Billion due to serious improprieties and misrepresentations and disclosure failures that occurred prior to its purchase by Hewlett Packard. In other words, its fraud. After autonomys founder and ceo Michael Lynch was fired by meg whitman, sources close to the company tell me a Senior Executive from autonomy came forward with evidence of widespread accounting misrepresentations that occurred before it was bought by hp. Hp began an investigation and concluded that these accounting improprieties inflated the value by 5. 3 billion. The ceo then relied on audited financials when making a bid to buy the company. Those financials were audited but there were plenty of investors out there who questioned autonomys growth rate. Sources close to the company allege that autonomy pursued a number of avenues to make margins, growth rate and overall value appear far higher than it actually was. The company was selling computer hardware. Desk top computers, its a Software Company at a loss to supplemen
Our roadmap this morning begins with the jobs number coming in just shy of expectations for march, january and february revised higher. Notably all of the march gains came from the private sector. The ipo parade continues today with no less than four offerings the most notable Online Food Delivery service grubhub, the ceos going to join us after it opens for trading. And exxon the Worlds Largest publicly traded oil company has agreed to disclose more information about the risks of fracking. Were going to tell you why. But first up, the numbers for the march jobs report nonfarm payrolls up 192,000 forecast called for a gain of about 200,000. January and february pay ros revised higher by a combined 37,000. Unemployment rate held steady at 6. 7. There was an increase in job seekers. Average Hourly Earnings fell by a cent. And then people looking at things, guys, like hours worked. Yes. Up 0. 2 hours which given all the talk for pentup demand for labor post winter doesnt seem like much of
Ground in massachusetts. Andrew, over to you. Thank you, beck. Its a horrible story. Earlier he spent 88 million buying out the other half of the philadelphia inquirer. His son will now join the board, but other Corporate News this morning. Apple kicking off the Worldwide Developers conference happening today in San Francisco. Ceo tim cook promised the company will enter new product categories this year. Thats what hes been telling everybody. Among the announcements expected from apple are this. Details on the new operating systems because theres ios for the iphone and ipads along with the mac and what that is going to look like. We will also hear applications with a lot of news reports that the applications may let the iphone or ipad control parts of your house like thermostats, appliances and security systems. So well see what happens. A lot of people are looking forward to that. And General Motors could have a recall issued this week after details are released gm will disclose new s
That is the highest level since early june. For the week prices were up 1. 9 . Adam Global Markets in advance discussions to merge with direct edge. That would create the worlds second biggest market operator. Liz moodys threatening to downgrade several big Financial Firms saying the government will more likely let large banks fail. If moodys follows through it could lower ratings of names like goldman sachs, jpmorgan and morgan stanley. Adam are you ready for football . Ad slots for the 2014 super bowl are 85 sold out that is according to fox sports. 90 of the space is expected to be sold by the time the nfl season kicks off in less than two weeks. After the bell starts right now. Liz what a week of news flow this entire week. So much happened for the markets. Lets break all the action. Sandy lincoln bmo chief Market Strategist and Mark Sebastion in the pits of cme. Mark, to you first. We finish out a week with drama and trauma. Lets talk about the headline that you feel is most impor
fcc, harvey pitts, and basically i had worked with in private practice and harvey and i together said, look, no one is the lead sled dog here. we re a team, we re a partnership and all the market, equities markets, commodities markets, we will do this together. we did. neil: but things were pretty banged up, right? we forget that, right? they were very banged up, neil. when number seven came down late in the afternoon, it basically put 140 west street, which was the communications hub for the entire securities industry, put it out of commission. neil: you couldn t trade if you wanted to. no. and the reality was, until we got power and until we got communications connectivity, we weren t going to be able to trade, but trading, neil, and this is where the public partnership was so important, because right from the get-go, mayor giuliani, governor