Today in business: 5 things you need to know

1. MARY MEEKER RELEASES ANNUAL INTERNET TRENDS REPORT

"Queen of the internet" Mary Meeker presented her annual Internet Trends report at the AllThingsD D11 conference, highlighting wearable tech as a major trend. The report also focused on service and delivery apps, like Uber and Seamless, and a Chinese social media network called Sina Weibo, which is growing in popularity. She also called Americans "sharing underachievers," noting they share way less online than citizens of other nations. [Washington Post]

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2. EMPIRE STATE BUILDING SET FOR $4.1 BILLION IPO

Shareholders of the Empire State Building agreed to go public in a $4.1 billion IPO, said the Securities and Exchange Commission in a statement. The 102-story Manhattan landmark was purchased in 1961 by a syndicate of 2,800 owners, and has since remained in their control. A stake that originally cost $100,000 could be worth $3.2 million based on the IPO price. [ABC News]

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3. CREDIT BUREAUS USE FACEBOOK POSTS TO DETECT FRAUD

Credit bureaus are starting trials to test if braggy social media posts about large purchases can determine if people are lying about their finances. Data available through social media sites also may help identify fake businesses used for fraudulent purposes. Bloomberg explains: "If a business claims to be a hairdresser in Pittsburgh, for example, WePay can match the phone number from its application to the one listed on Yelp, see consumer reviews, and check that the business' email matches the one it uses on its Twitter account." [Bloomberg]

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4. APPLE MOVES MANUFACTURING AWAY FROM FOXCONN

Apple will not create its new low-cost iPhone, out later this year, at Foxconn, the manufacturer Steve Jobs charged with making all iPhones and iPads. Instead, Apple will use Pegatron, a relatively unknown company. Apple has endured fierce criticism for well over a year since it came to light that workers at Foxconn's Chinese factories were faced with unnervingly bad working and living conditions. [Wall Street Journal]

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5. MOODY'S CUTS ALCOA'S CREDIT RATING

Moody's Investors Service cut the credit rating for Alcoa, the U.S.'s largest aluminum producer, to Ba1 from Baa3, now one level below investment grade. The reason: Global oversupply is driving down the price of the metal. "We believe Moody's decision is a greater reflection of macroeconomic conditions and the volatility of metal prices than a true statement of the financial and operating strength of Alcoa," an Alcoa rep said. Moody's says the outlook is stable, meaning the rating won't drop again anytime soon. [Bloomberg]