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Business Briefs

For Tuesday, December 28, 2010

By Star-Advertiser Staff and News Services

POSTED:

Hawaiian Tel active

Hawaiian Telcom Inc. has become a public company and begun to sell its stock. The 1,400-employee firm announced yesterday that public trading of its common stock had begun through its parent company, Hawaiian Telcom Holdco Inc. The stock can be purchased on the over-the-counter market under the symbol HWLT or HWLT.PK. If the firm's application to be listed on the Nasdaq is granted, shares are expected to trade under the ticker symbol HCOM.

Tesla Motors stock down 15 percent

SAN FRANCISCO » Tesla Motors Inc. shares dropped 15 percent yesterday after a 180-day, post-IPO restriction on certain stock sales expired and allowed investors to unload their positions. Tesla stock finished at $25.55.

Shares of the electric car maker, despite some big hits, have managed to stay well above their $17-a-share IPO price, though it has dropped from a high of $36.42. The vast majority of the 93.3 million common shares outstanding had been restricted under the lock-up agreements, according to a Tesla filing with the Securities and Exchange Commission last month.

Japan's unemployment at 5.1 percent

TOKYO » Japan's unemployment rate remained unchanged in November, suggesting that concern about the job market might limit consumer spending as stimulus programs expire. The jobless rate held at 5.1 percent, the statistics bureau said, matching the median estimate of 29 economists surveyed by Bloomberg News.

JVC Kenwood Holdings Inc., a Japanese maker of audio equipment, video cameras and televisions, said last week it's cutting 500 positions because sales have been hurt by the strong yen and competition with Asian manufacturers. Japan's currency has gained more than 10 percent against the dollar this year, threatening to reduce exporters' profits and make their products more expensive in markets abroad.

Apple sued over privacy issue

SAN JOSE, Calif. » Apple Inc. was sued over claims that applications for the company's iPhone and iPad transmit users' personal information to advertising networks without customers' consent. The lawsuit, which seeks class-action status, was filed Thursday in U.S. court in San Jose, Calif. The suit claims iPhones are encoded with identifying devices that allow advertising networks to track what applications users download, how frequently they're used and for how long.

A spokeswoman for Cupertino, Calif.-based Apple didn't immediately return a call or e-mail seeking comment.






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