TECHNOLOGY
Apple's iPad Mini is big starter
Sales of Apple's iPad Mini were reportedly "off to a strong start" Friday, with supplies even in storm-ravaged New York City selling out quickly.
Apple may sell 1 million to 1.5 million iPad Minis during the launch weekend, Gene Munster, an analyst at Piper Jaffray Cos., said in a research note. The iPad Mini models with Wi-Fi are priced from $329 to $529 based on the amount of memory.
Apple did not comment on sales Friday; it typically announces opening weekend sales figures on the Monday after the debut.
New Yorkers looking to buy the latest iPad had fewer stores to shop in after Hurricane Sandy induced power blackouts, hobbled transportation and left some retail outlets shuttered.
Supplies of the iPad Mini were sold out at Apple's flagship Fifth Avenue store, said Brian White, an analyst at Topeka Capital Markets. Lines at other area locations suggest the weather won't hamper sales, White said.
"The iPad Mini is off to a strong start and we believe this will be the next star in the Apple portfolio," he said.
Cahan in Yahoo's inner circle
Yahoo promoted Adam Cahan, founder of a social-TV startup it acquired last year, to lead mobile services Friday, as Chief Executive Officer Marissa Mayer continues to remake the senior management team.
Cahan, who created the IntoNow app for Apple iPads, has been named senior vice president of emerging products and technology, Sara Gorman, a spokeswoman at the Sunnyvale company said Friday. He joins the executive team reporting directly to Mayer, she said.
IPO
Restoration's strong 1st day of trading
Restoration Hardware Holdings Inc., the seller of leather couches and tables made of salvaged wood, rose as much as 38 percent in its first day of trading Friday.
The Corte Madera household goods company's shares climbed to $33.15 early in the day before closing at $31.10. The company's initial public offering had priced shares at $24 Thursday.
The IPO price valued Restoration Hardware at $887.3 million, or 27 times net income in the 12 months through July, making the stock about 64 percent more expensive than peers, according to data compiled by Bloomberg. The company commanded a premium to shares of home retailers Williams-Sonoma, Ethan Allen Interiors and Bed Bath & Beyond after annual profit surged sixfold and U.S. housing starts climbed to the highest level in four years.
EARNINGS
Yelp stock tumbles after low forecast
Shares of San Francisco business review website Yelp fell the most in five months Friday, a day after the company forecast revenue that missed estimates amid slumping ad sales to national retailers.
Fourth-quarter revenue will be $40 million to $40.5 million, Yelp said Thursday. That's less than the analysts' average estimate of $40.8 million, according to data compiled by Bloomberg.
Chief Financial Officer Robert Krolik said that revenue from display ads, primarily purchased by national brands, would be "flat-to-down" in the current period due to "execution challenges in that part of the business."
Yelp's shares retreated almost 15 percent to $20.51 Friday, the biggest decline since May. Through Thursday, the stock had advanced 60 percent since an initial public offering in March.
SOLAR ENERGY
IRS appeals ruling for Solyndra plan
The Internal Revenue Service appealed a bankruptcy judge's approval of solar equipment maker Solyndra's plan to exit court protection and requested an immediate stay to keep the plan from being implemented.
The agency notified U.S. Bankruptcy Judge Mary Walrath in Wilmington, Del., of its appeal to the U.S. District Court of Delaware in a court filing Thursday.
The IRS asked for an immediate stay to be placed in effect to fill the void while the court considers its request to hold up the plan approval during its appeal.
Walrath approved the plan last month over the government's objection that it couldn't be approved because the principle purpose of the plan was to allow Argonaut Ventures I LLC and Madrone Partners LP, Solyndra's plan sponsors and indirect owners, to avoid taxes.
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