The Fortune 500 comes out just once a year, but the companies on it make headlines every day. Here then are today’s highlights of news and happenings coming from the biggest names in business.
By Shelley DuBois, reporter
FACEBOOK LIKES SHAREHOLDERS according to a document disclosing financial information that was given to a select group of Goldman Sachs (GS) employees who have the opportunity now to buy stock in Facebook. The document outlines how Facebook is striving to hit the 500 shareholder mark by the end of this year, which could indicate that the company really does plan to go public by 2012. [Wall Street Journal]
DETROIT’S GREEN MACHINES are gaining ground. Over time, major automakers, led by Ford (F) have switched from showcasing gas-guzzling goliaths to making many more compact, fuel-efficient cars. Other car companies such as GM (GM) and Chrysler are following suit, and for now, turning a profit from making the eco-friendly switch. [New York Times]
BORDERS IS NOT GOING BANKRUPT but things don’t look good. The flagging book retailer is talking with Wall Street firms that specialize in massive corporate restructuring. An employee at one of those firms said that Borders (BGP) isn’t yet filing for Chapter 11. The company is hauling around some cumbersome debt, a chunk of which is the $970 million in loans it owes Bank of America (BAC) and General Electric’s (GE) GE Capital. [Wall Street Journal]
OR YOU COULD STOP DROPPING CALLS, AT&T (T) is dropping the price of Apple’s (APPL). The price slash is supposed to counter-act AT&T’s infamous service problems. [Wall Street Journal]
BUFFETT INCREASES OIL COVERAGE Warren Buffett’s holding firm Berkshire Hathaway (BRK) will expand its insurance coverage for companies drilling for oil and gas. The business strategy comes at a time when the government is discussing removing the liability cap on oil spill cleanup costs for BP (BP) and other drillers that spill. [Bloomberg Businessweek]
COOL YOUR JETS U.S. Defense Secretary Robert Gates has stymied development of Lockheed Martin’s (LMT) sleek new fighter jet for the Marine’s. The F-35, a plane that can land vertically and take-off on short runways, has taken more money and time to develop to roll out on budget. The F-35’s probation is part of Gate’s larger cost-cutting plan to curb $102 billion in military spending through 2016. [Bloomberg]