Craigslist founder Craig Newmark testifies in the legal dispute between his company and eBay. Apple files a countersuit against Nokia. Target opens a temporary store in the heart of San Francisco. Plus: Silicon Valley tech stocks.
Craig: Meg's promises weren't in writing
Craigslist founder Craig Newmark said eBay broke promises former CEO Meg Whitman made before the San Jose online auction powerhouse bought a minority stake in the San Francisco classified-ad site. But he acknowledged in court today that eBay never put those promises into writing.
"If it ain't in the document, you don't get to rely on it, right?" eBay attorney Michael Rhodes asked, according to our friends at The Associated Press.
"That's what these documents say," Newmark replied, according to AP.
Newmark also testified that he didn't complain because that would have been the responsibility of Craigslist's lawyer or CEO Jim Buckmaster.
The dispute between eBay and Craigslist is being heard in a Georgetown, Del., courtroom. EBay contends its minority stake in Craigslist was unfairly diluted. In a countersuit, Craigslist charges that eBay used secret information gained from the deal to start a rival classified-ad site.
Former eBay CEO Whitman is now a Republican candidate for governor of California.
Speaking of legal disputes, Apple, the Cupertino maker of iPhones, iPods and "I'm a Mac" computers, has filed a countersuit against Finnish cell phone maker Nokia.
According to AP, Apple's suit, filed in federal court Delaware, claims Nokia violated 13 Apple patents and contends Nokia tried to "copy the iPhone."
In October, Nokia sued Apple, contending the iPhone maker violated 10 Nokia patents.
Temporary Target in S.F.
Discount retailer Target — which usually operates out of big-box stores surrounded by acres of free parking — is opening three "Target To-Go" stores this weekend in the hearts of three urban areas: in San Francisco, New York and Washington, D.C.
According to a Bloomberg News report, the stores let Target test the market before committing to opening a permanent location in a more expensive urban location.
The San Francisco Target To-Go — at Mint Plaza on Fifth Street between Market and Mission Streets — will be open from 10 a.m. to 8 p.m. today, Saturday and Sunday only.
Target will offer a limited selection of 50 holiday items, according to Bloomberg, ranging from 99-cent ornaments to Sony's PSP go video game player.
Silicon Valley tech stocks
Up: Oracle, Gilead Sciences, eBay, Yahoo.
Kaufman Brothers raised its rating on shares of Sunnyvale Internet content powerhouse Yahoo to "buy" from "hold," according to Bloomberg. Yahoo closed at $15.74, up 25 cents, or 1.6 percent.
Down: Google, Apple, Cisco Systems, Hewlett-Packard, Intel, Adobe Systems.
The blue chip Dow Jones industrial average: Up 65.67, or 0.6 percent, to 10,471.50.
The tech-heavy Nasdaq composite index: Down 0.55 to 2,190.31.
And the widely watched Standard & Poor's 500 index: Up 4.06, or 0.4 percent, to 2,190.31.
http://www.mercurynews.com/business/ci_13978627
Post a Comment