Tech Rewind: Box Finally Debuts, POTUS Pushes Cyber Security

By ColumnsFOXBusiness

Tech Rewind: Box Debuts, Obama Pushes Cyber Security

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Tech Rewind: Box Debuts, Obama Pushes Cyber Security

A flood of earnings, Box finally goes public and President Obama pushes for tougher cybercrime penalties in his SOTU speech – this is your tech rewind of the week.

An earnings blitz, Box went public and President Barack Obama gave a State of the Union shout out to Instagram -- this is your tech rewind of the week.

After 10 months of delays, Box (NYSE:BOX) surged in its NYSE debut Friday. The cloud storage company began trading 44% above the $14 per-share level it priced at Thursday night. But despite the fanfare, Box is set to face financial headwinds and big competition

It was a mixed bag for tech companies as earnings report cards began trickling in this week.

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Netflix (NASDAQ:NFLX) shares popped 15% on Tuesday

IBM (NYSE:IBM) revealed a miss on revenue

Meanwhile, eBay (NASDAQ:EBAY) posted lukewarm earnings with adjusted fourth-quarter profits per share of 90 cents, besting estimates by a penny. Revenues of $4.9 billion were in-line with expectations. But the e-commerce giant also said it plans to slash 2,400 jobs as it prepares to spinoff PayPal later this year.

The layoffs didn’t end there: American Express (NYSE:AXP) said it would cut 4,000 jobs, citing restructuring plans

To help boost Internet access, Google and Fidelity invested $1 billion in space startup Space-X

In his sixth State of the Union address on Tuesday, President Obama urged Congress to pass tougher cyber security legislation

In his message to Congress, he said if the U.S. didn't act fast to pass stricter penalties, it had the potential to cripple not just the nation but also the economy. Obama indirectly grazed the topic of net neutrality, saying he “intend[s] to protect a free and open Internet, extend its reach to every classroom, and every community” so that future innovators have an effective platform and fast network from which to work off of.

The president showed his hip side, giving (Facbook-owned (NASDAQ:FB)) Instagram a shout out when he asked astronaut Scott Kelly to document his upcoming year-long mission on the photo service. Space selfie, anyone?

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