facebook IPO

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Morgan Stanley CEO Defends Facebook IPO

Give the stock some time, he says

(Newser) - Morgan Stanley CEO James Gorman didn't feel the need to make any apologies in his first public comments since Facebook's IPO disaster. Gorman, speaking to CNBC , defended his bank's role as chief underwriter on the deal. "There are lot of opinions," he said of the...

Sinking Stock Pushes Zuck Off Billionaires Index

As of yesterday, he was no longer one of world's 40 richest

(Newser) - As of yesterday, Priscilla Chan was no longer married to one of the world's 40 richest people. Bloomberg reports that Facebook's much ballyhooed drop below the $30-a-share mark yesterday caused Mark Zuckerberg to drop from the list. With the stock closing at $28.84, his fortune decreased from...

Facebook Stock Falls Below $30
 Facebook Stock Falls Below $30 
May 29, 2012 11:54 AM CDT

Facebook Stock Falls Below $30

Social network sees 20% plunge since IPO

(Newser) - Facebook shares continue to plummet: They've now dropped more than 20% from their $38 IPO price, falling below $30 today to their lowest point yet, reports Reuters . At about 12:45pm EDT they were trading at $29.44. But among tech stocks, $30 per share still gives it a...

Why I&#39;m Saying Goodbye to &#39;Facebookistan&#39;

 Why I'm Saying 
 Goodbye to 
 'Facebookistan' 
IN CASE YOU MISSED IT
May 27, 2012 3:45 PM CDT

Why I'm Saying Goodbye to 'Facebookistan'

Facebook useful, but Steve Coll objects to company's terms, and more

(Newser) - Four years and 4,000 friends later, Steve Coll is calling it quits when it comes to Facebook. It's not that Coll doesn't find Facebook useful or understand its appeals. To Coll, quitting what one of his colleagues has dubbed "Facebookistan" is an exercise in citizenship, his...

Facebook&#39;s Stock Should Trade at ... $13.80
Facebook's Stock
Should Trade at ... $13.80
analysis
May 25, 2012 12:44 PM CDT

Facebook's Stock Should Trade at ... $13.80

MarketWatch columnist has bad news for investors

(Newser) - Facebook shares are trading well south of the $38 IPO price, prompting Mark Hulbert of MarketWatch to wonder what the true price should be. Facebook investors might want to shield their eyes from his answer: $13.80. He derives the figure in part with the help of a new study...

Facebook IPO Cost Market Makers $100M

Nasdaq, market makers argue about who will eat losses

(Newser) - The technical glitches at Nasdaq that made Facebook's troubled IPO into an even bigger bungle cost four of Wall Street's biggest market makers big time—probably more than $100 million, reports Reuters . Trades are supposed to be honored in milliseconds, but technical problems delayed the social networking giant'...

Facebook Backers Helped Short Sellers

Morgan Stanley adjusting thousands of first-day trades

(Newser) - Some traders at the underwriters of Facebook's bungled IPO were busy aiding short sellers who bet the stock would drop in the days after its debut, the Wall Street Journal finds. Insiders say traders at JPMorgan and Goldman Sachs were loaning out the shares hedge funds needed to bet...

Facebook Investors Are &#39;Wall Street Suckers&#39;
Facebook Investors Are
'Wall Street Suckers'
OPINION
May 24, 2012 1:57 PM CDT

Facebook Investors Are 'Wall Street Suckers'

People ignored obvious problems: David Weidner

(Newser) - If you happen to be among those Facebook investors cursing the IPO's rough start, David Weidner at the Wall Street Journal has a little salt for your wound: You're probably an "old-fashioned Wall Street sucker," he writes. After all, the signs of "shifty business" were...

Underwriters Score $100M in Messy Facebook IPO

Fidelity Investments, Capital Research among those warned ahead of time

(Newser) - New investors in Facebook may be steamed (and suing ) that their hot property has lost 16% of its value since the IPO Friday, but Facebook's underwriters are sitting pretty. Morgan Stanley and the other underwriters have made an estimated $100 million from stabilizing the buffeted stock, in addition...

Analyst on Facebook Flop: Hoodie Scared Investors

Michael Pachter says, 'I told you so'

(Newser) - Why is Facebook's stock languishing well below its IPO asking price? Blame Mark Zuckerberg's hoodie, says Michael Pachter. The Wedbush securities analyst was widely snickered at a couple weeks ago for complaining that Zuckerberg shouldn't have worn the hoodie on Facebook's "roadshow" for investors. Now,...

Shareholders Sue: Morgan Stanley, Zuckerberg, Facebook

Claim revised revenue forecasts were hidden from bulk of investors

(Newser) - Good thing Mark Zuckerberg has that new bride to be excited about, because his new billions are only bringing him headaches. Shareholders today filed a suit against Zuckerberg, Facebook itself, and a number of Morgan Stanley-led banks, arguing that all three kept secret a "a severe and pronounced reduction"...

Insiders Warned on Facebook IPO, Regulators Launch Investigation

Only big investors were tipped off to revised revenue forecast

(Newser) - Facebook's IPO is looking more disastrous by the day. Regulators are now probing reports that underwriter Morgan Stanley and other banks cut their revenue forecasts for the company just days before the IPO—but only advised major clients of the change. Insiders believe the revised forecast, which smaller investors...

Investor Sues Nasdaq as Facebook Drops Again

Lawsuit says exchange mishandled the IPO

(Newser) - Nasdaq has admitted that it bungled the Facebook IPO , and now an investor wants to make the exchange pay up. Maryland's Phillip Goldberg sued Nasdaq on behalf of all those who lost money because the exchange delayed their orders on the chaotic opening day, reports Reuters . He seeks class-action...

Behind Facebook's Flop: Morgan Stanley Cut Forecast

Fingers pointing at Morgan Stanley for multiple reasons

(Newser) - Why did Facebook get off to such a rocky start on Wall Street? Well, it might have something to do with Morgan Stanley's decision to slash its revenue forecast at the last minute, Reuters reports. "This was done during the roadshow," says one mutual fund source. "...

Facebook IPO: The Emperor Has No Clothes
Facebook IPO: The Emperor Has No Clothes
OPINION Roundup
May 21, 2012 11:17 AM CDT

Facebook IPO: The Emperor Has No Clothes

Stock's rough first day has pundits asking if it's DOA

(Newser) - Facebook had a disappointing first day on the market, so much so that Dana Blankenhorn of TheStreet is calling the relatively cheery media coverage surrounding it "one of the great frauds in American history." Blankenhorn's reasoning: "If I can barely sell 15% of something at $38...

Facebook Stock Plummets
 Facebook Stock Plummets 
May 21, 2012 9:52 AM CDT

Facebook Stock Plummets

Second day on the market goes poorly without underwriter support

(Newser) - Facebook's underwriters pulled off the training wheels today, and the infant stock fell—hard. After a lackluster first day on the market, Facebook shares fell some 12% in the first minute of trading this morning, Reuters reports, dropping below the $38 IPO price to $33.67, where it continues...

Nasdaq: We Bungled Facebook IPO

CEO Robert Greifeld: Nasdaq is 'humbly embarrassed'

(Newser) - Nasdaq admitted today that it mishandled Facebook's record-busting IPO on Friday with maddening delays and technical glitches, the Wall Street Journal reports. "This was not our finest hour," said Nasdaq CEO Robert Greifeld, who called his exchange "humbly embarrassed." Nasdaq's board met today, he...

Facebook IPO Ends Flat: Right Back at $38

Shares don't fare as well as expected

(Newser) - Facebook's big day is over, though its IPO didn't meet Wall Street's expectations. Some highlights:
  • Rise and fall: Shares opened at $38, rose quickly to $42, then sank again to $38 before underwriters stepped in to keep the price up, reports the Wall Street Journal . Shares closed
...

Keep Track of Zuck's Wealth—in Real Time

Wall Street Journal offers Mark Zuckerberg widget

(Newser) - Just how rich is Mark Zuckerberg? The answer is changing rapidly, but the Wall Street Journal will keep you posted. Facebook's IPO has helped make Zuck one of the world's richest people. Of course, his wealth is shifting along with the stock price—so the Journal is providing...

Facebook's First Trades: Shares Climb, Cool Off

Company doesn't see expected 'pop'

(Newser) - Facebook has seen a mixed start to its IPO: Initially priced at $38 each , shares in the company quickly jumped about 11%, opening at $42. But things cooled off, and at one point in the first half-hour, shares were back down to about $38, notes the Wall Street Journal . They...

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