Bank of America slapped with U.S. lawsuit over billion-dollar "hustle" of Freddie Mac and Fannie Mae.

Elizabeth Taylor is Forbes' new Top-Earning Dead Celeb thanks to Christie's auction.

Apple's iPad mini already has a Chinese knock-off, while US judge says Samsung infringed four Apple patents.

Facebook wins back Wall Street, affirms social dominance and shares soar as looks to rebuild confidence.

AT&T beats estimates in latest quarterly earnings report.

BlackBerry loses grip as go-to phone for US federal government.

Buzzfeed taps Rdio for "social music advertising."

Cisco will fund 12,000 meals for World Food Program via Facebook app.

Tom Cruise sues gossip magazines for defamation of character.Continue reading...

GM expected to announce Manchester United sponsorship today.

Nike is selling its Cole Haan and Umbro brands.

RIM shareholders see outright sale as best option for BlackBerry maker.

Amazon may end up sharing California tax as NJ tax collection kicks in.

American Idol owner rebrands.

CBS says Super Bowl advertising is more than half sold.

Caterpillar sees strikers hunkering down.

Chevron is sued in Canada by Amazonians.Continue reading...

Nike shares jumped this week in the wake of the company's quarterly report, which showed sales in China and the US bolstering its global profits.

Nike, Inc. — the corporate parent of Nike, Cole Haan, Converse, Hurley and Umbro brands — announced an increase to its fiscal 2015 revenue target to a new range of $28-30 billion, up from its previous target of $27 billion announced in May 2010.

The company also increased its fiscal 2015 revenue target for the NIKE Brand to $24-25 billion, up from its previous target of $23 billion. The announcements were made during an investor meeting at its headquarters in Beaverton, Ore., where the following video showcasing its brands globally was shown.Continue reading...

Yesterday may have seen a plummeting stock market, but that's yesterday. For the next five years, the world's leader in athletic shoes is planning to run with the bulls.

In the company's first meeting with analysts in three years, Nike boldly proclaimed it has plans to fuel growth by more than 40% over the next five years, hitting $27 billion in annual sales versus its $19.2 billion sales tally for last year.

CEO Mark Parker expects most of that projected growth to come from existing brands, but he's not ruling out acquisitions. Nike owns the Cole Haan, Hurley, Umbro and Converse brands.

Converse, which the company acquired in 2003, is already a billion-dollar business, and Nike wants to at least double that by 2015. It's testing Converse retail locations with the brand's first standalone store opening soon on Boston's hip Newbury Street, and it's also looking to regain brand ownership from international licensees.Continue reading...