Will Twitter IPO Shares Reach $20?

Twitter has decided to price its IPO shares between $17 and $20 when it lists on the New York Stock Exchange, the company said in its filing.

Based on an assumed initial public offering price of $18.50 — the midpoint of the range — Twitter estimates the net proceeds from the sale of shares of common stock will be roughly $1.25 billion, the company said in documentsfiled with the U.S. Securities and Exchange Commission.

Some 80.5 million shares of common stock will be registered, according to the filing.

Releasing its IPO price range positions Twitter to begin its “road show,” seeking to raise funds from investors across the country. In documents filed last week, the company said it would list its shares under the ticker symbol TWTR on the New York Stock Exchange, representing a big win for the market over rival Nasdaq.

Twitter has yet to determine a date for the listing, though one report suggested Nov. 15 could be the day.

Twitter’s IPO is likely to be one of the hottest of the year and the most prominent in social media since Facebook went public last year. Twitter’s share price range will be markedly lower than Facebook’s, which priced its IPO at $38 per share.

Twitter filed for its highly anticipated public offering earlier last  month.

Source

Facebook Buys Onavo

Facebook’s CEO Mark Zuckerberg has been shopping again. This time he picked up Onavo, the Tel Aviv based startup whose apps include services designed to monitor and compress mobile data.

The move will benefit Zuckerberg’s interests at two levels. With Facebook keenly emphasising its mobile credentials, the Onavo service could persuade doubters that it’s time to give the service a go.

Meanwhile his Internet.org initiative plans to bring internet connectivity to the parts that other means just can’t reach. Compression technology might make Facebook a viable option in parts of the developing world where data is an expensive luxury, while for the rest of us the prospect of lower roaming charges might be enticing.

As well as being a new subsidiary of Facebook, Onavo will become a satellite office for Facebook in Tel Aviv, the first time it has had a direct presence in Israel. So far there’s no information on how much money has changed hands, but figures of between $100m and $200m have been mentioned.

In a blog post, Onavo said, “We’re excited to join their team, and hope to play a critical role in reaching one of Internet.org’s most significant goals – using data more efficiently, so that more people around the world can connect and share.

“When the transaction closes, we plan to continue running the Onavo mobile utility apps as a standalone brand. As always, we remain committed to the privacy of people who use our application and that commitment will not change.”

However, we might speculate that the technology involved could also be integrated into mobile Facebook apps to make them more data efficient, luring more people to share their lives as they live them.

Source

King.com Has IPO In The Works

King.com Ltd, the British mobile gaming firm best known for its popular puzzle game ‘Candy Crush Saga’, has filed confidentially for an initial public offering (IPO) in the United States, a person familiar with the matter said on Sunday.

Online technology companies are rushing to the stock market on the backs of Twitter Inc’s announcement earlier this month that it plans to go public in the most eagerly anticipated IPO since last year’s flotation ofFacebook Inc.

Emerging growth companies such as King can use a secretive IPO registration process in the U.S. thanks to the Jumpstart Our BusinessStartups (JOBS) Act, which loosened a number of federal securities regulations in hopes of boosting capital raising and thereby increasing job growth.

King has hired Bank of America Merrill Lynch Corp, Credit Suisse Group AG and JPMorgan Chase & Co to lead the offering, said the person, confirming an earlier report by the Daily Telegraph and asking not to be identified because the information is confidential.

Representatives for King and the banks either declined to comment or did not respond to requests for comment.

King offers 150 games in 14 languages through mobile phones, Facebook and its website. It boasts more than 1 billion gameplays per day from its users.

The company’s games appeal to a growing trend for players to play puzzles with their friends in short bursts, especially as games are increasingly played on the move on phones or tablets to kill spare minutes.

Rival Zynga Inc went public two years ago in a high-profile IPO that raised $1 billion. Since then, Zynga has suffered from sagging morale during several quarters of worsening performance and repeated waves of layoffs.

Founded in 2003, King has been profitable since 2005 and has not had a funding round since September of that year, when it raised 34 million euros ($46.04 million) from investment firms Apax Partners and Index Ventures.

Source

Cyber Attacks Increasing In Middle East

Syria’s civil war and political strife in Egypt have given birth to new battlegrounds on the Web and driven a surge in cyber attacks in the Middle East, according to a leading Internet security company.

More than half of incidents in the Gulf this year were so-called “hacktivist” attacks – which account for only a quarter of cybercrime globally – as politically motivated programmers sabotaged opposing groups or institutions, executives from Intel Corp’s software security division McAfee said on Tuesday.

“It’s mostly bringing down websites and defacing them with political messages – there has been a huge increase in cyber attacks in the Middle East,” Christiaan Beek, McAfee director for incident response forensics in Europe, Middle East and Africa (EMEA), told Reuters.

He attributed the attacks to the conflict in Syria, political turmoil in Egypt and the activities of hacking collective Anonymous.

“It’s difficult for people to protest in the street in the Middle East and so defacing websites and denial of service (DOS) attacks are a way to protest instead,” said Beek.

DOS attacks flood an organization’s website causing it to crash, but usually do little lasting damage.

The Syrian Electronic Army (SEA), a hacking group loyal to the government of President Bashar al-Assad, defaced an Internet recruiting site for the U.S. Marine Corps on Monday and recently targeted the New York Times website and Twitter, as well other websites within the Middle East.

Beek described SEA as similar to Anonymous.

“There’s a group leading operations, with a support group of other people that can help,” said Beek.

McAfee opened a centre in Dubai on Monday to deal with the rising threat of Internet sabotage in the region, the most serious of which are attacks to extract proprietary information from companies or governments or those that cause lasting damage to critical infrastructure.

Cyber attacks are mostly focused on Saudi Arabia, the world’s largest oil exporter, Qatar, the top liquefied natural gas supplier, and Dubai, which is the region’s financial, commercial and aviation hub, said Gert-Jan Schenk, McAfee president for EMEA.

“It’s where the wealth and critical infrastructure is concentrated,” he said.

The “Shamoon” virus last year targeted Saudi Aramco, the world’s largest oil company, damaging about 30,000 computers in what may have been the most destructive attack against the private sector.

“Ten years ago, it was all about trying to infect as many people as possible,” added Schenk. “Today we see more and more attacks being focused on very small groups of people. Sometimes malware is developed for a specific department in a specific company.”

Source

Hackers Dupe Apple

Apple’s security was once again made a laughing stock as a team of researchers demonstrated how it is possible to sneak apps past Apple’s test regime. A group of researchers presenting at Usenix were able to spreading malicious chunks of code through an apparently-innocuous app for activation later.

According to their paper the Georgia Tech team wanted to create code that could be rearranged after it had passed AppStore’s tests. The code would look innocuous running in the test environment, be approved and signed, and would later be turned into a malicious app.

They created an app that operated as a Georgia Tech “news” feed but had malicious code was distributed throughout the app as “code gadgets” that were idle until the app received the instruction to rearrange them. After the app passes the App Review and lands on the end user device, the attacker can remotely exploit the planted vulnerabilities and assemble the malicious logic at runtime by chaining the code gadgets together.

The instructions for reassembly of the app arrive through a phone-home after the app is installed.

The app will run inside the iOS sandbox, but can successfully perform many malicious tasks, such as stealthily posting tweets, taking photos, stealing device identity information, sending email and SMS, attacking other apps, and even exploiting kernel vulnerabilities.

Source

Twitter’s Authentication Has Vulnerabilities

Twitter’s SMS-based, two-factor authentication feature could be abused to lock users who have not enabled it for their accounts if attackers gain access to their log-in credentials, according to researchers from Finnish antivirus vendor F-Secure.

Twitter introduced two-factor authentication last week as an optional security feature in order to make it harder for attackers to hijack users’ accounts even if they manage to steal their usernames and passwords. If enabled, the feature introduces a second authentication factor in the form of secret codes sent via SMS.

According to Sean Sullivan, a security advisor at F-Secure, attackers could actually abuse this feature in order to prolong their unauthorized access to those accounts that don’t have two-factor authentication enabled. The researcher first described the issue Friday in a blog post.

An attacker who steals someone’s log-in credentials, via phishing or some other method, could associate a prepaid phone number with that person’s account and then turn on two-factor authentication, Sullivan said Monday. If that happens, the real owner won’t be able to recover the account by simply performing a password reset, and will have to contact Twitter support, he said.

This is possible because Twitter doesn’t use any additional method to verify that whoever has access to an account via Twitter’s website is also authorized to enable two-factor authentication.

When the two-factor authentication option called “Account Security” is first enabled on the account settings page, the site asks users if they successfully received a test message sent to their phone. Users can simply click “yes,” even if they didn’t receive the message, Sullivan said.

Instead, Twitter should send a confirmation link to the email address associated with the account for the account owner to click in order to confirm that two-factor authentication should be enabled, Sullivan said.

As it is, the researcher is concerned that this feature could be abused by determined attackers like the Syrian Electronic Army, a hacker group that recently hijacked the Twitter accounts of several news organizations, in order to prolong their unauthorized access to compromised accounts.

Some security researchers already expressed their belief that Twitter’s two-factor authentication feature in its current implementation is impractical for news organizations and companies with geographically dispersed social media teams, where different employees have access to the same Twitter account and cannot share a single phone number for authentication.

Twitter did not immediately respond to a request for comment regarding the issue described by Sullivan.

Source

Is Twitter Home To Malware?

Security outfit Trusteer has recently identified an active configuration of TorRAT targeting Twitter users. The malware launches a Man-in-the-Browser (MitB) attack through the browser of infected PCs, gaining access to the victim’s Twitter account to create malicious tweets.

Dana Tamir, Enterprise Security Director for Trusteer the malware, which has been used as a financial malware to gain access to user credentials and target their financial transactions, now has a new goal: to spread malware using the online social networking service. At this time the attack is targeting the Dutch market. But since Twitter is used by millions of users around the world, this type of attack can be used to target any market and any industry.

The attack is carried out by injecting Javascript code into the victim’s Twitter account page. The malware collects the user’s authentication token, which enables it to make authorized calls to Twitter’s APIs, and then posts new, malicious tweets on behalf of the victim.

Tamir said that the attack is particularly difficult to defend against because it uses a new sophisticated approach to spear-phishing. Twitter users follow accounts that they trust. Because the malware creates malicious tweets and sends them through a compromised account of a trusted person or organization being followed, the tweets seem to be genuine. The fact that the tweets include shortened URLs is not concerning: Twitter limits the number of characters in a message, so followers expect to get interesting news bits in the form of a short text message followed by a shortened URL. However, a shortened URL can be used to disguises the underlying URL address, so that followers have no way of knowing if the link is suspicious.

Source

AP Goes With Twitter

The Associated Press began using its official Twitter account as an advertising platform on Monday, as the news organization looks for new ways to generate revenue.

Samsung Electronics Co Ltd was the first sponsor on the @ap account for breaking news, which is followed by 1.5 million Twitter users. The South Korean electronics maker’s initial “SPONSORED TWEET” promoted its events at the 2013 Consumer Electronics Show in Las Vegas this week.

AP did not disclose financial details of the arrangement.

Twitter, which sells ads directly to make money from the social media’s monthly base of 200 million users, will not receive any proceeds from the AP-Samsung deal.

The AP called the initiative part of a new business strategy and stressed that sponsored tweets will clearly be labeled to differentiate them from news tweets.

The ads provide AP a new income source as news organizations from newspapers to television face severe revenue declines in the face of high production costs.

While the AP was founded in 1846 by U.S. newspapers as a breaking news conduit, only 22 percent of its revenue comes from member fees. Photo licensing, advertising on its news application AP Mobile and YouTube channel are other revenue streams.

Source…

Twitter Wants To Email You

Twitter will begin delivering a weekly email digest to highlight for users of the micro-blogging site the tweets they are most likely to be interested in, the company stated on Monday.

The feature marks a departure for a social network that typically emphasizes real-time delivery of information.

How will Twitter determine which tweets a user may want to see? Twitter spokesman Robert Weeks said the digest will feature the tweets that the “people you’re connected to on Twitter are engaging with the most.”

From the email digest, users will be able to see the conversation about a particular tweet, follow shared links and send out their own tweets. The digest will include tweets not just from a user’s own feed but also from the feeds of people he or she follows.

Source…

Is Twitter Selling Your Tweets?

Twitter users are about to become major marketing meat, as two research companies prepare to release information to clients who will pay for the rights to mine that data.

Boulder, Colorado-based Gnip Inc and DataSift Inc, based in the U.K. and San Francisco, are licensed by Twitter to analyze archived tweets and basic information about users, like geographic location. DataSift announced this week that it will release Twitter data in packages that will encompass the last two years of activity for its customers to mine, while Gnip can go back only 30 days.

“Harvesting what someone said a year or more ago is game-changing,” said Paul Stephens, director of policy and advocacy for the Privacy Rights Clearinghouse in San Diego. As details emerge on the kind of information being mined, he and other privacy rights experts are concerned about the implications of user information being released to businesses waiting to pore through it with a fine-tooth comb.

“As we see Twitter grow and social media evolve, this will become a bigger and bigger issue,” said Graham Cluley, senior technology consultant for British-based Internet security company Sophos Ltd. “Online companies know which websites we click on, which adverts catch our eye, and what we buy … increasingly, they’re also learning what we’re thinking. And that’s quite a spooky thought.”

Twitter opted not to comment on the sale and deferred questions to DataSift. In 2010, Twitter agreed to share all of its tweets with the U.S. Library of Congress. Details of how that information will be shared publicly are still in development, but there are some stated restrictions, including a six-month delay and a prohibition against using the information for commercial purposes.

Source…

« Previous Page — Next Page »