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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...

Meet the New Mrs. Zuckerberg
 Meet the New Mrs. Zuckerberg 
May 21, 2012 9:04 AM CDT

Meet the New Mrs. Zuckerberg

Priscilla Chan is former science teacher ... and much more

(Newser) - Priscilla Chan has updated her status from Mark Zuckerberg's girlfriend to wife . Though we've long known she's the proud owner, with Zuckerberg, of a Hungarian sheepdog named Beast whose "favorite thing in the world [is] pooping on Mark's white rug," she has managed to...

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...

The 12 People You Shouldn't Unfriend on Facebook

You may have friended them randomly, but they're too entertaining to dump

(Newser) - Yes, some of your Facebook friends are annoying and probably have you wondering why you friended them in the first place. But on The Frisky , Ami Angelowicz encourages you to hold your horses before dumping them. If said questionable Facebookers fall into one of her 12 categories, you should definitely...

Tech's Richest Hate Showing Off Wealth

From Facebook to Google, Silicon Valley frowns on flashy spending

(Newser) - Facebook's staff may be full of zillionaires, but don't expect Ferraris in the parking lot. Silicon Valley, where almost 14% of homes earn more than $200,000 per year, is deeply opposed to conspicuous consumption—hence Mark Zuckerberg's iconic hoodies and Facebook COO Sheryl Sandberg's underground...

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
...

Facebook's Ad Pitch 'Backfired': GM Insiders

Facebook apparently touted ... free pages

(Newser) - A key reason for General Motors' decision to drop paid Facebook ads : A pitch meeting didn't go so well. Sources tell Reuters that GM met with Facebook honchos in the last few weeks; in the meeting, marketing reps reportedly pointed to the effectiveness of their free pages. The paid...

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...

Lawsuit Could Wipe Out Facebook IPO Windfall
Lawsuit Could Wipe Out Facebook IPO Windfall
and more IPO news
May 18, 2012 10:13 AM CDT

Lawsuit Could Wipe Out Facebook IPO Windfall

...but bids in Germany have hit $74 a share

(Newser) - By the time you read this, Facebook shares will likely have begun trading ( or not ). But the hoopla around the IPO was slightly dampened today, thanks to a mammoth class-action privacy lawsuit filed against it. The case combines 21 separate suits accusing Facebook of tracking users even when...

Facebook's IPO Day Is Here —and Nasdaq Braces Itself

Trading opens at 11am ET

(Newser) - Facebook shares will go on sale at long last today, in the biggest tech IPO in US history—and Nasdaq is desperate to make sure nothing goes wrong. Facebook has set an initial price of $38 per share, meaning it will make some $16 billion on the sale. Trading will...

Saverin: Calm Down, Folks, I Don't Hate US

Facebook co-founder says citizenship move isn't about money

(Newser) - Eduardo Saverin, the Facebook co-founder who stands to become a billionaire a few times over tomorrow , is trying to tamp down some of the vitriol headed his way over his decision to give up his US citizenship. Yes, he's saving money on taxes by doing so, but he tells...

Facebook IPO Almost Settled: $38 Per Share?


 Facebook 
 IPO Settled: 
 $38 Per Share 
UPDATED
May 17, 2012 3:24 PM CDT

Facebook IPO Settled: $38 Per Share

That puts the valuation at $104B

(Newser) - The endless guessing is over: Facebook shares will go at $38 apiece tomorrow, putting the total valuation at $104 billion, the highest ever for US company at its IPO, reports the Wall Street Journal . That's on the high end of the site's predicted pricing, even after it hiked...

Lawmakers to Saverin: Don&#39;t Come Back
Lawmakers to Saverin: Don't Come Back
May 17, 2012 10:06 AM CDT

Lawmakers to Saverin: Don't Come Back

'Ex-PATRIOT' Act to punish those who try to dodge taxes

(Newser) - Facebook co-founder Eduardo Saverin's decision to renounce his US citizenship—and, conveniently, a lot of the taxes from his expected IPO windfall—has struck a nerve on Capitol Hill. Chuck Schumer and Bob Casey will today announce a new bill called the "Ex-PATRIOT Act" (a typically dopey acronym...

Ford to GM: You're Just Bad at Facebook

Automaker says Facebook does work, but not like a normal ad platform

(Newser) - GM unfriended Facebook this week, saying that advertising there didn't work. But rival Ford says there's another explanation: GM must be doing it wrong. "It's all about execution," Ford said in a Tweet spotted by the Huffington Post . "Our Facebook ads are effective when...

Facebook Kicking Off IPO With All-Night Hackathon

All employees are invited, and Zuckerberg will probably attend

(Newser) - Facebook is holding an all-nighter tonight, in advance of tomorrow’s IPO and its first day as a public company. The company will hold a "hackathon," a long-standing tradition involving employees working quickly on whatever they want, which has produced products including Facebook chat. It will culminate tomorrow...

Brokerages Stop Taking Facebook IPO Orders

Buying, selling frenzy expected tomorrow

(Newser) - Several brokerages have told clients that it's now too late to order Facebook shares ahead of the expected stampede when the stock goes public tomorrow. Morgan Stanley—one of the 33 underwriters of the huge IPO—is among those that have stopped accepting new orders, sources tell Reuters . Its...

Ditching US Will Save Saverin Around $67M

Pundits call the Facebook co-founder 'ungrateful'

(Newser) - Eduardo Saverin's decision to abandon the United States like an old MySpace account will save the Facebook co-founder at least $67 million in federal income tax, according to a Bloomberg analysis—and those savings will only grow in the not-unlikely event that Facebook stock soars. That's because Saverin...

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