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NEW YORK (AP) ? Facebook is updating its status to “public company” as its stock jumps in its debut on the Nasdaq Stock Market.

The stock opened at $42.05 on Friday morning. It later settled at $39. CEO Mark Zuckerberg smiled as rang the opening bell from Facebook’s headquarters in Menlo Park, Calif. Surrounded by cheering Facebook employees and wearing his signature hoodie, the 28-year-old pushed the button that signals the opening of the stock market in New York.

On Thursday, Facebook and the investment bankers arranging the IPO settled on a price of $38 per share. The company and its early investors raised $16 billion in the offering, which valued Facebook at $104 billion. That makes Facebook the most valuable U.S. company to ever go public.

Now, the stock market will assign a dollar value to Facebook that will rise and fall with investor whims. It will be subject to broad economic forces and held accountable for profit it earns ?or loses? from one quarter to the next.

But Facebook is one a rare companies whose IPO transcends Wall Street’s money lust. It is a cultural touchstone for the way technology reshapes our lives. Since its start as a scrappy network for college students, Facebook has come to define social networking by getting 900 million people around the world to share everything from photos of their pets to their deepest thoughts.

It has done so while becoming one of the few profitable Internet companies to go public recently. It had net income of $205 million in the first three months of 2012, on revenue of $1.06 billion. In all of 2011, it earned $1 billion, up from $606 million a year earlier. That’s a far cry from 2007, when it posted a net loss of $138 million and revenue of $153 million. The company makes most of its money from advertising. It also takes a cut from the money people spend on virtual items in Facebook games such as “FarmVille.”

Facebook’s public debut marks a new milestone in the history of the Internet. In 1995, Netscape Communications’ IPO gave people their first chance to invest in a company whose graphical Web browser made the Internet more engaging and easier to navigate. Its hotly anticipated IPO lit the fuse that ignited the dot-com boom. That explosion of entrepreneurial activity and investment culminated five years later in a devastating bust that obliterated the notion that the Internet had hatched a “new economy”.

It took Google Inc.’s IPO in 2004 to prove that an Internet company with a disruptive idea could be profitable. In the process, the Internet search leader is forcing other industries to adapt to a new order where people have come to expect to be able to find just about anything they want by entering a few words into a box on any device with an Internet connection.

Facebook’s IPO heralds a new phase of the Internet’s evolution. This social era makes connections among people as important as Google’s massive index of Web links. Still, the IPO will raise new pressures for Facebook to generate more revenue, perhaps by digging further into the trove of revealing information that people share on the network to sell even more targeted ads.

Facebook’s IPO almost certainly will enrich other up-and-coming entrepreneurs as Zuckerberg uses the company’s cash and stock to buy other startups in an effort to being in other talented engineers and promising technology. That’s what has been doing for years. Since it went public in 2004, Google has spent $10.2 billion buying nearly 200 other companies. Those figures don’t include Google’s still-pending $12.5 billion acquisition of cellphone maker Motorola Mobility Holdings Inc., which is still awaiting regulatory approval in China.

Zuckerberg’s biggest deal so far came when he agreed to buy Instagram, a maker of a popular mobile app for photos, for $1 billion. Because most of the deal is being paid for in stock, Instagram is already getting richer. Based on Facebook’s IPO price of $38 per share, Instagram is in line to receive nearly $1.2 billion.

Though Zuckerberg rang the Nasdaq opening bell from California, people outside the stock market in Times Square snapped photos of a big blue Facebook sign that lit up the building. Some of them used their smart phones to check in to the Nasdaq on Facebook. Frederick Nolde, who was visiting from Richmond, Va., said he bought 100 shares through the online brokerage eTrade.

He thinks the company is worth $100 billion. “I think Google is a good comparison and it’s worth $200 to 300 billion. The real question is how they do in mobile. If they can figure that out they’ll do well.”

___

AP Technology Writer Michael Liedtke in San Francisco and Joe Pisani in New York contributed to this story.

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Michael J. Fox, whose turn from Parkinson?s disease patient to scientific crusader made him one of the country?s most visible advocates for stem cell research, now believes the controversial therapy may not ultimately yield a cure for his disease, he told ABC?s Diane Sawyer in an exclusive interview.

There have been ?problems along the way,? Fox said of stem cell studies, for which he has long advocated.?? Instead, he said, new drug therapies are showing real promise and are ?closer today? to providing a cure for Parkinson?s disease, a degenerative illness that over time causes the body to become rigid and the brain to shut down.

??Stem cells are an avenue of research that we?ve pursued and continue to pursue but it?s part of a broad portfolio of things that we look at. There have been some issues with stem cells, some problems along the way,? said Fox, who suffers from the diseases? telltale tics and tremors.

??It?s not so much that [stem cell research has] diminished in its prospects for? breakthroughs as much as it?s the other avenues of research have grown and multiplied and become as much or more promising. So, an answer may come from stem cell research but it?s more than likely to come from another area,? he said.

Tune in to “World News with Diane Sawyer” Friday at 6:30 p.m. E.T. to see more of Diane Sawyer’s interview with Michael J. Fox

?Fox, who recently appeared in episodes of ?Curb Your Enthusiasm? and ?The Good Wife,? has dedicated himself to finding a cure for Parkinson?s, the disease with which he was diagnosed in 1991.

?Fox said he still strongly believes in stem cell research and government support of those studies, praising ongoing research at New York?s Memorial Sloan-Kettering Hospital. When asked about earlier criticism he received from conservative talk show host Rush Limbaugh about his advocacy, Fox said it only ?sharpens your resolve.???

?Scientists are conducting research and looking for a cure on multiple fronts, Fox said, including drug therapies, experimental surgeries, and developing tests to help make earlier diagnoses.

?To that end, his Michael J. Fox Foundation for Parkinson?s Research, the largest private funder of Parkinson?s disease research worldwide,? has recently launched an online initiative to increase studies across the country by pairing patients with clinical trials in their areas.

?The Fox Trial Finder (Visit FoxTrialFinder.org for more info on clinical trial participation) harnesses the power of the Internet to find patients and, based on their profile of symptoms, pair them with research scientists conducting clinical trials.

?Thirty percent of all clinical trials fail to recruit a single subject, according to the foundation?s web site, and many more, some 85 percent, are delayed because scientists are unable to find enough participants.

??People can fill out a form anonymously? and then we can let them know about? clinical trials happening in their area,? Fox said.

?Some 200 trials are currently seeking recruits through the website, but one of the most promising will ?try to find a biomarker for Parkinson?s, which is really important,? Fox said.

?By the time Fox was diagnosed 20 years ago, he said, 80 percent of the dopamine cells in his brain ? neurons instrumental in sending the signals that control movement ? were depleted.

??We have no way to identify the disease before symptoms appear. If we can target progress along the way, we can arrest progress and eliminate the possibility of symptoms,? he said, adding that this area of research is ?the most exciting.?

Fox, who grew up in front of the camera on the 1980s sitcom ?Family Ties? and starred in the ?Back to the Future? film franchise, worried about the future of his career after announcing his diagnosis in 1998 and leaving the hit show ?Spin City.?

In the years since, he has led the Fox Foundation, which has donated more than $300 million to Parkinson?s research.? In recent months, however, he has returned to acting more regularly, the result he says, of a new drug regimen that helps control his tics, or dyskinesia.

??I kind of stumbled onto a new combination of meds for what?s called dyskinesia?Now I thought, there?s no reason not to work so I started to accept more work. Larry David called and had a terrific idea and the ?Good Wife? is such a terrific show,? he said of his decisions to appear on HBO?s ?Curb Your Enthusiasm? and the CBS series ?The Good Wife.?

?Fox said that each morning he is uncertain exactly how his symptoms will affect him that day. Some mornings he can delay taking his first dose of medicine for a few hours, other days he expects a greater challenge.

?”I don?t write off the day ahead of time because of that, it just means it?s going to be tougher sledding,? he said.Having struggled with the disease for years himself, Fox understands its devastating effects and the physical challenges it presents.

He said it was an abiding sense of optimism, a topic on which he has written two books, that allows him to carry on, even on the most difficult days. In 2009, he travelled to the Asian country Bhutan, which emphasizes happiness over productivity, and said he found his symptoms diminished there.

??People talk about me being a paragon of optimism and hope and all that stuff,? he said.? ?I have a really blessed life, I have an amazing life.”

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We already had a fairly good idea of pricing for Samsung’s trio of NX cameras, but until the company’s US arm released figures of its own, we withheld hope that the entry-level NX1000 would break the critical $600 barrier. Sadly, that’s not the case — that curvy flavor will retail for $700 in white, black or pink finishes come June, with a 20-50mm kit lens in tow. Timing couldn’t be more unfortunate for Samsung’s NX line, considering that Sony upped the stakes earlier today with its NEX-F3, the successor to the wildly-popular NEX-C3, which is priced to sell at $600 with an 18-55mm kit lens. That camera’s 16.1-megapixel APS-C sensor is the same physical size as what you’ll find on the NX1000, NX210 and NX20, but Samsung’s version ups the resolution to 20.3MP. Still, seasoned shooters know that megapixel count isn’t a critical spec, making that extra 100 bucks a hard swallow for would-be NX1000 owners. Samsung’s other mirrorless models, the NX210 and NX20, are available now for $1,100 and $900, respectively, so if you’re in the market for an upgrade, those cameras may be worth considering. Full PR is after the break.

Continue reading Samsung NX210 and NX20 now available, NX1000 to ship in June for $700

Samsung NX210 and NX20 now available, NX1000 to ship in June for $700 originally appeared on Engadget on Thu, 17 May 2012 13:00:00 EDT. Please see our terms for use of feeds.

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By FREDERIC J. FROMMER

updated 6:22 p.m. ET May 17, 2012

WASHINGTON – During another seven grueling hours of cross-examination that frustrated all sides, Roger Clemens’ accuser explained the evidence he kept in a beer can – and why his story about it has changed.

Brian McNamee was on the stand Thursday for a fourth day in the perjury trial of the seven-time Cy Young Award-winning pitcher, holding firm to his testimony that he injected Clemens with steroids from 1998 to 2001 and human growth hormone in 2000.

But Clemens’ longtime strength coach again conceded that his memory of some details has evolved over the years, and that he initially told some lies during the drugs-in-baseball investigation conducted by federal agents and former Sen. George Mitchell.

Whether the jurors were still keeping track is another matter: They again expressed concern about the agonizingly slow pace of a trial that still has weeks to go, and the judge opined that Clemens’ lawyer was “confusing everybody.”

“At this pace,” U.S. District Judge Reggie Walton said, “I’ll guess we’ll be here forever.”

Clemens lawyer Rusty Hardin tried to exploit McNamee’s inconsistencies, even if it meant taking the case far afield from the principle issue of whether Clemens actually used performance-enhancing drugs. The former baseball star is accused of lying when he testified to Congress in 2008 that he never used steroids or HGH.

The day’s testimony ended at a tantalizing moment. After some 19 hours on the stand, McNamee was being challenged by Hardin over the needle and other waste kept in a Miller Lite can after a steroids injection McNamee said he gave Clemens in 2001. The government is expected to show the waste contains Clemens’ DNA.

McNamee indicated to Congress in 2008 that he kept the evidence primarily because he was starting to distrust Clemens, but he told the jury earlier this week he kept it because his wife had starting nagging him to do something to protect himself from being a fall guy in case he ever got caught.

McNamee said Thursday he had hoped to keep his wife out of the story. His change of heart came as he and his wife are going through a contentious divorce.

“Now she’s involved,” McNamee said, “she’s got to take responsibility for her action.”

McNamee said the beer can came from the recycling bin in Clemens’ apartment, while conceding that he’d never seen Clemens drink a light beer. Hardin insinuated that McNamee manufactured the evidence after Clemens’ televised denials of steroids use.

“All of a sudden, the person being accused is fighting back,” Hardin said, “and you have to figure out some way to save yourself.”

Hardin’s aim is to portray McNamee as a serial liar, and he appeared to have some success this day.

“Did you ever tell Sen. Mitchell that you injected Roger Clemens approximately four times in the rear over a two-week period in 1998?” Hardin asked.

“That’s possible,” McNamee answered.

“If you did tell him … would that be a lie?” Hardin asked.

“Yes, it would,” said McNamee, who testified this week that he injected Clemens about eight to 10 times during Clemens’ 1998 season with the Toronto Blue Jays.

McNamee again maintained that he had minimized the number of shots to try to help out Clemens.

“I wanted to make it not look like he was a bigger steroids user than he was. … I never lied about the usage, just amounts,” he said.

There were several similar exchanges. Hardin also displayed a calendar to show that a 1998 pool party at former slugger Jose Canseco’s house was on a Tuesday; McNamee has always remembered it taking place on a Saturday. McNamee then went back and forth trying to place the date he gave Clemens’ wife an HGH shot at the Clemens’ home in Texas – switching from the 2003-04 offseason to the 2002-03 offseason.

“I could be confused,” McNamee said. “I’m getting handed a lot of dates.”

But it’s an open question whether the lawyer’s scattershot approach – leapfrogging from topic to topic with complex questions that evoke frequent objections from the government – will pay dividends with the jury. A serious trial that could end up sending one of baseball’s all-time greats to prison was peppered with exchanges Thursday that sounded more like a situation comedy.

There was one exchange in which Hardin wanted to know why McNamee didn’t tip off Clemens after being contacted by federal authorities. McNamee said Clemens never asked.

Hardin: “How could he ask if he didn’t know?”

McNamee: “How could I answer if he didn’t ask?”

Hardin: “You’re serious?”

At another point, when Hardin was switching topics at a fast and furious pace, McNamee turned his palms up and said: “You’re going from articles to emails – I’m trying to keep up, man.”

Later, as Hardin was trying to pin another lie on him, McNamee responded: “I’m having a problem with the `lie’ thing.”

Then, when explaining why he decided to cooperate with federal authorities, McNamee said: “They would have had an opportunity to lock me up for lying.” But Hardin mistook McNamee’s thick New York accent, thinking McNamee said “life” instead of “lying.” Hardin started to make a big deal of the comment until McNamee corrected him.

The sputtering pace of the trial, now in its fifth week, is taking a noticeable toll on the jury. Two members of the panel already have been dismissed for sleeping, leaving 12 jurors and two alternates. Walton emerged from a morning break and said they’ve been asking again how long the trial will last.

Walton sounded incredulous when the government responded that it had 14 more witnesses to call, which would bring its total to 26. The judge then told the jury that he expects the trial to last through at least June 8.

With the jury out of earshot, the judge said “someone’s going to pay the price” for the slow pace, but Walton said he couldn’t tell which side it would be. Then he segued into a critique of Hardin’s all-over-the-place questioning.

“It’s confusing everybody,” Walton said, “but I don’t think it’s making much of a point.”

? 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Sounding off about the umps

HBT: Red Sox slugger Adrian Gonzalez is not happy with the state of umpiring today, saying it’s hard to ‘have a professional at-bat.’

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