Money Matters: Facebook stock

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November 14, 2012, 8:18 am
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(NECN/AP) - Here's a rundown of the morning's developing business headlines, which may impact stock performance:

- Toyota recalls vehicles for steering, pump defects


Toyota Motor Corp. says it's recalling 2.77 million vehicles around the world for a steering shaft defect that may result in faulty steering and a water pump problem.
 
Japan's top automaker said no accidents have been reported related to these two problems announced Wednesday.
 
Some 1.51 million vehicles are being recalled for the steering defect in Japan and 1.25 million vehicles abroad, including 670,000 in the U.S.
 
Affected models include the Prius hybrid, Corolla, Wish and other models produced in Japan from 2000 to last year, and from 2000 to 2009 overseas.
 
Toyota is also recalling 630,000 vehicles spanning five hybrid models, including the Prius, for a defective water pump.
 
Last month, Toyota had a recall for faulty power-window switches.

- Boston's Upper Crust chain closing most locations


A financially-struggling Boston-based gourmet pizza parlor chain has closed most of its restaurants and let go 140 workers as it seeks a cash infusion to stave off a permanent shutdown.
 
A trustee overseeing Upper Crust's bankruptcy said at a hearing Tuesday in federal bankruptcy court that the chain closed restaurants Monday night because it had just four days of supplies and only $14,000 in cash after company executives paid themselves a month's salary in advance.
 
The business, which filed for bankruptcy protection last month, needs $120,000 to keep doors open. The Boston Globe reports that if the company can obtain funding within few days, it could avoid a permanent shutdown. So far, Upper Crust has closed 10 of 16 locations.
 
The chain once had 20 locations in the region.

- Brookline, Mass. styrofoam ban


Members of Brookline, Mass.'s town meeting have overwhelmingly passed a ban on styrofoam.

The ban will prevent food and beverages from being packaged in styrofoam containers.

So Dunkin' Donuts and other restaurants that serve hot coffee in plastic foam cups will have to use an alternative cup in Brookline when the ban takes effect in December of 2013.

- Facebook stock day


It's expected to be another nerve-wracking day for Facebook investors on Wall Street.

A lockup on 777 million shares of the company's stock will end- meaning employees can sell their shares.

There is already 1.3 billion shares of Facebook already trading, and stock typically fall 2 percent after an IPO lockup.

Facebook closed at $19.60 on Tuesday.

- New Facebook feature


Do you find yourself skipping over Facebook notifications?

They may soon be harder to ignore.

The social networking website is considering adding a new audio feature that notifies users when someone writes on the wall, sends a message, or invites you to an event.

It can be controlled by adjusting the settings on the user account.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Tags: Facebook, business , money, Money Matters, Toyota recall, Facebook IPO, Facebook stock
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