scott mcgrew, though, leads the coverage for us. scott? >> well, good morning to you, laura, just after 6:00. things are going to start to move very quickly now. yesterday afternoon, facebook set a price for the shares that would sell insiders at $38. and we should point out, laura, that's exactly what you predicted. those shares were purchased, that's technically the ipo right there. and then this morning, this young man wearing a shirt and tie at least in this video will ring the nasdaq marketplace's opening bell. really it's an electronic chime and launch the trading day. that's all ceremonial. 7:00 a.m. our time, that's the earliest you can buy shares of facebook. as we look at a live picture of the nasdaq looking east on time square welcoming the facebook to the nasdaq. securities and exchange commission does clear the stock to trade under the symbol at fb at 7:00 a.m. our time. and because the nasdaq is an electronic trading system, we do expect that to happen fairly quickly. it takes a while for the market makers to meet each other,

our business and tech reporter scott mcgrew has been watching the facebook shares all morning. scott, opening bell was pretty smooth. first hours of trading, not so much. >> not so much. good morning to you. it was kind of a rough start for facebook this morning, darn close to a mess. not only did we cross 7:00 a.m. without promised trade. 8:00 a.m., no trade. 8:30 we got the first trade to go across. not a proud moment for the nasdaq obviously. the stock then went nearly nowhere. current prices for facebook are

our business and tech reporter scott mcgrew is where he picks up the story from here. t, good morning. >> reporter: good morning, you're absolutely right. that's the big deal. dani daniel loeb, the investor has won. yeah, you have a new if possibly temporary ceo in ross levinsohn, but this is all about loeb. he was the one pushing for changes at yahoo even before scott thompson got into trouble. he gets three board seats vacated by board members who had previously announced they were leaving, but now they're leaving immediately. and fred amaroso who was previously an independent board member is now replacing roy bostock. the new interim ceo's interesting, this new board is way more interesting. most yahoo ceos in the past bartz and thompson, dealing with that old board. yahoo shapes up ever so slightly this morning and the market's getting crushed on european worries. >> thank you very much. >>> 6:59. one last check with meteorologist christina loren. >> 70s inland today, by the bay, upper 60s, and at the coast, low 60s. the giants are back in town tonight taking on the

and scott mcgrew in the newsroom with more details on facebook's plan. good morning, scott. >> facebook, jon, trying to take the temperature of investors to set the right priced ipo and thinks it can push the price up a bit. the company filed financial papers increasing the range at which it will offer shares by about $4. to between $34 and $38. clearly facebook thinks demand is there. and an exact price will be set right before the trading day on friday if everything goes to plan. now chances are, you won't be getting it at $34. that's because that's the price set for insiders and bankers. they're counting on you to offer more money to buy the shares from them on the open market, but is the enthusiasm there? for that, let's go to marla tellez. good morning. >> reporter: scott, good morning. yeah, it's amazing, even at 4:00 in the morning, people are excited about facebook. bottom line, they are telling me that it has staying power and it is worth investing in. now, will they actually buy in when push comes to shove, here's what we found. okay. we don't h

scott mcgrew joins us, 9:00 a.m. our time. >> daniel loeb has given yahoo until 9:00 a.m. fornia time to fire the ceo scott thompson or face a lawsuit. we don't expect that to happen. we expect yahoo will ignore the ultimatum altogether. that's not to say that the yahoo board isn't talking. reports say this man fred amroso is leading the investigation after it was revealed that yahoo had been claiming that thompson had a computer science degree. he does not. he has an accounting degree. yahoo's board met over the weekend to try to figure out what to do. we will keep you updated the minute we hear something. the other thing we're watching, socialist francois hollande has been elected. the fears is he won't save the euro. mr. hollande supports the opposite, stimulus, devaluing the currency. that's legitimate, closer to what we're doing in america, but it causes inflation and jon and laura, the germans had a very bad experience with inflation as you may recall. >> yes, indeed. thank you very much. little bit of a problem. >>> hey, gluten-free you probably heard about it, the n

lexus lane through security for business travelers, scott mcgrew joining us now. ott, clear went out of business the first time. what's changing now. >> good question. new owner has all the clear machines at a sale price. technology there was there to buy up cheap. after the company went into bankruptcy the first time. so a couple of guys from wall street did just that. started the company with none of the debt. clear says it will honor all memberships under that old system, by the way. with clear you go through one big security screening and background check to prove you are not a let and then you sail through security from then on for a price. world markets moving lower again. greece, if you will, by concerns over europe. it is a good time to travel to your open. euro at its lowest point in three years. hewlett-packard reports profits and probably layoffs after the closing bell. also keeping a close eye on facebook. company stock split again tuesday. looking fairly grim today. accusations and lawsuits this morning over the possibility that underwriters like morga

we'll check that with scott mcgrew in a little bit. >> sounds good. let's do that right now. >>> and speaking of the final frontier, scott mcgrew is joining us. and sounds like a lot of rich tech execs were working on their own programs. >> good morning. musk made his money down the street at paypal. john carrmack invented the "doom" video game, he has aerospace, paul allen up until now accomplished the most with his funding of spaceship one. but musk, a south african immigrant has them all beat this morning. >>> well, here's a guy who could fund his own space agency if he wanted to. mark zuckerberg now officially a billionaire. up until now a billionaire on paper. but he did the math, mark has sold enough shares to make himself worth $1,134,916,000 richer in actual cash money. it's been quite a week for facebook. this time last friday, they were minutes away from opening the nasdaq, and that whole ipo. but the hard work doesn't end with the ipo. that's actually kind of where it starts. robert thomas is ceo of info blocks, the bay area the company, ju

business and tech reporter scott mcgrew joins us. scott, this almost seems inevitable. >> reporter: it does. it has everything that congress likes. it's newsworthy, it's the common investor versus big banks and it's an election year. both the house and senate are talking about congressional hearings according to the blog "the hill." more likely calling officials from the nasdaq and underwriters from morgan stanley. this is all to find out what went wrong in the first few hours and whether any rules were broken as underwriters revised their estimates. >>> cnbc is reporting officials at the nasdaq exchange have made, quote, dozens and dozens of calls to companies making plans to list on the nasdaq to make sure they will, this after rumors, the new york stock exchange is courting facebook. something the niyse denies. >>> hp laid off 25,000 workers. many could hear as soon as today about their fate. if there's a surprise at all, it's that the 27,000 -- we were expecting a bigger number. ceo meg whitman says the 8% reduction was all the co

scott mcgrew with conning coverage. >> good morning. we first reported to you at the top of the newscast, there are a number of accusation this morning that underwriter morgan stanley was telling investors that it had serious concerns about facebook's future growth and questioned the value of its ipo. now facebook fell again tuesday in its second full day of trading. the $31 a share. checking actually right now it is up in pre-market trading. we shall see. watch out. even at $31 a share, facebook trades 85 times earnings. it is a way of judging a stock's value. 85 signal it is company will have phenomenal growth or has to anyway to support that price. by comparison, hewlett-packard which has 34 times the revenue of facebook, let me athat again, 34 times the revenue, has a ratio of around five. speaking of hp, marla tellez has been previewing probable hp layoffs. that announcement if it comes will come after the closing bell on wall street this afternoon. as many as 25,000 to 30,000 people. again, measuring in facebook, about eight times

scott mcgrew joins with us this. good morning. >> good morning. conducted by a science museum in new york says while they couldn't find the difference between children's books in the -- on kindle, it found huge differences when the books were enhanced with bells and whistles. the kind of thing you more li likely find on an ipad. kids who read an enhanced books were far less likely to be able to explain what the story was about compared to kids who read the same story in a book. amazon coming to you on xbox. microsoft says lit add amazon's instant streaming to xbox caming console. allowing you to watch videos and movies from amazon. much like you already can with netflix. if you pay for prime service you can get many of shows shows for free. wall street took a break from a long series of losses tuesday on hopes the greek voters will elect politicians who want the to stay in the eurozone. spain says it will talk a loan to rescue one of the biggest banks. spain's borrowing costs are really high. about seven times what you pay in interest to buy a new

scott mcgrew says nobody's talking. >> right. i don't think it's going to stay in texas. the point of the dragon capsule is it's reusable. that's future. this made history so space x says it's going to display it but where is not clear. firsts often go to the smithsonian. the spokesperson told me that my question whether space x would end up there is, quote, premature. it will be a museum piece somewhere. cricket wireless will be the first prepay phone company to offer the iphone. you can sign up at target and best buy. no contract, $55 a month. i talked to a sales person. he says the sales department had not been briefed so it's unclear if you can bring your own iphone in or buy theirs. it's not subsidized so a $500 iphone. general motors which is famously not advertising on facebook or the super bowl has made an advertising deal with the most popular team in the world, manchester united. not on the jerseys but on stadium signs et cetera. it's owned by american, the same who own the tampa bay buccaneers. facebook shares down better than 3% on another stock slide. some in

and scott mcgrew says bankers will set the price on the stock, right? >> that's right. the underwriters on the deal will wait until after the closing bell this afternoon. then they'll make calls to their big investors, feeling them out on the price. keep in mind, this is not the price you're paying. your opportunity comes tomorrow as shares begin trading publicly. we're talking about the price that big institutional investors are going to pay. now, this is tricky because you don't want to set it too high because it's embarrassing if your shares were to fall in the first day of public trading. but you don't want to set it too low either because then you'd be leaving money on the table. facebook only cashes in once. say they price at $35 but at the end of the day, people are buying it on the open market at $70. that would be a disaster because it means that facebook should have charged far more money on that initial offering. on the morning news, you recall we did some predictions of our own. i predicted bankers will announce $37.50. laura garcia-cannon went with $38. chr

scott mcgrew, explain yourself. >> walk with me. imagine you are an artist, you see your oil painting that you sold at auction for thousands of dollars sitting at the garage sale for $5, what do you do? you buy it, right? that's a good analogy for what happened to facebook friday, may happen again today. they fell back to their own offering price on friday, $38 a share, never lower on friday because underwriters swooped in and bought them back up. it's a bit like an artist buying up his paintings at a garage sale. now this may happen again today but this cannot last forever. this repurchasing. so where facebook shares go from here will be fascinating to watch. >>> a number of smart people last week spent a lot of time reminding you about facebook's head winds, the problems facing the company, low advertising rates, problems in mobile, even worries in europe would cause all kinds of trouble, they said. those were really smart people. >>> officials at the nasdaq met over the weekend to discuss the delay we saw friday morning. it took

business supporter scott mcgrew found one woman with a simple request, just one share. >> my name is nancy and i'm a writer. >> reporter: she said it didn't seem like much to ask. she doesn't want to get rich, she just wants one share of face boork. $30 some worth. she started at the most logical point. she e-mailed a facebook friend. >> facebook has allotted 330 million shares. that made me feel like i could have one of them. >> reporter: sure, she could wait around until the facebook shares started trading but she wanted in early. >> it didn't go that well. even though they say it's an initial public offering and i felt like a member of the public. >> reporter: undeterred, she called morgan stanley, one of the facebook's big underwriters. we suspect no one has ever called morgan stanley asking for just one share. >> the ma man was very, very nice and he gently told me that it was not possible for morgan stanley to sell me a share. >> reporter: then she heard e-trade was offering shares to some investors and she's an investor. >> i'm a very small investor. >> reporter: so one less t

scott mcgrew says they're upping the range of estimated price per share. >> good morning.acebook is trying to take the temperature of investors to set the right price for that ipo, thinks it can push up the price. they filed financial papers increasing the range in which it will offer shares by $4 between 34 and $38. clearly, facebook thinks demand is there. an exact price will be set before the trading day friday, if everything goes to plan. marla, you talked to the average investor on the street. some have really bright ideas about this. >> you know, they don't have a revenue stream that supports the idea of being a 100 billion dollar company. >> you don't think it is worth it? >> no. >> yahoo was worth $100 billion a few years ago, look where they are today. >> other things worth noting. not only did facebook up the expected price, it upped the float as well, the number of shares it is offering. it is winning on both sides. it is doing so as the market has a huge stomachache over the future of the economy. european markets closed low this morning. the price we are seein

i'm scott mcgrew. thanks for making us part of your sunday morning.

back to you. >> good perspective from scott mcgrew. thanks. >>> a bay area neighborhood hit hard by vandalism is getting help from a san francisco city leader. businesses in mission district are cleaning up after protesters damaged store fronts earlier this week. windows were busted out, walls and nearby cars were spray painted. even the mission police department got hit. san francisco d.a. george gascone encourages the public to get involved, and asking them to donate to wepay website. they raise $6800 for damaged businesses. the goal is to raise $10,000 in all. if you would like to help them reach the goal, log onto wepay.com to make a donation. >>> marla, there's a new survey out that may surprise some bay area drivers. you know that scary practice of motorcycles squeezing in and out of cars at high speeds on the freeway? guess what, that's perfectly legal. nbc bay area bob redell joins us on 580 in livermore and has more on the alarming findings. bob, good morning. >> reporter: good morning, jon. it could be a very unnerving ride t

scott mcgrew joins us good morning.ture you can use your iphone to take a picture and overlay a better america i'm with mitt across the picture. here is the transparency. i think he may be able to see the problem here. it says amercia. obviously this is not governor romney's fault. anyone can make a mistake. europe is going to heck in hand basket yesterday. dow climbed triple digits. down triple dimg its today after traders said oh, yeah, that's right. the total is twice the amount of money spain has in the emergency fund. facebook up ever so slightly this morning. still under 30 bucks. back to you. >> okay. thank you very much. >> quick check with christina loren. >> yes. we will see a good looking day. little hot for some people. 85 degrees. and make sure you are ready for

but today let's check in with scott mcgrew to find out what's happening with this one. lot of things going on, scott. i'm sure we will be right down to the minute. >> good morning to you. yeah. we got news this morning that facebook will be filing new paperwork putting 25% more shares into the system. this is a big move. you saw earlier what was -- yesterday that facebook increased the price, the price range of its shares. now this morning, facebook saying it is going to offer more shares. they have it on both ends. this could end up being one of the biggest ipos in american history. got general motors, you have visa. you compare it to anything we have seen in silicon valley and it is going to be multiple bigger than google. again, more shares available this morning. at the same time this morning, general motors says that it will discontinue advertising on facebook saying it is infective which is absolutely the most biting criticism you could bring against facebook and bizarre timing. gm knows that facebook is now hours away from an ipo and kind of like saying something

scott mcgrew says it's actually going to be a big problem for managers. how do you tell a millionaire what to do? >> that's a very silicon valley problem, laura. we've seen all kinds of employees become very rich over the years. the classic example of that is the millionaire secretary from netscape back in the day. every company says we're not going to change, money's not going to affect us. we won't listen to wall street, we're going to stay on mission. well, some founder scott mcneilly says with facebook shares priced so very, very high compared to the company's revenue, zuckerberg faces a tough road ahead. >> it will make a difference in their lifestyle based on what the stock price is doing. >> what can you do about it? >> i'm terrorized for the poor guy. and if i were to make some personal wealth recommendations to him, i would tell him to sell any and all of his stock that he can as fast as he can any time the stock is valued at, you know, more than 10 to 15 times revenue. >> let's talk time line. 6:30 this morning mark zuckerberg rings the opening

as we continue our coverage, scott mcgrew joins us now. ve talked extensively with yahoo insiders. >> we know friday we were talking about the head-hunting firm. scott thompson seen here saying the erroneous claims he graduated with a computer science degree came from a low-level staffer at that company. years ago, back before he was even an executive at paypal. thompson said the claims he had a computer science degree from there on came from that error, an error, he says he never noticed except they were able to show the resume that thompson had given them years ago and it was on it, his own claims that he had a computer science degree. the other news this morning, the "wall street journal" says mr. thompson told the yahoo board he has cancer. it's thyroid cancer and that's all we know. our own research says thyroid cancer is very wide ranging. the there are types that are curable and types that are not. we will continue to follow that story, as well. >>> now, executive summary. scott thompson out at yahoo, ross levinsohn, daniel loeb on t

business and tech reporter scott mcgrew with more. good morning. >> good morning. facebook may have awoken the dragon on capitol hill. the blog "the hill" says both the house and senate are indeed talking about congressional hearings to look into the company's botched ipo. not necessarily calling mark zuckerberg to testify. more likely officials from the nasdaq and underwriters like morgan stanley. this is one in a long string of blows for the financial industry. ahead of the big ipo, wall street hoped facebook would bring in what they call retail investors. bring them back into the market. retail investors are you and me, people who buy a few shares on etrade. back in the dot com boom, people having a bit of fun with investing a couple of bucks were an enormous business. those people have largely dropped away and it was hoped facebook would bring them back and then, of course, everybody ended up feeling kind of burned by the facebook ipo and d disappointing wall street in more ways than one. >> christina loren is here to tell us about the weather we should look fo

scott mcgrew, playing the other side as well. >> they are. size and an enormous boost to the float. the number of shares that will circulate publicly. facebook just filed the paperwork. eighth amendment to it. increasing it to 25%. making the total value as much as $16 billion. eight times the value of google's ipo in 2004. in fact, it will be the third largest american ipo ever. visa, san francisco based visa. it was worth $17.9 billion. facebook could actually top it. visa ipo'd under similar market conditions, lousy market conditions. second biggest was general motors. this also factors in this morning. jackie deangelis at cnbc with that. good morning. >> good morning. on the eve of facebook's ipo the company may be losing a big sponsor and that's general motors. it is dropping its ads from the social networking site due to their low impact with customers. gm says it is not unusual to move the ad dollars around. it will keep its facebook pages that don't cost anything to sea eight and run to promote its vehicle lineup. in futures this morn

scott mcgrew is here to show us and, of course, give us insight into what they exactly mean. good morning, scott. >> well, good morning to you. the number we care the most about is 115,000. the american economy gained 115,000 jobs in the month of april. that is an enormously disappointing if expected number. now, the unemployment rate falls to 8.1%. that would appear to be good news. but there's something called the participation rate that we rarely talk about. and that is 63%. the number of people participating or wanting to participate in the economy and jobs has fallen. so people have stopped trying to find jobs, and that's one of the reasons you're seeing the unemployment rate drop. i often tell you to ignore the unemployment rate. this month, i'm especially telling you to ignore it because of the number of people who have left the labor force, the participation rate. so again, is 15,000, that's not enough to compensate for the number of 18-year-olds coming into the -- into the labor force each month. so it's a net negative technically. we can get through this, we might se

we have a team, five reporters all over and including our own scott mcgrew and scott budman covering that story and how it'll impact everybody right here in the bay area. >>> well, france swore in the brand new president francois hollan hollande. the first socialist leader france has had since back in 1995, and quickly being thrown into dealing with the european debt crisis. leaving for berlin today to meet german chancellor angela merkel to discuss austerity and growth in europe. >>> we should learn today just how many people are planning on traveling for memorial day weekend. aaa releases the annual memorial day holiday weekend travel forecast. it's the organization's first forecast for the year and should show how gas prices will likely impact travel for the holiday weekend. and if you're planning on catching a flight soon, here's good news for you. the nation's largest airlines got their passengers to their destinations on time in record time from january to march. that's according to the data from the transportation department. the 15 carriers were on time 84% of the time the fi

we have a rock solid team in place, including our own scott mcgrew and scott budman covering that storyd out. and exactly how it'll impact the bay area. >> christina loren looking at the temperatures this morning. how's it looking? >> pretty good for today. good morning to you laura and jon and good morning to you at home. taking a live look over the embarcadero. mostly cloudy here and looks like we are going to see a full deck of clouds through the coast to your inland cities. the temperatures are mild to start. 52 in sunnyvale and at 52 degrees to start you out in oakland versus 51 in san francisco. today looks really good for outdoor activities, you're going to have to wait for that sunshine. if you're waking up with us by the water, probably until about 10:00, 11:00 a.m. south bay, east bay, as well, temperatures will skbrump by about ten degrees from yesterday's high. plenty of upper 70s and low 80s. temperatures swing up and down through the next couple of days. i'll sort that out for you when i get the seven-day forecast. 65 degrees at noon by the bay, 75 degrees as you make your

scott mcgrew joining us with the latest. gooed morning, scott. >> facebook's remained mum about this whole thing. but the underwriters continue to criticize the nasdaq this morning for the late start in trading on friday. but as time passes and facebook shares continue to sink, that accusation becomes less and less likely cause of the stock's woes. now facebook will start well under its ipo price this morning, at some point you'll see a bounce perhaps as investors feel the stock reaches its correct price. now whether that's today or next week, only the wisdom of the crowd can say. and literally just a couple of minutes ago google closed its deal with motorola mobile. google is now a cell phone company. the ceo of motorola mobility for many, many years, a celebrated ceo has stepped down. again, this happened just a couple of minutes ago. back to you. >> bringing us the very latest, thank you very much, scott. >>> 6:20, we're also bringing the latest as a murder suspect sits in jail this morning accused of killing sierra lamar.

scott mcgrew said she's the first to fall in the controversy over scott thompson's resume. >> good morningpetty hart is one of two women on the yahoo board says she will not run for re-election to that seat. yahoo made that announcement yesterday. hart was in charge of finding a new ceo for yahoo. after the board fired its previous ceo. she did not pick thompson specifically. several reports say thompson called yahoo and applied for the top job. hart herself had confusion over issues as far as her own resume goes. the same rogue investor who pointed out the ceo didn't have a computer science degree was able to show hart didn't have the degree she claimed either. hart's online bio says she had an economics degree and it was a business degree. business administration. now, yahoo employees i talked to quick point will out the fact that's unfair here. if thompson was less than forth come being his degree, why is it the person who failed to catch thompson is the only person being personed? the story is still developing. as we reported earlier this week, yahoo created an investigative unit to fu

our business and tech reporter scott mcgrew has been watching the facebook shares all morning. scott, opening bell was pretty smooth. first hours of trading, not so much. >> not so much. good morning to you. it was kind of a rough start for facebook this morning, darn close to a mess. not only did we cross 7:00 a.m. without promised trade. 8:00 a.m., no trade. 8:30 we got the first trade to go across. not a proud moment for the nasdaq obviously. the stock then went nearly nowhere. current prices for facebook are doing pretty well, up 2.7 to 40.70. from a banker's point of view, it is good news. it means they priced facebook just right, squeezed every dollar out of investors. from the investor's view, not so great. trading for z ynga went down. they got shares for far less than the $38 opening price, but still have to be disappointed this morning. that's a problem. your employees get distracted by stock prices. if it falls and another the boss, that's trouble. scott mcneal ee founded a major silicon valley company when he was mark zuckerberg's age talking about how hard it is on

business and tech reporter scott mcgrew with all the details. scott? >> they've got a price first. facebook's predicting it'll price shares between $34 and $38 a share, that's what early investors, which probably isn't you will pay the company directly for the shares. now after that, facebook will open up the nasdaq marketplace in a ceremony 6:30 our time tomorrow morning. that is purely ceremonial. the nasdaq's electronic, and it doesn't need anybody to open it, it's a computer. and facebook shares will not necessarily trade right away. there's often a delay. that's when you can start buying it yourself and you don't need anything more than a brokerage account. we often use the term ipo kind of loosely to mean the first sale of stock or to describe the opening of the market or describe the first trading of shares. if you want to be totally accurate, by the time mark does press that button on the nasdaq tomorrow, the ipo will be long over, but shortly thereafter, you'll be able to buy some shares if that's what you'd like to do. laura? >> yeah, no suggestions. it'll be interesting

because scott mcgrew says it was not technically clear until right now. >> according to forms filed withhe security and exchange commission, the head of facebook has finished cashing out a first round of stock sales. now, did the math, that's enough shares to make zuckerberg worth $1,134,916,000 richer in actual cash. banks and brokerages are trying to figure out how to make good on facebook trades. and underwriters like morgan stanley tend to guarantee their trades. and when they don't go through during nasdaq's sort of freaky friday last week, it left those organizations holding the bag. night capital figures the industry as a whole is liable for $100 million. >>> we've been updating you throughout the morning on the progress of the space x dragon capsule. the latest news is within about 120 meerters of the internation space station. they are looking for a 6:10 our capture time and dock. just a short time ago, "dragon" flew over south africa, home of elon musk. before elon invented the electric car, he was -- sports car anyway, he was instrumental in the creation of paypal. seema, payp

scott mcgrew says, yeah, there's a lot of pressure. >> a lot of pressure.et's start with the hangover from friday. you remember friday, we had the lousy numbers from the labor department. the u.s. economy added only 115,000 jobs to the american economy. that is a net negative number. because more than 115,000 17-year-olds became 18-year-olds last month. they start counting against your employment numbers. the other problem you have this morning is in san francisco. the other thing to watch. turnover in france and greece. this is socialist francois hollande. and while he has promised to balance the french budget, far less inclined to follow germany's plan to save the euro through tough cuts. the cost of french debt spiked overnight as did spain, as did portugal. futures here in america call for a lower opening on the stock market. now france and germany that don't get along. that's an interesting scenario. the new french leader wants to spend his way out of crisis. that's one way to do it. you pay off your debts. you print more euros. and this is the way ame

scott mcgrew has been keeping his eye on that. >> good morning, marla.his is that special commission set up that came under scrutiny after reporters at some newspapers hacked into people's voice mail, including the voice mail of a teenage murder victim. blair has been accused of having too cozy a relationship with those newspapers. he defended himself this morning saying those newspapers attacked him, his wife, and his children, though the relationship was close enough that blair is godfather to murdoch's daughter grace. david cameron may testify next month. >>> now, back here at home, no stock market report to give you today as the equities and bond markets are closed for the memorial day holiday. the dow fell more than 74 points on friday. this coming friday, we get the latest job numbers from the labor department. they've been really grim lately. the economy added just 115,000 jobs in april. the last month measured. the unemployment rate unchanged at 8.1%, worst yet, more than 4 out of 10 americans are considered long-term unemployed, 27 weeks or more

scott mcgrew says it's a very specific apology. >>> good morning, jon, scott thompson says he's sorryhe controversy has distracted employees not that exists or why it happened. here's what he wrote. i want you to know how deeply i regret this issue has affected the company and all of you. we've all been working very hard to move the company forward he writes. and this has had the opposite effect. for that, i take full responsibility and i want to apologize to you. now, as soon as this morning we could hear something from yahoo's board over what it plans to do in this controversy. it's been investigating the matter. we don't know exactly what's being investigated, but we presume it's the fundamental question that wasn't answered in that apology and that is how all of this happened. you may recall yesterday we were talking about an ultimatum thrown down by rogue investor daniel loeb that thompson could be fired as soon as 9:00 a.m. monday. well, that didn't happen. yahoo ignored that ultimatum. loeb sent a letter demanding all the paperwork associated with thompson's hiring like his res

scott mcgrew has this morning's business news. >> good morning to you. after a fairly lousy april, we're starting may no problems whatsoever. on wall street this morning, we see the heroes as they open the nyse, including captain america and ironman. the dow is at its 2012 highest point this morning. >>> the google oracle trial, lawyers delivered closing arguments monday afternoon. the issue whether google used their software in the operating system and how much it should pay if it did. >>> and facebook made a change to the "about you" section, allowing people to indicate whether they're organ donors. really probably better to have the sticker on your license. i don't see anybody run to go facebook if god forbid you're in an accident, but it is cool. go to the time line. there's a thing called life events. under that, health and wellness, you can indicate whether you're an organ donor. i am. facebook says increasing awareness of donorship, it hopes more people will sign up for the program. back to you. >> thanks, scott. >>> quick note for bay area fish l

scott mcgrew updates us. >> good morning. the news will come after the closing bell as hewlett-packard reports profits. we've heard 10% of the company could be pink slipped, a breathtaking 30,000 people. hp's restructuring itself for a decade now under a long string of ceos. executives will hold a conference call with reporters after 1:00 p.m. our time. turning to facebook, that stock's up a bit this morning. and new questions as to whether facebook's biggest investors new long before everyone else that price would not hold up at the ipo. two separate accusations out there. one is that underwriters like morgan stanley, quietly telling top customers that facebook's growth was not what people thought it would be and to be cautious about $38 a share. that has regular investors very angry, because they felt like all they were hearing about were good things and they weren't privy to secret advice if it existed. now that accusation's a bit weak because many of the supposed secrets could be found in facebook's financial filings. rem

scott mcgrew has been keeping his eye on that. >> good morning, marla. this special commission was set up to investigate rupert murdoch's news corp. after reporters at some of his newspapers hacked into people's voice mail, including the voice mail of a teenage murder victim, even the leading one of the messages there. blair's been accused of having too cozy a relationship with the newspaper while he was prime minister. he defended himself point out the same newspapers attacked him, his wife and his children. though the relationship has been close enough that blair's actually godfather to murdoch's daughter grace. david cameron may testify next month. >>> back here at home, no stock market report today as the equities and bonds marks are closed for the memorial day holiday. dow fell 74 more points on friday. and this coming friday, we get the latest job numbers from the labor department. they have really been grim lately. the economy adding just 115,000 jobs in april, the last month measured. unemployment rate unchanged at 8.1%. worse yet, more than 4 ou

scott mcgrew, case looks straightforward. >> yeah, using laurae inine ini words, laura.said, we're sorry, one engineer put a couple of lines of code into our google mapping cars we didn't know about it, total mistake. and european countries largely forgave the company and dropped the case. but as we reported last week, google said in the own internal documents that a number of people knew what the cars were doing. that revelation has european governments feeling very misled this morning. >>> san francisco's yelp turned in the first quarterly financial report since becoming a public company. good news, the amount of money the company made grew quickly, but so did its costs. meaning yelp lost nearly $10 million in three months. now, investors are going to be patient while yelp grows, but eventually they're going to want to see some profits. >>> the latest private estimate of how many jobs america added last month is tepid at best. labor department gives us an official number this time tomorrow. and jon and laura, you know, you can buy the second coolest vehicle that neil a

but scott mcgrew, we're a day away from the big jobs numbers. but we have a preview with you. >> we do. the labor department makes it all official 5:30 our time tomorrow morning as far as jobs. but we were able to get a sneak peek from private payroll processor adp says america added 133,000 jobs in the month of may. that's not good. tomorrow's number will add in government jobs and we certainly don't expect a lot there. separately economists downgraded their estimates of how quickly the economy's growing to 1.9% in the first quarter. we will continue to keep our eye on the "dragon" mission just undocked from the international space station. expected to splash down off the california coast just before 9:00 our time. elon musk, by the way, said dragon named after puff the magic dragon carried into space on a rocket named "falcon." >> stumping us on that one. >> a ship that was named "the falcon," mike? millennium falcon. star wars. >> puff the magic dragon -- >> oh, okay. thanks, scott, appreciate that. >>> any talk about chuck reed backing a pro

scott mcgrew says that minor point turning out to be a disaster. >> it is.t's not clear who first claimed he had a science degree, but at the very least, he sat idly by while his employer told shareholders and financial regul regulators he had such a degree. i talked with stone hill college and mr. martin mcgovern there in the office said thompson graduated in 1979 with a bachelors of science in business administration. now, the first person to discover this small discrepancy was a guy named daniel lobe, a big shareholder in yahoo and wants some of his own people on the board there. he's not been shy about criticizing mr. thompson. scott thompson's been making major changes at yahoo, but not fast enough for lobe. as for yahoo, it said in a statement, there was an inadvertent error mr. thompson holds a degree in computer science. he's a highly qualified executive with a successful track record leading large technology companies. under his leadership, yahoo is moving forward to grow the company and drive shareholder value. >>> now the other big story this morn

business and tech reporter scott mcgrew has the numbers. >> giant failure.case shiller, hot off the press this morning. they're talking about the national housing price composite now in its lowest level since the crisis -- lowest level since the housing crisis began in 2006. now, we're used to the idea of around here housing prices at least in some zip codes going up, but if you look at the national level, it is still a mess out there. san francisco specifically actually gained 1% in the last month measured. though the san francisco market, which does not include the south bay is still down 3% for the year. >>> looking at wall street, the dow industrials are up 111 points this morning, facebook continues to slide, facebook is down to about $30 a share off about 4%. back to you. >> started at 38 too. >>> one final check on your weather as you head out the door, and christina loren always delivers. >> hopefully you like the warmer weather headed in the right direction temperature wise if that's the case. temperatures today are going to be about 3 to 5 degrees

scott mcgrew. >> good morning. there are two ways for a company to make money on ipo,en crease the price or increase the size. facebook upped the price, now playing the other side, too, filing paperwork with the s.e.c. in it, facebook will increase the number of shares that circulate publicly. this is facebook's eighth amendment to the s-1 and it makes the total value of the ipo as much as $16 billion. eight times the value of google's ipo in 2004. it would be the third largest ipo ever in america. at the same time this morning, general motor says it will discontinue advertising on facebook, saying it's ineffective which is the most biting criticism you can bring against facebook. it's kind of weird timing. gm knows facebook is hours away from an ipo and this criticism is like saying something nasty about the bride on the way to the church. and they're setting the stage for friday. actual stage at facebook. constructing a steel monstrosity in the central courtyard to host a celebration friday. we expect to open the

scott mcgrew with the latest. >> good morning to you, laura. google says it could finalize plans to buy motorola's cell phone business as early as today, and reports say google executives have scheduled what they're calling listening meetings at mobility locations in silicon valley and in the company's home base of chicago, as well. many employees are interpreting that as a way to find out what they do and if they should be laid off. now, layoffs after one company buys another are not uncommon. and hewlett-packard could announce thousands of layoffs tomorrow, as well. as we first reported last week, the total could be as high as 30,000, thad be company wide. hp reports its quarterly profits tomorrow. >>> shares in facebook fell further after -- in after hours trading. zinga in san francisco which gets much of the income from facebook at an all-time low despite the fact they're not affected by facebook share price. best buy, a stock to watch after that company announced better results than expected, better sales. they weren't good, but they were

scott mcgrew live in our newsroom really flabb ebergastf. >> this has been washington's concern all along. and the irony is what jpmorgan chase did will actually be against the rules, but not until later this summer. you want more irony? the head of jpmorgan chase was the leading critic against this rule nicknamed the volcker rule that would've saved his bank billions. what seems to have happened is that a banker in london made bets that the economy would get better, those bets called hedges are supposed to help banks protect against their investments in going bad. he was wrong. these are the same sort of bets called derivatives that brought down the financial system back in 2008. after the financial crash, washington set in place certain rules like the volcker rule that prevent banks from making certain investments with your money to prevent this from happening again. now, the head of jpmorgan chase admits this morning he has egg on his face. i do want to point out one thing, jpmorgan chase owns chase bank, your neighborhood bank on the street corner there. your money is absolutely unaff

and scott mcgrew says, yes, that has persians upset this morning. >> sure, where'd their gulf go?aking threats against google this morning. here's the map, the company dropped the name from the map. iran's foreign minister says if google does not restore the name persian gulf, it'll face serious damages. the controversy is centuries old. most do indeed call it the persian gulf. if i don't get a chance to mention it tomorrow because we're too busy, this is my absolute favorite event of the year. gathering a wild and crazy inventors. a lot bigger than you think and very family-friendly. now, why might we be too busy? well, because facebook will start selling shares if everything goes to plan. the company should price its stock tonight. i'm predicting $27.50. and we are going to have team coverage live from here, live from menlo park and palo alto and new york. we're going to take you live to the preparty before the open. straight through the ringing of the nasdaq buzzer at 6:30. when trading begins, we'll be there. that's when the public can start buying, we'll start tracking that p

scott mcgrew watching the markets. >> watching good morning europe carefully.a very important election come sunday that could determine the economy in europe which is our largest trading partner. dow down 5 points this morning. we have some early looks at some job numbers we may see on friday and they were slightly disappointing. on a bright night, comcast nbc said that it turned in lots of money. this is the first quarter in which comcast has nbc in its family as far as the financial report and looking pretty good. this is good news, i think, for all of us. >> of course the parent company of us. thank you. >> champagne over there. 6:58. >> we will go on that shopping pre. we are looking good out there right now. got a nice sunny day shaping up. tomorrow showers moving in. dreary day. and as we head throughout your thursday, enjoy what wednesday holds. 07 degrees 4:00 p.m. 63 at the coast. our giants back at at&t park. taking on the marlins again. 7:15 game time. winds will likely play a factor. coming out of the northwest we could see that ball heading out to

business reporter scott mcgrewe continues our coverage. >> there we go it, facebook opening for trade. >> 42. >> 43, 43. >> $43 a share, up 13.1%. >> reporter: ipos are exciting, and everyone's eyes were on facebook as shares started selling on the secondary market this morning. that focus, even more concentrated as the stock sank, at one point to its own opening price. >> when losing $39. >> makes it interesting. >> reporter: no matter where the stock price goes, it's a distraction. it's been said the best thing and the worst thing about an ipo is your employees get rich. facebookers, who just last night pulled all nighters just for fun, will find themselves checking that stock price, and it puts pressure on the ceo, where each tick of the share means millions, even billions lost or gained. scott mcneely knows that well, he founded sun microsystems at 28, the same age at zuckerberg today. mcneely says zuckerberg's going to have a tough time keeping that focus. >> it's going to be a challenge. it's going to be a challenge when you come out of a $100 billion market cap and it spikes do

. >>> scott mcgrew says the historic space docking has lots of high tech millionaires jealous. >> good morning. there's something about high tech money in rockets. musk made his money down the street at paypal, and jeff base owes, and john car mack, invented the do you know videogame. he has a rocket, and the co-founder of microsoft had until now accomplished the most with his funding of space ship 1, three manned missions into sub orbital flight. musk has them all beat this morning. >> we are already in space. >>> another bit of trivia. the nasa astronaut that caught the dragon capsule, the guy that played angry birds at the international space station a couple months ago. here is making a pig. he has been in space since last christmas! the guy has to entertain himself. >>> how much financial trouble is europe in? here is an example. you may or may not know this. there's a singing competition called euro vision, a huge deal, like "american idol" for a continent. you see the singing grannies, russia's official entry. the big final for this is this weekend. it looks likely the woman rep

scott mcgrew is joining us, working hard to find that silver lining. >> good morning. i can say aggregate prices are falling, but falling less fast. so yeah, it is getting worse. as you pointed out, not as quickly. faint praise indeed. the case schiller report that looks at property prices in a variety of ways, including a 20 city average, says 18 of the cities saw prices fall in the past year. san francisco included. prices in that area which don't include the south bay gained 1% for the month, but were down 3% over the past year. >>> shares in facebook traded under $30 a share the first time ever this morning, losing better than 5% on the open. shares in opera, a norwegian company with offices in san mateo, much higher on rumors facebook might buy that company. opera has millions of users for its mobile web browser, and the thinking goes facebook needs a better foot hold in mobile. back to you. >> scott, thanks. >>> some threatening news for fish lovers. radioactive contamination is found from tuna. they tested positive for radioactive cesium. scientists found levels

and scott mcgrew has a little gadget that has eyes in the back of its head. >> that's right.ood morning. it's called the dot. and what this is a little convex mirror that snaps on top of your iphone. and what it can do is record 360 degrees of video. so you take it to your friend's band concert. you hold up your iphone and record. and when you post this on facebook, look at what you can do. your facebook users can scroll around the video and look at the crowd. go back and look at the band and go back to the crowd. >> here in the studio -- >> we should tape something in the studio and put it on facebook ourselves. here's dot's inventor jeff glass. >> because people get to look around and say that looks really neat, what about there? behind you, the thing you passed. >> it is neat, $50 called the dot. and you can find them in apple stores. they are now in apple stores. something, and yes, we will totally do that in the studio in the next 30 minutes or so and post it on facebook. >> it's kind of messy back here sometimes. better clean up. it's 5:55 right now. >>> if you thought