Market Minute: Zuckerberg Faces Down Angry Investors; KFC's China Sales Tank

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Mark Zuckerberg is under fire from shareholders, and KFC suffers after-effects from the Asian flu. Those and more are what's news Wednesday in stocks.

The Dow industrials (^DJI) slid 116 points Tuesday, the S&P 500 (^GSPC) fell 16 and the Nasdaq (^IXIC) lost 36 points.
mark zuckerberg ceo facebook angry shareholders meeting ipo
Justin Sullivan/Getty ImagesFacebook CEO Mark Zuckerberg


Facebook (FB) CEO Mark Zuckerberg absorbed the ire of shareholders at the company's first annual meeting since going public. He acknowledged his disappointment with the company's stock, which has fallen nearly 40 percent since the IPO, but he defended the company's fundamental strategy.

KFC and its parent company, Yum Brands (YUM), say sales in China slid 19 percent in May. But Yum expects sales to improve in the coming months, and turn positive again by the end of the year.

Ulta Salon Cosmetics & Fragrance (ULTA) says its net rose 20 percent, as the beauty-supply chain beat expectations on Wall Street.

Rambus (RMBS) is set to jump after the technology licensing company settled a patent infringement case with a South Korean supplier. The agreement includes a five-year licensing pact.

Seven of the nation's largest banks have been granted another two years to comply with parts of the Dodds-Frank law aimed at limiting certain risky investments. Among banks getting the waiver: JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C) and Wells Fargo (WFC).

Federal regulators have filed suit against Dollar General (DG) and the U.S. unit of the automaker BMW for discrimination against black job applicants. Last year, PepsiCo (PEP) agreed to pay $3 million to settle similar charges that its improperly used criminal and credit checks to screen out applicants.

Walgreen (WAG) has agreed to pay $80 million to settle charges that its stores in Florida failed to comply with federal rules to track the sale of controlled substances such as opioids, allowing them to end up on the black market.

A government study finds that Enbrel, a top selling Amgen (AMGN) drug to treat rheumatoid arthritis, is no more effective than much cheaper generic alternatives.

And Internet music company Pandora (P) is buying a tiny radio station in South Dakota. Its aim is to pay lower royalty rates to music publishers.

Check back after the market closes Wednesday for the new Daily Finance closing bell report.

-Produced by Drew Trachtenberg


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35 Comments

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LOGICO12

Don't forget to tell them I invented Facebook and other sites plus the internet and the operating system various other pre programmed codes so people won't have to use command prompt to see some graffix my idea is also already set to process other applications, which vary from chat sites to entertainment business transferring currency etc including smart phones invisible suits 3d tvs video gaming systems vehicles planes droids and tablets etc. And now they copy and bring up newer versions from time to time after stealing the idea and patents even Mr. Komi from Heliotrope elementary school had to stop teaching because he was framed by the girls working for some corloon weasel and Mr Fisher the principle so the teacher left to Hong Kong to avoid being accussed by their hit squad extorters with a badtge and me too. There's video in Hong Kong that proves that gates is lying and doing some acts that are pretty self incriminating and prove other wise there's also evidence that proves Mr Fishers actions and self incrimination. There's also more evidence with the German government that proves other statements that their part claimmed is not true and proves otherwise. Yet they still do what they do as if their saints and virgins and honest people.

June 13 2013 at 2:01 AM Report abuse +1 rate up rate down Reply
napajack

Anybody who threw the dice on FB stock got what they deserved. The whole IPO was a farce from the beginning.

June 12 2013 at 10:54 PM Report abuse +2 rate up rate down Reply
1 reply to napajack's comment
pennydanger555

Even someone like me who does not know that much about stocks saw that one coming a mile away. The stockholders should be looking in the mirror instead of at Mark.

June 14 2013 at 11:26 PM Report abuse rate up rate down Reply
glenn_stark

Once again we see the jew make billions off the minions. When will the world wake up.

June 12 2013 at 9:32 PM Report abuse +1 rate up rate down Reply
2 replies to glenn_stark's comment
mrspelosi

Oh my Glenny such a bigot you are. Perhaps some diversity classes might do you some good. If you do decide to go the class dear leave your white sheet and hood at home darling.

June 12 2013 at 11:16 PM Report abuse +6 rate up rate down Reply
mrspelosi

Oh my Glenny such a bigot you are. Perhaps some diversity classes might do you some good. If you do decide to go to the class dear, leave your white sheet and hood at home darling.

June 12 2013 at 11:18 PM Report abuse +6 rate up rate down Reply
nomad1

I guess he should start policing his site,or this will only be the beginning.

June 12 2013 at 9:17 PM Report abuse -2 rate up rate down Reply
jjr526

Chinese teens are getting fat. The introduction of KFC, McDonalds, BK, Pizza Hut, Papa Johns, Dairy Queen etc is starting to greatly affect the size of the average teen.

June 12 2013 at 9:06 PM Report abuse +1 rate up rate down Reply
1 reply to jjr526's comment
pennydanger555

I guess pretty soon they will be calling 1-800-JENNY.

June 14 2013 at 11:29 PM Report abuse rate up rate down Reply
theframingone

facebook sucks , is nothing but a tool for the feds , fb taps into your system and follows every search you do , games are scams , get off facebook and go get on life

June 12 2013 at 8:19 PM Report abuse +5 rate up rate down Reply
prinsovdarqnezz

I called this scam when it was first mentioned of going public. Only idiots bought facebook stock.

June 12 2013 at 7:48 PM Report abuse +3 rate up rate down Reply
alfredschrader

I was there when colonel Sanders openned his first successful place on 7th Avenue in Miami circa 1964. I've been experimenting with his recipes for the last 35 years. I even came up with an original recipe pork chop that is mind blowing.

June 12 2013 at 7:25 PM Report abuse rate up rate down Reply
ccdae5

I don't feel a bit sorry for the greedy gamblers who lost money on FB stock.

June 12 2013 at 7:14 PM Report abuse +3 rate up rate down Reply
David

Zuckerberg and Bill Gates are to Obama what Alfred Krupp was to Adolph Hitler.

June 12 2013 at 4:26 PM Report abuse -2 rate up rate down Reply