New York, N.Y., United States (4E) – Following months of speculation, hype and frenzy, Facebook finally began trading as a public company Friday.

Shares were priced Thursday night at $38 a share, valuing the company at $104 billion, raising $16 billion, and making it the largest tech IPO in history.

It also made 28-year-old founder and CEO Mark Zuckerburg a multi-billionaire 30 times over.

Shares opened just after noon at $42. Many industry analysts had hoped for or expected a much bigger pop.

The subdued debut caused U.S. markets, which had been waiting for Facebook shares to commence trading, to give back modest early gains.

While “big money” investors got first dibs, ordinary market participants clamoring for shares, eagerly jumped in, breathing a sigh of relief that the stock didn’t open much higher.

Shares were changing hands between $39 and $42 for the first several minutes after Facebook’s debut.

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New York, NY, United States (4E) – Cinderella-inspired film Ever After will be adapted into a Broadway musical announced Tuesday to be staged during its 2013-2014 season.

The new musical will be directed and choreographed by Tony award winner Kathleen Marshall. Casting, theater, exact dates and other pre-Broadway engagements are yet to be announced.

Based on the 1998 film which starred Drew Barrymore and Anjelica Huston, Ever After “tells the story of Danielle de Barbarac, the daughter of a Nobleman in 16th century France, who embarks on a series of adventures including standing up to her scheming stepmother, befriending Leonardo Da Vinci and winning the love of the crown prince of France. Setting the record straight on the fable of Cinderella, the new musical demonstrates how a strong-willed, independent girl can make her dreams come true without the help of fairy godmothers, talking mice or magic pumpkins,” as said in a Broadway press release.

The musical will be produced by Scott Landis and Philip Morgaman, and will feature music by Zina Goldrich, and a book and lyrics by Marcy Heisler. The musical director will be Mary-Mitchell Campbell.

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New York, NY, United States (4E) – Skechers claims that its fitness shoes can help wearers lose pounds, tone muscles and strengthen legs, the stomach and the derriere, is costing the company millions.

Actually, the false claims are costing the footwear company some $40 million.

On Wednesday, the Federal Trade Commission announced Sketchers will pay that amount to settle charges by the FTC that Skechers made unfounded claims regarding its Shape-up shoes.

The settlement involves the company’s Resistance Runner, Toners and Tone-up shoes.

The FTC says Skechers falsely represented that clinical studies backed up the company’s claims about its popular toning shoes.

Consumers who purchased the shoes will be eligible for a refund.

In early afternoon trading, shares of Skechers were off nearly 3 percent at $17.78

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Paris, France (4E) – Dominique Strauss-Kahn, former chief of International Monetary Fund and ex-French Socialist party presidential hopeful, on Tuesday filed a USD 1 million suit against New York hotel maid at Bronx Supreme Court.

The maid, Nafissatou Diallo, had accused Strauss-Kahn of sexually abusing her during his stay at the New York hotel last year – an allegation that ruined his entire political career.

In the suit he lodged on Monday, Strauss-Kahn said that Diallo had knowingly and intentionally made a false allegation, which damaged his reputation and other professional opportunities.

The explosive sexual assault scandal apparently rocked Strauss-Kahn’s political ambitions as he was seen as France’s Socialist Party’s champion and a favorite for this year’s presidential polls.

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Los Angeles, Calif., United States (4E) – If you TIVO-ed or taped or plan to watch the season finale of “Desperate Housewives,” and want to be surprised, stop reading now. We don’t want to spoil it for you.

The run of the women of Wisteria Lane, and the men and children in their lives, ended on Sunday.

The series, which is credited with reviving the ABC network, revitalizing the careers of its stars and creators, and adding some savory spice to Sunday night TV in true soap opera fashion, ended in next-day water cooler chatter fashion.

Bree, played by Marcia Cross, was the center of the show’s first hour. Her murder trial was resolved by a false courtroom confession from her dying neighbor Mrs. McClusky (Kathyrn Joosten).

The second hour highlighted Renee’s (Vanessa Williams) wedding.

There was the comical scene in which Gaby (Eva Longoria) and Renee steal a wedding dress. Another scene devoted to the wife/work conflict of Lynette (Felicity Huffman) and husband Tom, followed by a tear-jerking and heartwarming wedding toast from Lynette.

As the show moved close to its good-bye, we saw Lynette and Tom living in New York, happy, healthy and rich. Gaby and Carlos were living the same in California. Bree and new hubby Tripp were content in Kentucky, where she was elected state senator; and Susan (Teri Hatcher) embarked on a new life with daughter Julie and her new daughter.

But in true Hollywood fashion, as no one ever lives completely happily ever after, the final scene stirred up many questions as a new neighbor arrived to Wisteria Lane concealing a curious box.

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New York, N.Y., United States (4E) – Falling gas and energy costs drove wholesale prices lower in April. But outside that drop, inflation was tame.

The Labor Department reported Friday that the producer price index, which measures price changes before they reach the consumer, slipped 0.2 percent in April. It was the first decline since December, and the biggest decline since October.

Wholesale gas prices dropped 1.7 percent. That decline accounted for half the drop in energy costs, which was the only major category to decline last month.

Excluding volatile food and energy costs, the core index edged up 0.2 percent.

For the 12 months ending in April, wholesale prices have risen a tepid 1.9 percent. That is the smallest 12-month change since October 2009, and also in line with the Federal Reserve’s inflation target.

Falling gas prices are a welcome relief to consumers. Retail gas prices soared earlier this year, but have fallen 5 percent since peaking in early April.

The national average for a gallon of gas edged down to $3.74 per gallon Thursday, about 20 cents cheaper than it was a month ago.

Modest wholesale inflation reduces pressure on manufacturers and retailers to raise prices. That helps keep consumer prices stable, which encourages people to spend more and fuels economic growth. Consumer spending accounts for 70 percent of economic activity.

Lower inflation also gives the Federal Reserve room to keep interest rates at historic low-levels.

Rising food and gas prices in early 2011 limited Americans’ ability to spend money on other goods, which caused growth to slow. The economy expanded by a paltry 1.7 percent in 2011.

A small amount of inflation can be good for the economy because it encourages businesses and consumers to spend and invest money sooner rather than later, before inhalation rears its ugly head.

In April, the Fed reiterated its stance to keep interest rates at record low levels through at least late 2014.

During the first quarter of 2012, the economy grew at an annual rate of 2.2 percent, an improvement from the same period in 2011, but less than the 3 percent annual growth rate enjoyed in the fourth quarter of 2011.

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New York, NY, United States (AHN) – Archbishop Timothy Dolan joined Twitter on Tuesday and his first tweet was a Tim Tebow joke.

The initial tweet from the religious leader, jokester avid sport fan @CardinalDolan read: “Hey everybody. It’s Timothy Cardinal Tebow. I mean Dolan. I’m on Twitter. And I’m live in Town Hall on Sirius XM’s The Catholic Channel 129.”

The social media savvy Cardinal said in a subsequent tweet, “Matt Lauer, Joe Torrre , my mom and 20  listeners asking questions-a great Town Hall on Catholic Channel 129. Thanks for joining me on Twitter.”

Cardinal Dolan’s latest tweet was a bit more prolific and profound, “Every person or institution will eventually let us down. Our ultimate trust must be in God and we will never be disappointed.”

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New York City, NY, United States (AHN) – Bed Bath & Beyond announced Wednesday that it has reached a deal to acquire small goods retailer Cost Plus for $495 million, spurred in part by a promising collaboration that put a specialty food department in some of Bed Bath & Beyond myriad stores.

Cost Plus shareholders will receive $22 a share, a 22 percent premium to its closing price on Tuesday. Shares of the Oakland, Calif., based company jumped nearly 22 percent after the deal was made public.

Cost Plus operates stores under the names World Market and Cost Plus World Market.

The acquisition will help Bed Bath & Beyond by generating more traffic to its stores and will also sharpen its edge against online retailers.

No job cuts or store closures are expected.

Cost Plus started in 1958 as one store selling imported goods called Cost Plus World Market in storied San Francisco’s Fisherman’s Wharf. It has grown to own 259 stores dotted all over the word.

Bed Bath & Beyond was begun in 1971 and operates more than 1,000 stores under its own name as well as Christmas Tree Shops, Harmon, Harmon Face Values and BuyBuy Baby in the United States. It also operates Home & Mores stores via a joint venture south-of-the-border in Mexico.

The boards of both companies have unanimously approved the deal which is expected to close in August.

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New York City, NY, United States (AHN) – Gold prices tumbled Tuesday along with world markets as Greece’s political and economic woes weighed on investors across all sectors.

The board based declines in U.S. and global equities spilled over to the yellow metal, pushing gold prices below $1,600 intra-day.

Market participants fear that new elections could be held in June if no coalition Greek government is formed. Worries are growing that the ailing Mediterranean country could be coming closer to a default and may be forced out of the euro zone.

Often viewed as and held as a safe haven, gold provided no respite Tuesday as investors sold whatever they were holding to raise cash.

Also pressuring gold prices of late is the lack of speculative buyers. The only significant buyers of the precious metal in recent months have been central banks.

In addition, India, gold biggest buyer, has seen waning demand due to a weaker economy and proposed tax on gold sales.

While gold prices are currently under pressure, industry analysts note that the underlying support and fundamental reasons for buying the commodity are still sound, notably mega-loose monetary policies, and will provide a cushion and eventually keep the metal from falling much further.

Just after 1:30 p.m., June future contracts for gold were lower by $40.10 at $1,599 a troy ounce.

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New York City, NY, United States (AHN) – Drug giant Abbott Laboratories had plead guilty and agreed to pay $1.6 billion over allegations that it promoted Depakote, an anti-seizure drug, for uses not approved by the Food and Drug Administration.

At a new conference Monday at the Justice Department, U.S. Attorney Timothy Heaphy said that the top levels of Abbott Lab carried out a strategy of systemically marketing the drug for purposes other than what federal regulators had intended from 1998 to at least 2006.

The case includes a criminal fine and forfeiture of $700 million, and civil settlements with federal and state governments totaling $800 million.

Depakote is an anti-seizure and mood stabilizing drug used to treat bipolar disorders.

Abbott, based in Illinois, said it is happy to resolve the matter, adding that it takes its responsibly to patients and health care providers seriously.

The company also agreed, as part of the settlement, to a five-year probationary period that is designed to ensure that there is no repeat of the company’s illegal conduct.

Shortly before the closing bell on Wall Street Monday, shares of Abbott Labs were up a few cents at $62.61.

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