Regulators, investors turn up heat over Facebook IPO (Reuters) - Two top U.S. financial regulators said on Tuesday the issues around the initial public offering of Facebook should be reviewed, putting fresh pressure on the company, its lead underwriter, Morgan Stanley, and the Nasdaq stock exchange. Facebook shares closed 8.9 percent lower at $31, following an 11 percent plunge on Monday. At that price the company has shed more than $19 billion in market capitalization from its $38-per-share offering price last week. ...
NYSE pitches listing to Facebook after IPO mess: source SAN FRANCISCO (Reuters) - The New York Stock Exchange is courting a stock listing from Facebook , a source familiar with the situation told Reuters, in the wake of a disappointing initial public offering last week on the rival Nasdaq bourse. Facebook is mulling over the NYSE's proposal, the source said without elaborating on specifics. (Reporting By Alexei Oreskovic; Editing by Gary Hill)
Facebook rejects IPO lawsuit Facebook on Wednesday said it would "vigorously" defend itself as it rejected a New York investor lawsuit over its $16 billion initial public offering last week.
Facebook IPO: More Banker MismanagementCOMMENTARY | As if we haven't seen enough bad bank decisions, Morgan Stanley is being investigated over its handling of Facebook's horrid IPO. All Morgan Stanley had to do was release the stock for sale and let the investors buy it or not buy it with the information available. Instead, Morgan Stanley informed some of its top clients about an analyst's negative report just ahead of trading, the Associated Press reported. The major problem is Morgan Stanley did not inform the general public of Facebook's financial changes.
Morgan Stanley to adjust prices on Facebook tradesNEW YORK (Reuters) - Morgan Stanley told brokers on Wednesday it is reviewing every Facebook Inc trade and will make price adjustments for retail customers who paid too much during the social network company's debut last week, according to an internal memo. Morgan Stanley, the lead underwriter of Facebook's initial public offering on Friday, in the memo also said "many" of the first-day trades have now been processed and are appearing in client accounts. The company did not specify how much it expected to pay in total price adjustments. ...
Senate Banking panel reviewing Facebook IPO issuesWASHINGTON (Reuters) - The U.S. Senate Banking Committee is reviewing "issues raised in the news" regarding Facebook's botched initial public offering, a Democratic Senate Banking aide said on Wednesday. The review is not considered a formal investigation at this point, but entails briefings among the committee staff and regulators, Facebook and other stakeholders. The announcement by the committee comes on the heels of reports by Reuters that an analyst for lead underwriter Morgan Stanley cut his revenue forecasts for Facebook in the days before the offering. ...
Buzz for Kristen Stewart in 'On The Road': Twitter highlights from Cannes Twitter buzz was building for Palme d'Or contender On The Road and actress Kristen Stewart on May 23, ahead of the film's red carpet premiere.
Senate panel to launch review of Facebook IPOA Senate panel is reviewing Facebook's high-profile stock offering last week amid allegations that the bank handling the IPO may have provided select clients with a negative assessment of the company.
Facebook Will Weather Lawsuits and IPOCOMMENTARY | This has to be a land-speed record somewhere. Since its IPO on Friday, Facebook is facing its first maelstrom of investors angry enough over their losses to take Mark Zuckerberg and Morgan Stanley to court, according to Reuters. But are the plaintiffs justified? It's hard to tell.
Facebook stock climbs after rocky startFacebook's stock is climbing higher, a reprieve for shareholders after the stock's rocky inaugural trading day Friday was followed by a two-day decline.
Facebook's botched IPO: Winners and losersThe social network's entry into the stock market is off to a disastrous start, and as the dust settles, it's clear some players made out worse than others
Facebook told analysts to cut forecasts before IPO(Reuters) - As Facebook Inc officials traveled the country to talk up the company's $16 billion initial public offering, the social networking giant advised analysts for underwriters to reduce revenue and earnings forecasts, according to people with direct knowledge of the matter. The advice came around May 9, the day the company published an amended prospectus that included a cautionary note about how Facebook's users were increasingly using mobile devices, which generate less advertising revenue for the company. ...
Needham starts Facebook with buy, $40 price target(Reuters) - Brokerage Needham & Co started coverage on Facebook Inc with a "buy" rating, a rare positive take on the shares of the social network after they lost nearly a fifth of their value since the company's stock started trading last Friday. Facebook should be valued based on the revenue potential from total minutes spent on the website, Needham analysts said, setting a $40 price target on the stock. Facebook shares were up 4 percent at $32.35 in early trade on the Nasdaq. ...
Does Social Media Marketing Really Work? [INFOGRAPHIC]From Twitter to Facebook, to Google+, to YouTube, to Foursquare and more, social media use is the hottest thing in marketing. But does it really work?
We Should Have Known About Facebook's Shady IPO After days of stock-market failure, we find out the real deal behind Facebook's IPO preparations, which show a disconnect between institutional investors on the inside and the rest of the world on the outside. It's a disconnect we should have noticed during the media's constant roadshow coverage.
Senate, House Committees Eye Facebook IPO FlapThe Senate Banking Committee is looking into reports that banks involved with Facebook's IPO shared vital earnings information with only a few people, a Democratic committee aide told National Journal on Wednesday.
LA designer says Facebook bride wore her dress![This photo provided by Facebook and released on Tuesday, May 22, 2012, shows Facebook founder and CEO Mark Zuckerberg and Priscilla Chan at their wedding ceremony in Palo Alto, Calif., Saturday, May 19, 2012. Zuckerberg updated his status to "married" on Saturday. The ceremony took place in Zuckerberg's backyard before fewer than 100 guests, who all thought they were there to celebrate Chan's graduation. (AP Photo/Facebook, Noah Kalina Photography)](http://l3.yimg.com/bt/api/res/1.2/0yHk_wBUMB15Wjzq6RSekw--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/ap_webfeeds/581f199e6621620e100f6a706700c79b.jpg "This photo provided by Facebook and released on Tuesday, May 22, 2012, shows Facebook founder and CEO Mark Zuckerberg and Priscilla Chan at their wedding ceremony in Palo Alto, Calif., Saturday, May 19, 2012. Zuckerberg updated his status to "married" on Saturday. The ceremony took place in Zuckerberg's backyard before fewer than 100 guests, who all thought they were there to celebrate Chan's graduation. (AP Photo/Facebook, Noah Kalina Photography)") Los Angeles-based designer Claire Pettibone says Priscilla Chan was wearing one of her dresses when she married Facebook CEO Mark Zuckerberg.
Senate Banking Committee Eyes Facebook IPO FlapThe Senate Banking Committee is looking into reports that banks involved with Facebook's IPO shared vital earnings information with only a few people, a Democratic committee aide told National Journal on Wednesday.
Facebook to target Mideast with office in DubaiFacebook is not letting a slumping stock get in the way of its global growth ambitions.
Ahead of the Bell: Facebook shares start climbingFacebook shares climbed Wednesday in premarket trading after its long-awaited initial public offering was followed by a two-day slide in stock price.
Some Lessons From the Facebook IPOI have no idea whether Facebook stock will ultimately pan out to be a solid investment. In the short term, the stock is in the red following its IPO debut. A few thoughts:
Regulators probe bank's role in Facebook IPO Regulators are examining whether Morgan Stanley, the investment bank that shepherded Facebook through its highly publicized stock offering last week, selectively informed clients of an analyst's negative report about the company before the stock started trading.
Former Twitter CTO Takes Key Role at Cornell's NYC Tech CampusCornell University is building a revolutionary technology campus in New York City in collaboration with the Technion-Israel Institute of Technology, and filling a key role at the school will be former Twitter Chief Technology Officer Greg Pass.
Rovio Launches Facebook Game, 'Angry Birds Friends'Rovio announced a new social, competitive addition to the Angry Birds universe Wednesday morning.
Facebook Timeline as an Infectious Disease [VIDEO]Do you have Timeline? No matter how safe you are, you will eventually get it -- and there's nothing you can do about it.
Facebook, Zuckerberg, Morgan Stanley Sued Over IPO [REPORT]Shareholders have sued Facebook and CEO Mark Zuckerberg over the company's bungled IPO, charging they hid bearish forecasts prior to going public, according to a report.
Oracle Buys Social Media Marketing Firm Vitrue for $300 MillionOracle is buying Vitrue, a cloud-based social media marketing firm that helps major advertisers market themselves on Facebook.
Today’s e-Reads: What Went Wrong With Facebook’s IPO?The Wall Street Journal analyzes what went wrong with Facebook’s initial public offering.
Massachusetts Subpoenas Morgan Stanley Over Facebook IPOThe finger-pointing over Facebook's disappointing IPO continued Tuesday night as Massachusetts Secretary of Commonwealth William Galvin subpoenaed Morgan Stanley over one of its analyst's critical report of Facebook prior to its stock market debut.
Twitter index: Baz Luhrmann's 'The Great Gatsby' trailer, Robert Moog Google Doodle The first trailer for Baz Luhrmann’s The Great Gatsby has hit the web.
Facebook IPO Fallout and Two Other Stories You Need to KnowWelcome to this morning’s edition of “First To Know,” a series in which we keep you in the know on what’s happening in the digital world. Today, we’re looking at three particularly interesting stories.
Facebook IPO Furor: Feds Probing Deal Over Insider Bank WarningsWhat do they take us for, Muppets?
Facebook advised analysts to cut forecasts before float(Reuters) - As Facebook officials traveled the country to talk up the company's $16 billion initial public offering this month, the social networking giant advised analysts for underwriters to reduce revenue and earnings forecasts, said people with direct knowledge. Facebook decided to tell analysts to cut estimates due to feedback during the investor roadshow which revealed users were opting for mobile devices which generate less advertising revenue and after consulting with its adviser Morgan Stanley "Facebook backed off and said, 'Hey get your models down. ...
Analysis: Did banks cross the line in Facebook research calls?NEW YORK (Reuters) - As regulators scrutinize Facebook's problem-plagued stock market debut, they may have to confront areas of securities law that do not always clearly spell out what industry analysts are allowed to tell clients about companies on the verge of going public. Facebook and the Wall Street banks that underwrote its $16 billion initial public offering are facing questions about how and why stock analysts decided to cut their financial forecasts on the company ahead of the IPO. ...
Facebook settles lawsuit over "Sponsored Stories"SAN FRANCISCO (Reuters) - Facebook Inc has agreed to settle a lawsuit that alleged the site's "Sponsored Stories" feature publicized users' "likes" without compensation or the ability to opt out, according to a court document filed on Tuesday. The proposed class action lawsuit, filed in a San Jose, California federal court, could have included nearly one of every three Americans, with billions of dollars in damages, court documents say. The terms of the settlement are not spelled out in court filings. ...
The numbers on the Facebook earnings revisionsSAN FRANCISCO (Reuters) - Four of Facebook's major underwriters -- Morgan Stanley, Goldman Sachs, JPMorgan and Bank of America -- reduced their financial estimates for the soon-to-be-public company following the release of a revised prospectus on May 9 that noted the negative impact of mobile users on Facebook's business. While Facebook did not provide any specifics in its amended S-1 filing, the four underwriters reduced their earnings and revenue estimates for both the second quarter of 2012 and the full year within the next two days, according to sources. ...
Nasdaq shareholders mum on Facebook IPONEW YORK (Reuters) - Not a single shareholder asked a question at Nasdaq OMX's annual meeting on Tuesday, just days after the exchange operator bungled Facebook's widely anticipated market debut, which helped launch the new stock into a three-day slide. When Nasdaq Chairman H. Furlong Baldwin called for questions at the Tuesday morning meeting in New York, he got eight seconds of silence. Technical glitches marred Facebook's IPO on Nasdaq's exchange on Friday, delaying the social networking giant's market debut by 30 minutes and delaying order confirmations for hours afterward. The U.S. ...
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. ...
Exclusive: Massachusetts subpoenas Morgan Stanley for FacebookNEW 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. ...
Regulators investigate Morgan Stanley's role in Facebook IPOWASHINGTON - Regulators are examining whether Morgan Stanley, the investment bank that shepherded Facebook through its highly publicized stock offering last week, selectively informed clients of an analyst's negative report about the company before the stock started trading.
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