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November 08, 2013 - Image 2

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The Michigan Daily, 2013-11-08

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2A - Friday, November 8, 2013

The Michigan Daily - michigandaily.com I

MONDAY: TUESDAY: WEDNESDAY: THURSDAY: FRIDAY:
This Week in History Professor Profiles In Other Ivory Towers Alumni Profiles Photos of the 4kan
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i

CRIME NOTES CAMPUS EVENTS & NOTES
Smoky smell Crash and ... Freshmen Math career fair

.,..ss=..,sJ ...,as...,s _, _....,ss_.____..

WHEIRE:1000 Block of
South Univeristy
WHEN: Wednesday at 7:32
a.m.
WHAT: A container was
reportedly smoking near the
West Hall arch, according to
University Police. Officers
were not able to find any
problem after surverying
the area.

WHERE: 1500 Block of E.
Hospital
WHEN: Thursday at 4:57
a.m.
WHAT: A collsion betwen
two vehicles occured,
resulting in them both being
towed, University Police
reported. One driver was
cited for failure to yield.

Fridays
WHAT: The career center
is holding a gathering Friday
to allow freshmen to meet
the Career Center's staff.
The meeting will also have
free food.
WHO: The Career Center
WHEN: Today at 12:00
WJIERE: Student Activities
Building

WHAT: This career fair will
feature University alumni
and will focus on careers
and graduate opportunities
in mathematics programs.
WHO: Mathematics Career
Conference
WHEN: Today from 1 p.m.
to 4:00 p.m.
WHERE: East Hall, Math-
ematics Atrium

wheels away ...Burn

WHERE: 1300 Block E. Ann
WHEN: Wednesday
at 8:50 p.m.
WHAT: A bike was
reported stolen from outside
Couzens Hall, University
Police reported. There are
currently no suspects.

WHERE: 611 Church
WHEN: Thursday at 2:52
a.m.
WHAT: A construction lift
was found in flames, Uni-
versity Police reported. The
fire was putout by the Ann
Arbor Fire Dept. The fire
was likely caused by electri-
cal failure.

Whirling
Business Dervishes
et i nettePaph P

A 13-year-old boy from
Kansas was suspended
from school Wednesday
because he did not take
off his purse, KCTV reported.
Anderson County School
District superintendent said
both boys and girls are not
allowed to wear purses or any
type of bag.
Ann Arbor is amending
its housing law so that
tenants bear the conse-
quences and fines of litter on
housing property instead of
landlords.
> FOR MORE, SEE OPINION, PAGE 4
3A cop in Arkansas
reportedly tasered a
woman because she
did not show him her breasts,
New York Daily News report-
ed. The victim is now suing
the accused officer, and she
claims the police department
ignored her complaints.

EDITORIAL STAFF
-Matthew Slovin ManagingEditor mjslovin@michigandailycom
Adam Rubenfire Managing News Editor arxbe@michigandaily.com
SENIOR NEWS EDITORS: Alicia Adamczyk, Katie Burke, Peter Shahin, K.C. Wassman,
Taylor Wizner
ASSISTANT NEWS EDITORS: Ariana Assaf, Jenniferl clas, Hillary. Crawford, Ian
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SENIOR EDITORIALPAGEEDITORS:DanWang.Derek Wolfe
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Zach Helfand Managing Sports Editors sportseditors@michigandaily.com
SENIOR SPORTS EDITORS: Alejandro Zuniga, Jeremy Summitt, Neal Rothschild, Rajat
KhareDanielWasserman,LizVukelich
ASSISTANT SPORTS EDITORS: Greg Garno, Alexa Dettlebach, Daniel FeldmanErin
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Kayla UpadhyayasManagingArts Editor kaylau@michigandaily.com
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Terra Molengraff Managing Photo Editors photo@michigandaily.com
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BUSINESS STAFF
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Lexi Derasmo LocalAccunts Manager '
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Ellen Wolbert and Sophie Greenbaum Production Managers
The Michigan Daily (ISS550745-967) is published Monday through Friday during the fall and
inteerms by students atthe University of Michigan. One copy is available free of charge
to all readersAdditional copies may be picked up at theDaily's office for $2.Subscriptionsfor
fall term, starting in September, viaiU.S. mailare$110. Winter term anuary through April) is
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subscription rate.On-campus subscriptionsfor ialllte$are$35.subscriptionsmust beiprepaid.
The Michigan Daily is a member of The Associated Press and The Associated Collegiate Press.

S1

WHAT: The Center for
Campus Involvement will
teach the do's and don'ts of
formal dining. A four course
meal will be offered for a
cost of $15.
WHO: Center for Campus
Involvement
WHEN: Today at 12:00 p.m.
WHERE: Pierpont Com-
mons, Boulevard Room

WHAT: This performance
will feature Sufi dances and
music.
WHO: Michigan Union
Ticket Office
WHEN: Today at 7 p.m.
WHERE: Rackham Aud.
CORRECTIONS
. Please report any
error in the Daily to
corrections@michi-
gandaily.com.

After IPO, Twitter stock
instantly rises 70 percent B

Company valued at
nearly $31 billion
after first day
NEW YORK (AP) - Shares
of Twitter went on sale to the
public for the first time Thurs-
day, instantly leaping more than
70 percent above their offering
price in a dazzling debut that
exceeded even Wall Street's
lofty hopes.
By the closing bell, the social
network that reinvented global
communication in 140-charac-
ter bursts was valued at $31 bil-
lion - nearly as much as Yahoo
Inc., an Internet icon from
another era, and just below
Kraft Foods, the grocery con-
glomerate founded more than a
century ago.
The stock's sizzling perfor-
mance seemed to affirm the
bright prospects for Internet
companies, especially those

focused on mobile users. And
it could invite more entre-
preneurs to consider IPOs,
which lost their luster after
Facebook's first appearance
on the Nasdaq was marred by
glitches.
In Silicon Valley, the IPO
produced another crop of mil-
lionaires and billionaires, some
of whom are sure to fund a new
generation of startups.
Twitter, which has never
turned a profit in the seven
years since it was founded,
worked hard to temper expec-
tations ahead of the IPO, but all
that was swiftly forgotten when
the market opened.
Still, most analysts don't
expect the company to be profit-
able until 2015. Investors will be
watching closely to see whether
Twitter was worth the premi-
um price.
Thursday's stock surge was
"really not as important as you
might think," said Kevin Lan-

dis, a portfolio manager with
Firsthand Funds, which owns
shares in Twitter. "What really
matters is where the stock is
going to be in six months, 12
months."
The most anticipated initial
public offering of the year was
carefully orchestrated to avoid
the dysfunction that surround-
ed Facebook's IPO.
Trading on the New York
Stock Exchange under the sym-
bol "TWTR," shares opened at
$45.10, 73 percent above their
initial offering price.
In the first few hours, the
stock jumped as high as $50.09.
Most of those gains held
throughout the day, with Twit-
ter closing at $44.90, despite a
broader market decline.
The narrow price range indi-
cated that people felt it was
"pretty fairly priced," said JJ
Kinahan, chief strategist at TD
Ameritrade.
The price spike "clearly

0

AP/NA5A
Cosmonaut Fyodor Yurchikhin holds the Sochi 2014 Winter Olympics torch brought aboard by fellow cosmonaut Mikhail
Tyurin as Tyurin, Rick Mastracchio of the United States and Koichi Wakata of Japan enter the station on Thursday.
Russian rocket takes Sochi
Olympic torch into space

snows tnat oemandoexceeds tne

HEI .'

supply of shares," said Wedbush
analyst Michael Pachter.
Earlier in the day, Twitter
gave a few users rather than
executives the opportunity to
ring the NYSE's opening bell.
The users included actor Pat-
3 rick Stewart, who played Cap-
tain Jean-Luc Picard in "Star
9 7 Trek: The Next Generation";
Vivienne Harr, a 9-year-old
girl who ran a lemonade stand
for a year to raise money to
end child slavery; and Cheryl
3 8 Fiandaca of the Boston Police
Department.
Twitter raised $1.8 billion
Wednesday night when it sold
70 million shares to select inves-
tors for $26 each. But the huge
first-day pop left some analysts
wondering whether the compa-
ny could have raised more. Had
Twitter priced the stock at $30,
6 for instance, the company would
have taken away $2.1 billion. At
$35, it would have reaped nearly
$2.5 billion. That's a lot for a
company that's never made a
profit and had revenue of just
$317 million last year.

Flame soar to space,
along with three
astronauts
MOSCOW (AP) - A Russian
rocket soared into the cosmos
Thursday carrying the Sochi
Olympic torch and three astro-
nauts to the International Space
Station ahead of the first-ever
spacewalk for the symbol of
peace.
Video streamed by the U.S.
space agency NASA reported a
flawless docking with the space
station about six hours after the
craft blasted off from Russia's
manned space facility in Bai-
konur, Kazakhstan.
The unlit torch for the 2014
Winter Olympics in the Rus-
sian city of Sochi is to be taken
on a spacewalk Saturday, then
return to Earth 'on Monday
(late Sunday EST) with three
departing space station astro-
nauts.
The arriving crew members
Thursday were Russia's Mikhail
Tyurin, American Rick Mastrac-
chio and Koichi Wakataof Japan.

Now that the newcomers have
entered the space station follow-
ing a long hatch-opening pro-
cess, the orbiting lab has nine
people aboard for the first time
since 2009. Fyodor Yurchikhin
of Russia, NASA's Karen Nyberg,
and Italian Luca Parmitano are
the crew scheduled to return to
Earth with the torch via a Mon-
day landing on the steppes of
Kazakhstan.
The Olympic torch will not
burn onboard the space outpost
because lighting it would con-
sume precious oxygen and pose
a threat to the crew. The crew
will carry the unlit torch around
the station's numerous modules
before takingit out on a space-
walk.
The Olympic torch was taken
aboard the U.S. space shuttle
Atlantis in 1996 for the Atlanta
Summer Olympics, but this is the
first it time it will be taken out-
side a spacecraft.
"It's a great pleasure and
responsibility getting to work'
with this symbol of peace,"
Tyurin told journalists on
Wednesday before the launch.
Russians Oleg Kotov and

Sergei Ryazanskiy will take
the torch out of the space sta-
tion on Saturday while Ameri-
can Michael Hopkins remains
inside.
The four-month Sochi torch
relay, which started in Mos-
cow on Oct. 7, is the longest in
the history of the Olympics. For
most of the 65,000-kilometer
(39,000-mile) route across Rus-
sia, it will travel by plane, train,
car and even reindeer sleigh.
Some 14,000 torch bearers
are taking part in the relay that
stops at more than 130 cities and
towns.
Last month, the Olympic
flame traveled to the North Pole
on a Russian nuclear-powered
icebreaker. Later this month it
will sink to the bottom of the
world's deepest lake, Lake Bai-
kal. In early February, it will
reach the peak of Mount Elbrus,
at 5,642 meters (18,510 feet) the
highest mountain in Russia and
Europe.
The torch will be used to light
the Olympic flame at Sochi's sta-
dium on Feb. 7, markingthe start
of the 2014 Winter Games that
run until Feb. 23.

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