Once-soaring tech stocks sink in sobering comedown PDF  | Print |  E-mail
Written by BARBARA ORTUTAY, AP Technology Writers MICHAEL LIEDTKE, AP Technology Writers   
Saturday, 12 April 2014 05:10

SAN FRANCISCO (AP) — The stock market's laws of gravity are ravaging its highest fliers.

Just look at the list of technology trailblazers whose values have plummeted from record highs during the past few weeks. Investors have re-focused on safer sectors such as utilities, health care and consumer staples instead of companies that promise potential growth from online services that are building huge audiences.

Stung by the abrupt change in sentiment, the stocks of recent stars such as Netflix, Facebook, Twitter and LinkedIn are 20 percent to 45 percent below their recent peaks. The steep downfall is raising questions about whether this is just a fleeting fit of fickleness or the foreshadowing of another market bubble about to burst.

Stocks across all sectors dropped Friday. The tech-driven Nasdaq composite index fell 54.37 points, or 1.3 percent to 3,999.73 to punctuate a punishing week, and is down 8 percent since early March, when it hit a 14-year closing high of 4,358. Last year, the Nasdaq soared 38 percent.

Last Updated on Saturday, 12 April 2014 05:13
50-acre Connecticut estate sells for $120 million PDF  | Print |  E-mail
Written by Associated Press   
Saturday, 12 April 2014 05:06

GREENWICH, Conn. (AP) — A 12-bedroom waterfront estate on 50 acres in wealthy Greenwich has been sold for $120 million.

Even though that's $70 million under Copper Beech Farm's initial listing price, real estate agent David Ogilvy tells the Greenwich Time ( ) he believes the sum is the most ever paid for a residential property in the United States. The paperwork finalizing the sale to a limited liability company was filed Friday.

The 13,000-square-foot French Renaissance-style home has a 75-foot pool, grass tennis court, a stone carriage house and two islands in Long Island Sound.

Ogilvy says Copper Beech Farm edged out a Silicon Valley property sold last year for $117.5 million.

Built in 1896, Copper Beech Farm was once owned by Andrew Carnegie's niece Harriet Lauder Greenway.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Borgata casino lawsuit: Gambler cheated, won $9.6 million PDF  | Print |  E-mail
Written by WAYNE PARRY, Associated Press   
Saturday, 12 April 2014 05:09

ATLANTIC CITY, N.J. (AP) — An Atlantic City casino is suing a big-time gambler, claiming he won $9.6 million in a card-cheating scheme in baccarat.

The Borgata Hotel Casino & Spa filed a federal lawsuit Tuesday against Phillip Ivey Jr., considered one of the best poker players in the world.

The lawsuit alleges Ivey and an associate exploited a defect in cards made by a Kansas City manufacturer that enabled them to sort and arrange good cards in baccarat. The technique gave him an unfair advantage on four occasions between April and October 2012, the casino asserted in its lawsuit.

The casino claims the technique, called edge sorting, violates New Jersey casino gambling regulations. Its senior vice president, Joe Lupo, declined to comment on the lawsuit.

Ivey's lawyer declined to comment on Friday.

Finance officials confident of global growth PDF  | Print |  E-mail
Written by HARRY DUNPHY, Associated Press MARTIN CRUTSINGER, Associated Press   
Saturday, 12 April 2014 04:59

WASHINGTON (AP) — An ambitious goal to boost global growth by $2 trillion in the next five years is within reach, finance officials of the world's major economies believe, despite a variety of threats, including rising political tensions over Russia's actions in Ukraine.

In a joint statement Friday, finance ministers and central bank governors from rich and developing nations skirted over substantial differences in such areas as central bank interest rate policies and whether to impose tougher sanctions on Russia because of its dealings with Ukraine.

Their talks resume Saturday with meetings of the policymaking committees of the International Monetary Fund and its sister institution, the World Bank.

The final Group of 20 communique pledged to keep working on concrete economic reforms that could boost global growth by 2 percent over the next five years. But finance officials concede that the economic reforms needed to achieve that goal will in many cases be politically difficult.

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