Markit’s strong market debut Thursday after its big IPO underscored the seemingly endless appetite for financial data. The profitable U.K.-based financial data services firm late Wednesday raised $1.28 billion, making it the fifth-largest U.S. IPO of 2014. Markit sold an upsized 53.5 million shares at 24, the midpoint of its range. The stock rose 11% to 26.70 in its first day. Markit (MRKT), known to the broader public for its
The Supreme Court on Thursday made it easier for lower courts to snuff out software patent infringement lawsuits, unanimously ruling that patents don’t apply to the computerization of general ideas. The court ruled in favor of New York-based CLS Bank International, which constructed a method of settling foreign-exchange transactions. A limited-purpose bank, CLS settles as many as 1.9 million foreign exchanges per day. Single-day
Amazon unveiled its long-expected smartphone Wednesday, with new features to help it stand out in a fiercely competitive global market. Founder and CEO Jeff Bezos revealed the black Fire Phone at a Seattle event. The phone boasts a 4.7-inch screen, 3D imaging and a novel Firefly button image-recognition feature that lets the device serve as a user’s eyes and ears to make purchases on Amazon.com (AMZN). Users can snap a photo of a