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Members of the media are still reeling from yesterday's revelation, courtesy of The Daily Beast, that Facebook hired public relations firm Burson-Marsteller to pitch anti-Google stories to publications. And while some, like TechCrunch's MG Siegler, think Facebook's actions were deplorable, others pointed out that unfortunately, this is not an industry first. Unsurprisingly, Facebook and Burson-Marsteller have since parted ways, and the PR firm even went so far as to release a statement that blames Facebook: "[T]his was not at all standard operating procedure and is against our policies, and the assignment on those terms should have been declined." Readers, what do you think of the Facebook PR brouhaha: overblown or inexcusable? Chime in via comments below. (TechCrunch, PRWeek US, and Silicon Alley Insider)
* According to Reuters, Cisco could lay off around 3,000 employees, or 4% of its entire staff, in possibly the largest round ever for the company in order to meet CEO John Chambers' goal of trimming costs by $1 billion. (Reuters) More
Fortune's curated selection of the day's most newsworthy tech stories from all over the Web. Sign up to get the newsletter delivered to you every day.
* This one's a whopper... The Daily Beast discovered that Facebook hired public relations firm Burson-Marsteller to pitch anti-Google stories to publications. A Facebook spokesperson confirmed as much to the Web site last night, citing concerns with Google's social networking activities that raise privacy concerns and issues with MORE
JP Mangalindan, Writer-Reporter - May 12, 2011 10:23 AM ETEvery morning, discover the companies, deals and trends in tech that are moving markets and making headlines. SUBSCRIBE
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| Company | Price | Change | % Change |
|---|---|---|---|
| Bank of America Corp... | 7.95 | -0.16 | -1.97% |
| Microsoft Corp | 31.27 | -0.17 | -0.54% |
| Ford Motor Co | 12.28 | -0.25 | -2.00% |
| General Electric Co | 19.39 | 0.17 | 0.88% |
| Citigroup Inc | 32.36 | -1.00 | -3.00% |
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 12,938.67 | -27.02 | -0.21% |
| Nasdaq | 2,933.17 | -15.40 | -0.52% |
| S&P 500 | 1,357.66 | -4.55 | -0.33% |
| Treasuries | 2.00 | -0.04 | -1.96% |
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