Latest News| SEC, FINRA to review Facebook issues, Nasdaq sued -  (Reuters) - Two top U.S. financial regulators said the issues around the initial public offering of Facebook should be reviewed, putting fresh pressure on the company, its embattled lead underwriter and the Nasdaq. After Friday's nearly flat close and Monday's 11 percent plunge, Facebook shares closed 8.9 percent lower at $31 on volume of 101 million shares. At that price the company has shed more than $19 billion in market capitalization from its $38-per-share offering price last week. ...
Tue, 22 May 2012 23:19:23 -0400 | | Nasdaq admits put wrong fix for Facebook IPO glitch - NEW YORK (Reuters) - Nasdaq OMX Group Inc admitted in a call with its member brokerage firms on Tuesday that it put the wrong fix for a technical glitch related to Facebook's IPO in place on Friday, which led to trading disruptions for much of the day. Nasdaq believed it had the correct solution to fix the problem that delayed trading in the stock for thirty minutes, Eric Noll, Nasdaq's head of transaction services, said in a statement to Reuters. ... Tue, 22 May 2012 21:21:03 -0400 | | Funds with Facebook hammered as proxy by shorts - (Reuters) - Some investment funds have paid a price for their friendship with Facebook since the social networking giant went public last week. Firsthand Technology Value Fund and GSV Capital Corp, two closed-end funds that bought shares of the social media company before the IPO, have taken a beating, used as proxies for betting against Facebook. "Until investors can actually short Facebook, they have to keep shorting things that can give them some sort of proxy for Facebook," said Thomas Vandeventer, manager of the Tocqueville Opportunity Fund, which owns shares in both closed-end funds. ... Tue, 22 May 2012 20:58:37 -0400 | | Exclusive: Massachusetts subpoenas Morgan Stanley for Facebook - NEW YORK (Reuters) - Massachusetts Secretary of Commonwealth William Galvin has issued a subpoena to Morgan Stanley over an analyst's discussions with investors on Facebook "The Securities Division has put out a subpoena to Morgan Stanley in connection with the analyst's discussion with certain institutional investors about the revenue prospects for Facebook," a spokesman for Galvin's office said on Tuesday. "Morgan Stanley followed the same procedures for the Facebook offering that it follows for all IPOs. ... Tue, 22 May 2012 20:58:37 -0400 | | Facebook IPO shows galactic divide between investors - NEW YORK (Reuters) - It's no surprise to anyone that big investors get preferential treatment on Wall Street. Investors expressed disappointment, skepticism and even shock on Tuesday after learning that an analyst at lead underwriter Morgan Stanley cut his Facebook revenue forecasts in the days before the company's initial public offering - information that apparently did not reach small investors before the stock went public and subsequently tumbled. The divide between the research and retail arms of big Wall Street firms has always been deep. ... Tue, 22 May 2012 20:58:37 -0400 |
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