NEW YORK -- The best week for the stock market in more than two years ended with major indexes nearly unchanged Friday. A surprise drop in the U.S. unemployment rate sent stocks higher in early trading, but the gains fizzled during the afternoon. European stock indexes and the euro rose after German Chancellor Angela Merkel made a speech pushing for tighter rules on government spending.
FarmVille's developer to offer $1B of stock in IPO
NEW YORK -- Hoping to harvest some fresh cash, the online game company behind "FarmVille" said Friday that it plans to raise $1 billion in an initial public offering of up to 100 million shares.
Zynga's is the latest in a spate of IPOs by Internet companies this year. They're all precursors to Facebook's public debut, expected sometime after April. Facebook could fetch as much as $10 billion in its IPO. Zynga, whose games are played mainly on Facebook, plans to sell its shares at $8.50 to $10 each. If the shares are priced at $10, Zynga will be valued at $7 billion.
FedEx will increase rates for shipping services Jan. 2
MEMPHIS, Tenn. -- Shipping company FedEx said it will increase shipping rates for FedEx Ground and FedEx Home Delivery by a net average of 4.9 percent Jan. 2. The ground and home delivery average rate increase of 5.9 percent will be partly offset by a 1-percentage-point reduction in fuel surcharges. FedEx SmartPost rates also will change.
Amazon.com nibbles at Apple tablet business
SAN JOSE, Calif. -- In its first quarter of selling its own tablet computers, Amazon.com has become the second-biggest seller of the increasingly popular mobile devices by stealing market share from the still-dominant leader, Apple Inc., according to projections.
Amazon will ship 3.9 million Kindle Fire tablets in the fourth quarter, according to analysis firm IHS, giving it 13.8 percent of the global tablet business. Apple, which sells the popular iPad tablet, still controls 65.6 percent of the market, but that is down from 69.7 percent in the third quarter.
Ex-Sen. Corzine ordered to testify on MF Global
WASHINGTON -- A congressional panel has subpoenaed former Sen. Jon Corzine to testify about his role leading MF Global, a brokerage firm that collapsed this fall after a disastrous bet on European debt.
The Dec. 8 hearing will be a rare moment in Washington. Congressional historians and Capitol Hill insiders can't recall another time when a former member of Congress was summoned by his former peers to testify about a matter under federal probe. The House Agriculture Committee voted Friday to issue the subpoena after Corzine failed to reply to an informal request to appear at the hearing.
MF Global filed for bankruptcy protection Oct. 31. Corzine resigned as chairman and CEO a few days later. In just a week, stock investors lost an estimated $585 million.
GE Aviation gives up on fighter-jet development
CINCINNATI -- GE Aviation has abandoned efforts to use its own funding to keep alive development of its alternate engine for the F-35 Joint Strike Fighter, a spokesman said Friday, effectively ending the project.
The General Electric unit decided its offer to pay for continued development didn't make business sense, spokesman Rick Kennedy said. Because of increased commercial business at the unit, there was no immediate job loss, he said. GE Aviation would have added some 500 jobs if the project had continued, Kennedy added.