eBay Buys Hunch For $80 Million

EBay is buying recommendations engine Hunch for $80 million, Michael Arrington at Uncrunched reports.

Hunch is led by Chris Dixon, the prominent New York angel investor.

Hunch had raised $20 million in funding. About a year ago Hunch turned down an offer from Google for $60 million.

via eBay Buys Chris Dixon’s Startup Hunch For $80 Million.

Power Balance – The Wrist Bands That “Make You Stronger” Sued In Class Action Calling BS On Product

Power Balance — the company that allegedly duped athletes into believing its bracelets could provide super-human strength — is about to take a $57 million dollar hit in a lawsuit filed by people who called BS on the product .

A class action suit was filed in federal court in L.A. back in January … alleging consumers were duped into believing the hologram-embedded band was scientifically proven to enhance balance, flexibility and strength. There was just one small problem — there was never any hard evidence to back those claims.

And it gets worse for PB — we’re told the company will be declaring bankruptcy and plans to fold up shop altogether.

The Power Balance bracelets CRUSHED IT when they first appeared on the scene a few years ago — with superstars like Drew Brees and Shaq vouching for the product.

Turns out … size, strength and talent can’t be sold in stores.

via  | Power Band News

Intel-backed Synacor revives IPO plans | ECN: Electronic Component News

(Reuters) – Synacor Inc, partly owned by Intel Corp, filed with U.S. regulators on Friday to raise up to $75 million in an initial public offering, reviving its plans to tap the public markets after three years.

In a filing with the U.S. Securities and Exchange Commission, the company — which builds Internet software tools and portals — said BofA Merrill Lynch, Citigroup, Stifel Nicolaus Weisel, BMO Capital Markets, Needham and Company and Oppenheimer & Co would be underwriting the offering.

Synacor had earlier filed to go public in August 2007 with Bear Stearns — the first investment bank to fall during the financial crisis — as one of its main underwriters. Synacor pulled its IPO in October 2008 due to market conditions.

Companies like Synacor and casino operator Caesars Entertainment are breathing life back into their plans to go public following the strong response received by group-discount site Groupon Inc on its debut.

According to the filing Chipmaker Intel owns slightly more than 10 percent of Synacor, which is also backed by Walden International and Crystal Internet Ventures

via Intel-backed Synacor revives IPO plans | ECN: Electronic Component News.

Is Paulson liquidating positions? Hedge fund selling pushes Delphi IPO to low price range – Europe’s debt crisis loom

A hedge fund manager on a heavy selling binge forced Delphi Automotive plc’s initial public offering last week, and economic conditions may open the door for more Delphi investors to exit as the European debt crisis looms.

The supplier’s IPO last Thursday priced out at the low range of $22 a share, raising $527.3 million.

Now based in Kent, England, Delphi’s operational headquarters and top executives remain in Troy. The supplier was incorporated in England in 2009 by the investors that brought it out of bankruptcy.

Last week’s IPO happened at the behest of billionaire hedge fund manager John Paulson, who runs a $28 billion fund under New York-based Paulson & Co.

Paulson sold 80 percent of the available stocks in the IPO, reducing his stake in the company from 22 percent to 15.8 percent. Paulson is cutting risk by selling off millions of stocks in investments, including Delphi, after his funds lost 44 percent in value this year, investment publication The Street reported last week.

via Hedge fund selling pushes Delphi IPO to low price range Europe’s debt crisis looms | Crain’s Detroit Business.

Phoenix Publishing seeks $704 million from Shanghai IPO – Equities – News – FinanceAsia.com – The network for financial decision makers

The company values its shares at a big premium to the market, but still attracts enough institutional demand to cover the books 12 times. By Lillian Liu | 22 November 2011

China’s equity markets continue to produce big initial public offerings, despite a weak secondary market and an overheated primary market. Phoenix Publishing & Media Corp, a leading publishing group in China, plans to raise up to Rmb4.48 billion ($704 million) through an IPO in Shanghai to fund expansion.

The Jiangsu-based group is yet another issuer testing investor appetite with a high valuation. It is offering 509 million new shares at between Rmb8 and Rmb8.8 each, which suggests the company could raise Rmb4 billion to Rmb4.48 billion, valuing it at 57 times to 63 times earnings.

via Phoenix Publishing seeks $704 million from Shanghai IPO – Equities – News – FinanceAsia.com – The network for financial decision makers.

LinkedIn Shares Tumble After Post-IPO ‘Lockup Period’ Ends – Businessweek

 

Nov. 21 (Bloomberg) — LinkedIn Corp.’s shares dropped to the lowest level in five months after its so-called lockup period ended, letting some early investors and employees sell the stock for the first time since the initial public offering.

LinkedIn, the biggest networking site for professionals, fell 2.8 percent to $70 in New York trading, reaching the lowest point since June 24.

Company insiders are typically forbidden from unloading shares for six months after an IPO, in part to keep sell orders from flooding the market. With the expiration of LinkedIn’s lockup period today, 6.1 million shares changed hands, more than three times the average daily volume over the past month. A worldwide stock slide, which sent the Standard & Poor’s 500 Index down 1.9 percent, may have contributed to the drop.

via LinkedIn Shares Tumble After Post-IPO ‘Lockup Period’ Ends – Businessweek.

Deficit Panel Fails to Reach Deal on Plan for Deficit Reduction – NYTimes.com

WASHINGTON — After one last bout of fitful but futile talks, Congressional negotiators conceded the obvious: that the joint Congressional committee charged with drafting a deficit reduction package would miss its deadline this week. But they did not quite give up the ghost of a chance that a solution might be found later.

“After months of hard work and intense deliberations, we have come to the conclusion today that it will not be possible to make any bipartisan agreement available to the public before the committee’s deadline,” said a statement issued late in the afternoon by Representative Jeb Hensarling of Texas and Senator Patty Murray of Washington, the panel’s Republican and Democratic co-chairs.

via Panel Fails to Reach Deal on Plan for Deficit Reduction – NYTimes.com.

LivingSocial set to raise almost $200M at $5B valuation | VentureBeat

Daily deals site LivingSocial is close to raising nearly $200 million in venture financing, which will value the site at $5 billion, The New York Times has reported, citing unnamed sources close to the matter. Previous LivingSocial investors such as Amazon.com are expected to participate along with new investors, according to the Times.

via Chikodi Chima – LivingSocial set to raise almost $200M at $5B valuation | VentureBeat.

Manning & Napier Shares Up Slightly After IPO – From the Wires – Salon.com

NEW YORK (AP) — Shares of investment manager Manning & Napier are up slightly after raising $150 million in an initial public offering.

The company had sold 12.5 million shares for $12 each, below the expected range of $15 to $17 per share..

The shares are up at $12.08 Friday soon after opening on the New York Stock Exchange under the ticker symbol “MN.”

Manning & Napier Inc. was founded in 1970, and has 450 employees. The Fairport, N.Y., company’s investment products include managed accounts, mutual funds and trust funds.

via Manning & Napier Shares Up Slightly After IPO – From the Wires – Salon.com.