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How Dig Inn is Doing Business Differently Than McDonald's
Dig Innâ¿¿s Founder & CEO Adam Eskin shares the different strategies the company is using to differentiate it from established chains like McDonald's. Unlike many national restaurant chains, the interior of a Dig Inn is laid out in an assembly line format, helping to boost efficiency during peak hours. Like Chipotle, Dig Inn has employed unique menu prices to reduce the amount of change in the cash register. According to Dig Inn, having prices that round to the nearest quarter after tax helps to bolster its efficiency. Find out what other strategies Eskin shared with TheStreet.
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What to Watch on Wall Street for Friday, September 19th 2014
In today's "What to Watch on Wall Street" segment for Friday, Sept. 19th 2014, we report on Alibaba as the highly-anticipated, and possibly the world’s largest stock offering, makes its market debut. The Chinese e-commerce giant will hit trade on the New York Stock Exchange starting Friday. In Scotland, the results from the independence vote are expected out around 1 a.m. eastern time. Voters began casting their ballots on Thursday in a historic referendum on whether to be an independent country or stay in the U.K. On the U.S. economic calendar, the Conference Board Leading Economic Index for August will be released. For the latest financial news and updates from Wall Street, check back here on TheStreet.com throughout the day.
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Alibaba IPO Prices at $68 a share, Company Will Raise $21.8B
Alibaba is set to begin trading on the NYSE Friday after its IPO priced at $68 a share, the top of the expected range. The offering will raise $21.8 billion for the Chinese business-to-business Internet site founded by Jack Ma. The IPO, one of the largest ever, will give Alibaba a market valuation of roughly $168 billion. Investors who want to buy into China's rapidly growing Internet sector have been vying to get shares since executives kicked off the road show last week. Gil Luria, Alibaba Analyst at Wedbush Securities, says the shares could have been priced higher but underwriters want to make sure the price moves higher and the first day of trading goes smoothly. Luria says there is a lot of interest in the shres because 'there are not a lot of businesses that have this kind of growth, this fast or are this profitable.' Wedbush has an $80 a share near-term price target on Alibaba. TheStreet's Ruben Ramirez has details.
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Microsoft Slashes 2100 Jobs, In Line With New CEO Plans
Microsoft announced it will close the Microsoft Research Lab, its Silicon Valley research and development operation, as it plans to lay off 2,100 workers. This is another step in new CEO Satya Nadella’s goal of trimming 18,000 jobs, or about 14% of its total workforce. The 2,100 job cuts at the company's campus in Mountain View, California was announced Thursday and will affect the handset unit of Nokia that Microsoft acquired earlier this year. In July, the tech company laid off 13,000 employees. If Nadella wants to meet his goal, that means we can expect to see a third round of 2,900 more layoffs at Microsoft in the next nine months.
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More Losses For Sony After Announcing 15% Job Cuts at Mobile Unit
Shares of Sony tumbled on Thursday making it TheStreet's Move of the Day. In its second consecutive day of losses, the consumer tech company announced plans to cut 15% of its mobile division unit (around 1,000 employees). A day earlier, the Japanese company said it would record an approximate annual net loss of $2.15 billion, largely due to flagging sales of its Xperia range of smartphones. With its mobile business struggling, Sony is reliant on its PlayStation division. The unit raised its profit forecast to 25B Yen, equivalent to around $230 million. Demand for the console was reinvigorated after the release of its next-generation PS4 late last year.
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Ellison Steps Down as CEO, Oracle Misses Q1 Street Estimates
Oracle’s founder Larry Ellison has stepped down as CEO and has been replaced in the position by former HP CEO Mark Hurd and Safra Catz. Ellison’s new titles are Executive Chairman and Chief Technology Officer. Meanwhile, Oracle posted first quarter earnings of $0.62 a share on revenue of $8.6 billion. Wall Street analysts were looking for $0.64 a share on sales of $8.78 billion. Last year, the software giant earned $0.59 a share on $8.38 billion in revenue. Cloud services business grew more than 30% to $475 million in revenue. TheStreet's Gregg Greenberg has details from New York.
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Dow Closes Triple Digits Higher at Record High Along with S&P 500
A new record for the Dow Jones Industrial Thursday as stocks rose for a third day. Investors are still giddy from the Fed's decision Wednesday to keep interest rates low for a 'considerable time.' ConAgra (CAG) shares gained more than 4.59% on good earnings. The company posted better-than-expected quarterly profit and said its consumer foods business was doing better. Energy stocks didn't join the rally on falling oil prices. Exxon Mobile (XOM) and Chevron (CVX) were the Dow components' biggest laggards. Sears (SHLD) is down more than 5% in today's trading after one analyst said, 'this is the end' for the stock. Credit Suisse issued the negative note suggesting the retailer should liquidate its assets while it can. All eyes are now on Alibaba (BABA). The Chinese e-commerce company is expected to price between $66 and $68 dollars a share and will begin trading on the New York Stock Exchange Friday.
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Facts You Should Know About Alibaba and its Upcoming IPO
Chinese e-commerce giant Alibaba is set to begin trading on Friday September 19th on the New York Stock Exchange under the ticker BABA. The company was founded by Jack Ma in 1999 in his apartment in Hangzhou, China. Now, Ma is the 8th richest person in China with a net worth of $11 billion. He is expected to ring the opening bell at the NYSE on Friday. Demand for Alibaba stock has been strong, the company is planning to price its shares between $66 to $68, an increased range that would value the company at about $165 billion at the midpoint. Japan's Softbank and Yahoo are among the top shareholders in Alibaba.
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Jim Cramer on Alibaba Naysayers: Fundamentals Do Matter
Alibaba is preparing to debut on the NYSE Friday morning. The IPO is set to be the largest ever with more than $20 billion of stock for sale. While there are a lot of objections for buying Alibaba stock, Jim Cramer says they're mostly bogus reasons. He says don't worry about it being too expensive because if it opens at $80 it's still cheaper than most other Internet companies. If you're worried about its convoluted ownership, Cramer says there are plenty of media companies with convoluted ownership. The bottom line, Cramer says, is that fundamentals do matter. He adds that the market will receive Alibaba poorly if it goes north of $100. But at $80, it's still a bargain.
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Apple Back Above $100 on News of iPad Release in Midday Trading
Stocks are adding to gains and hitting new highs in midday trading Thursday. Investors are still feeling good about the Fed's remarks Wednesday on keeping interest rates low. Financial stocks are rising, Goldman Sachs (GS), JPMorgan (JPM) and Citigroup (C) are all gaining in the session. Over on the Nasdaq, tech stocks are also holding in positive territory. Apple (AAPL) and Amazon (AMZN) are rising with Apple trading back above $100. Both companies are up with the help of their tablets. Apple says it will unveil new iPads next month. Amazon revamped its line of Kindle and Kindle Fires. Yahoo (YHOO) is down after gaining more than 12 percent in one month. Shares rose as investors wait for Alibaba (BABA) to price its initial public offering after today's close. Yahoo owns about a 24 percent stake in the Chinese e-commerce giant. Alibaba is expected to price between $66 and $68 dollars a share and could be the largest IPO in U.S. history.