Facebook stock 26% below IPO

After a brief reprieve in morning trading, Facebook's stock once again closed lower on Wednesday, nearly $10 below its initial public offering price. Shares of Facebook dropped 65 cents, or 2.3%, to close at NBA Jerseys Wholesale $28.19. It's the third-consecutive trading day the stock has dropped from the previous close. It got some relief earlier in the day, going as high as $29.55. Wednesday's close is down about 26% from the stock's IPO price of $38. Facebook began trading on the Nasdaq Stock Market on May 18. N.J. expects $40M yearly from Amazon taxes New Jersey stands to see as much as $40 million a year in sales-tax revenue from Amazon.com, the biggest online retailer, Gov. Chris Christie said. A deal the Republican governor disclosed Wednesday will bring to New Jersey $130 million in investments and 1,500 full-time jobs. Amazon will start collecting the 7% tax July 1, 2013, Christie said at a Trenton news briefing. Work on two new warehouses in the state may begin next year, he said. "Today's announcement marks a first step toward a long-term relationship with Amazon," Christie, 49, told journalists. "With this agreement, Amazon is stepping up and making a real commitment to our state and to our people." The accord is the latest example of Amazon reaching sales tax deals with states: This month a similar arrangement was announced with Nevada, and last month the company agreed to begin collecting sales tax in Texas. Agreements with the states may presage federal legislation that would simplify the taxation of online sales, said Christie and Paul Misener, vice president of global public policy for the Seattle-based firm. Angry Birds game maker Rovio expands scope At Rovio, the future is Angry. The Finnish gaming company behind Angry Birds -- with more than 1 billion downloads to date -- is now spreading its wings beyond the virtual world. It has already launched plush toys, lunch boxes, clothing, stationery, food and drink items, a Formula 1 driver sponsorship deal and a jewelry line. Rovio announced this week that it would launch an Angry Birds-branded debit card in Russia in partnership with a local bank. Next up: Angry Birds Land, one of the highlights of a theme park opening next month in the Finnish city of Tampere. TECHNOLOGY BlackBerry maker RIM in tailspin Research In Motion, the maker of the BlackBerry, is in steep decline. The company, once the crown jewel of the Canadian technology industry, is now worth 1% of Apple's market capitalization. One way for RIM to stop the downward tailspin: It could sell itself to a competitor or financial firm. But who would step up to buy RIM -- and why? Late Tuesday, the company said it expects to post an operating loss for the current quarter, a sign that BlackBerry sales are falling even faster than analysts expected. On Wednesday, the company's stock hit its lowest level since 2003, the year RIM went from making two-way e-mail pagers to smartphones. HP promotes Veghte to chief operating officer Hewlett-Packard has promoted Bill Veghte to chief operating officer, the latest expansion of his responsibilities since the slumping technology company hired Meg Whitman as its CEO eight months ago. The appointment announced Wednesday makes it clear that Whitman intends to lean heavily on Veghte as she tries to boost HP's earnings and sagging stock price. Management missteps have hobbled the Silicon Valley pioneer as its rivals raced ahead with more innovative products and services. Both Veghte and Whitman may have to grapple with deteriorating employee morale as they try to turn around HP. The company last week disclosed that it will eliminate 27,000 jobs, or about 8% of its workforce, by October 2014. ENERGY Exxon shareholders OK CEO's $25.2M pay Exxon Mobil's CEO had a good year in 2011 -- he got compensation valued at $25.2 million. Shareholders had a good year, too, so on Wednesday they gave their approval to the oil giant's executive pay program. Investors at Exxon's annual meeting cast about 78% of their shares in favor of the compensation-setting system, ignoring critics who said executive pay was too high. Shareholders also voted against resolutions against a controversial method of drilling for natural gas and called on Exxon to set targets for cutting greenhouse gas emissions. Oil price heads for biggest drop since Dec. 2008 The price of oil is headed for its biggest monthly decline since December 2008. Oil has dropped more than 16% so far in May, erasing all of its gains for the year. That's helped lower gas prices and provided a little financial relief to cautious consumers. Prices are falling on expectations that the world won't use as much oil this year as previously thought. Europe's financial crisis is the most immediate concern, but there have been plenty of signs of weaker demand. EUROPE 10-year Treasury yield hits low on Europe fears A key borrowing rate is sinking to a 66-year low as fear over Europe roils global markets. The yield on the 10-year Treasury dropped to 1.62% in Wednesday trading as investors shifted money into Treasurys and other government bonds considered safe. The flight to Treasurys was spurred by reports that the European Central Bank rejected a plan to help Spain pay for a banking bailout. The price of the 10-year Treasury jumped $1.12 for every $100 invested. Cheap Jerseys Wholesale Rising demand for bonds lowers their yields. Worries that troubles in Europe will set off a wider financial crisis have driven traders into Treasurys in May. The 10-year Treasury started the month paying 1.95%. Calls grow for European central bank authority As Europe's debt crisis intensifies, top officials say the continent urgently needs a central authority with the financial muscle to fix its broken banks. The proposal could give immediate relief to Spain's increasingly fragile economy, with its borrowing rates rising to unsustainable levels, rattling investors. The European Commission called Wednesday for a "banking union" that can oversee and, if needed, bail out banks without having to go through national governments. It would have the power to force banks to heal their finances and also have access to a pool of money to rescue banks, lifting pressure off individual countries -- like Spain -- that are already strapped for cash.