Facebook Inc. (NASDAQ:FB)’s $19 billion purchase of WhatsApp Inc. is valuing the text-messaging service at a multiple investors currently only bestow on companies developing life-saving drugs. Based on a goal of reaching 1 billion WhatsApp subscribers, Facebook is buying the mobile application for about 19 times estimated sales, according to data compiled by Bloomberg. The only U.S. companies that fetch such lofty valuations are drugmakers that are developing treatments for cancer, Crohn’s disease and other ailments, the data show. Facebook Inc. (NASDAQ:FB) shares closed at $68.06 on last trade day, by gaining 1.13%. Stock 52 week range is $22.67 – $69.08. Company’s market capitalization is $173.35 billion.
Garmin Ltd. (NASDAQ:GRMN), a navigation technologies company based in Switzerland, said Chief Financial Officer Kevin Rauckman plans to step down within the next year. The timing of his departure will depend on when a successor is identified, according to a press release. Mr. Rauckman has been with the company for 15 years and been CFO and treasurer since it went public in 2000. Garmin Ltd. (NASDAQ:GRMN) stock opened at $52.34 in last trading session, and closed at $51.68, trading in the range of $49.46 – $52.72. The stock showed a positive weekly performance of 14.18%.
Morgan & Morgan announces that it is investigating the Board of Directors of Zale Corporation (NYSE:ZLC) for potential breaches of fiduciary duties in connection with the sale of the Company to Signet for approximately $690 million. The Company’s stockholders will receive $21 per share for each share of Zale common stock they own. Zale Corporation (NYSE:ZLC) stock advanced 40.31% and finished the last session at $20.92. The EPS of the stock remained 0.07. Company’s market capitalization is $687.20 billion.
Sunedison Inc (NYSE:SUNE) said it would stick to its strategy of keeping solar power projects rather than selling them in 2014, sacrificing revenue in favor of long-term profit. The U.S. solar company’s shares rose as much as 7 percent in early trading on the New York Stock Exchange on Wednesday. SunEdison’s strategy of keeping projects instead of selling them led to a larger loss in the fourth quarter ended December 31. Sunedison Inc (NYSE:SUNE) stock opened at $15.50 in last trading session and closed at $15.76. The 52 week range of the stock is $3.95 – $16.25 and the day range was $15.07 – $16.25.