever.
  • Google says it disagrees with the European Union's position, but would be "happy to discuss any concerns they might have." The EU is giving Google "a matter of weeks" to address antitrust concerns arising from its supposed dominant position in the online search market. Google faces similar scrutiny by the FTC.
  • Struggling Internet company Yahoo, Inc. has secured a lifeline. It's agreed to sell half of its prized stake in Chinese e-commerce group Alibaba for about $7.1 billion. Chief Financial Officer Tim Morse told analysts in a conference call that the company still hasn't figured out how it will distribute the Alibaba proceeds after the deal closes within the next six months.
  • A Boston University graduate says he'll continue to fight a penalty against him, despite the refusal of the U.S. Supreme Court to hear his appeal. Lower courts have ordered Joel Tenenbaum to pay $675,000 for illegally downloading and sharing 30 songs on the Internet. Tenenbaum says he doesn't have that kind of money.
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