Facebook market makers' losses total at least $100 million(Reuters) - Claims by four of Wall Street's main market makers against Nasdaq over Facebook's botched IPO are likely to exceed $100 million, as they and other traders continue to deal with thousands of problems with customer orders. A technical glitch delayed the social networking company's market debut by 30 minutes on Friday and many client orders were delayed, giving some investors and traders significant losses as the stock price dropped. The exchange operator is facing lawsuits from investors and threats of legal action from brokers. ...
Morgan Stanley may refund some Facebook investorsMorgan Stanley, the lead investment bank in Facebook's troubled initial public offering, will compensate retail investors who overpaid when they bought Facebook's stock in Friday's IPO, according to a source familiar with the matter.
Facebook launches iPhone camera appFacebook's rocky initial public offering hasn't stopped life at the world's biggest online social network. On Thursday, the company unveiled a camera app for the iPhone.
Morgan Stanley making Facebook adjustments: source(Reuters) - Morgan Stanley will adjust thousands of trades to ensure no limit orders will be filled at more than $43 a share for Facebook stock from last Friday's botched initial public offering, the firm told its brokers on Thursday, a person familiar with the call said. The source, a broker who could not speak for attribution, said the firm again insisted that the trading problems were Nasdaq-related. (This story is corrected to reflect nature and timing of orders being adjusted) (Reporting By Ben Berkowitz; Editing by Gary Hill and Phil Berlowitz)
Morgan Stanley still has Facebook issues: sourceNEW YORK (Reuters) - Morgan Stanley continues to work through trade orders placed on Friday by brokerage customers in Facebook Inc during the social networking company's IPO, two people familiar with the situation said on Thursday. Morgan Stanley Smith Barney, an affiliate unit of Facebook lead underwriter Morgan Stanley, did not receive from the Nasdaq stock market information about stock trades in a "systematic, orderly way," said one person, who was not authorized to speak publicly on the matter. Nasdaq said it had all orders, executed or not, returned to member firms by 1:50 p.m. ...
Social media giving sports fans greater power both on and off the fieldQUEBEC CITY, Que. - Jumping on the Twitter bandwagon was a scary experience for Geoff Molson.
Facebook makes mobile move after IPO flopFacebook released a "camera" application Thursday that lets people take Instagram-style pictures that can be shared with iPhones.
Exclusive: Fidelity facing "thousands" hit by Facebook woesBOSTON (Reuters) - Fidelity Investments said it was working with "thousands" of brokerage clients affected by trading issues that have engulfed Facebook Inc's much-anticipated initial public offering, according to a source familiar with the situation. The social media site's IPO has been steeped in controversy since it started trading last Friday. Almost a week later, many investors have found that their orders for Facebook were not executed at the prices they thought, said advisers, who declined to be identified because they are not allowed to speak to the press. ...
Citadel lost $30 million in Facebook fiasco: sourceNEW YORK (Reuters) - Citadel Securities' market-making business lost around $30 million due to Facebook Inc's botched initial public offering on Nasdaq OMX Group Inc's U.S. stock exchange, a source with knowledge of the situation said on Thursday. The losses at Citadel Securities, which has assets under management of around $1 billion, are in line with losses at Knight Capital Group, which said on Wednesday in a regulatory filing it suffered a pre-tax loss of $30 million to $35 million. ...
What You Can Learn from Facebook's IPOI fielded many inquiries about the Facebook IPO from clients and readers of my books last week. They all had the same question: Should I buy the stock? I gave them all the same answer: No.
Nasdaq caused $35 mn loss in Facebook IPO: brokerA New York broker has asked Nasdaq to compensate it for up to $35 million in losses on the Facebook initial public offering due to the market's computer problems on the first day of trade.
Life goes on after IPO: Facebook launches camera app for iPhoneNEW YORK, N.Y. - Facebook's rocky initial public offering hasn't stopped life at the world's biggest online social network. On Thursday, the company unveiled a camera app for the iPhone.
Obama Takes Twitter QuestionsPresident Barack Obama is no stranger to Twitter; he held his first Town Hall on the microblogging network, at the White House complete with Master of Ceremonies Jack Dorsey, just under a year ago.
Why Did Facebook Just Clone Instagram?If Facebook bought Instagram so it didn't have to compete with it, why did the social network just put out a photo-sharing app just like Instagram?
Facebook executive ducks questions about IPO debacleBOSTON (Reuters) - Facebook Chief Operating Officer Sheryl Sandberg spoke to Harvard University students in her first public appearance since the company's disappointing initial public offering, but refrained from addressing the controversy around its messy, glitch-plagued debut. Instead, Sandberg urged students graduating this week from Harvard's business school to work for fast-growing companies, communicate honestly and address inequality in the workplace. ...
Meet The Facebook Conscientious ObjectorsNow that Facebook's a big nasty corporation, it's not only attracted a lot of bad press, it's inspired more direct action. In the run-up to the IPO and its messy aftermath we've read a few declarations of expatriatism, including one today from The New Yorker's Steve Coll. In no way does this indicate a coming mass exodus. These people aren't starting movements, rallying the people of the Internet like Quit Facebook Day tried (and failed) to do back in 2010. ...
Facebook Stock Jumps as Analysts Call for Better IPO RulesStock Rises as Questions Remain for Underwriters
Strauss issues Twitter warning after Pietersen rowEngland captain Andrew Strauss issued a warning to his squad on Thursday regarding the dangers of Twitter after Kevin Pietersen's latest spat on the social networking site.
Queen Latifah, Mia Farrow & More Stars Tweet Congratulations For American Idol's Phillip PhillipsPhillip Phillips scooped the top prize on "American Idol" on Wednesday night, and one former winner said she predicted it from a very early stage.
5 Tips to Maximize Your Brand's Facebook ReachThe Facebook Marketing Series is presented by Webtrends, helping brands acquire, engage, nurture and optimize Facebook fans. Get the Social Media Marketing Playbook, a guide for maximizing returns. Download now.
Quebec Students Protesting Tuition Hikes Organize on TwitterThe hundreds of protesters that were arrested on Wednesday evening in the Canadian province of Quebec for rallying against university tuition hikes have been organizing their efforts on social media for months.
Lolo Jones, Virgin Olympian, Becomes a Twitter SuperstarOlympic hurdler Lolo Jones may be the hottest athlete on Twitter right now. Her witty, self-effacing humor has charmed media and fans alike.
Shareholders sue Facebook, NYSE comes callingSAN FRANCISCO (Reuters) - The fallout from Facebook Inc's messy initial public offering widened on Wednesday as shareholders sued the social network and its bankers while a trading firm revealed a massive loss on the shares and threatened to seek "remedies." The Nasdaq stock exchange also came under further pressure as a source close to the situation told Reuters that NYSE Euronext had opened discussions with Facebook about a potential stock listing there. Nasdaq also faces litigation from angry investors. ...
Sequel to Pulitzer-Winning 'Goon Squad' to Debut on TwitterIn an experimental move, The New Yorker is planning to release a short sequel to Jennifer Egan's Pulitzer Prize-winning novel, A Visit from the Goon Squad, through 140-character installments on Twitter.
'The Paperboy' divides opinion: Twitter highlights from CannesZac Efron and Nicole Kidman star in The Paperboy, a film adaptation which is dividing critics fresh from its press screening.
Short interest in Facebook rises: Data ExplorersNEW YORK (Reuters) - Demand to borrow Facebook Inc shares for shorting has increased, with nearly 8 percent of the stock out on loan, according to financial data company Data Explorers. About 70 percent of the shares available for lending are out on loan as demand to borrow, and possibly short the stock, strengthens, Data Explorers said on Thursday. Some 33 million Facebook shares are out on loan, or 7.9 percent of the free float. The cost to borrow the online social network's shares has fallen sharply, Data Explorers said. ...
Facebook shares to disappoint for several quarters: analyst(Reuters) - Facebook Inc's shares will likely disappoint the market in the next several quarters as growth slows for the social network, warned a Morningstar Equity Research analyst, who urged investors to avoid taking positions in the stock at present. "While we are not intending to call for short-term moves in the stock, we do believe that slowing growth and declining profitability may cause the stock to trade significantly below our fair value estimate," said analyst Rick Summer in a note dated May 23. ...
Morgan Stanley, others make $100 million profit on Facebook trades: WSJ(Reuters) - Morgan Stanley and other underwriters have made a profit of about $100 million stabilizing Facebook stock since trading began on Friday, the Wall Street Journal said, citing people familiar with the matter. Facebook's listing, envisioned as a crowning moment for an eight-year-old company that has become a business and cultural phenomenon, has instead turned into a legal and public relations fiasco for the company and its lead underwriter, Morgan Stanley. ...
Facebook Releases Instagram CloneLess than two months after announcing its plans to acquire photo app company Instagram for $1 billion, Facebook has released an iOS app that looks and functions almost identically to Instagram's.
Facebook shares stabilizing, but probes mountFacebook's initial public offering is the subject of two congressional inquiries and mounting lawsuits as the social network enters its fifth day of public trading.
Brands Can Now Turn Their Facebook Timeline Into a MoviePeople managing a Facebook Page can now easily create a movie using photos, videos and status updates from their brands' Timeline.
70+ Events in Design, Social Media and AdvertisingDo you want to network with some of the thought leaders in your industry? Then set your eyes on the collection of more than 70 events on Mashable's new Events Board. Our events board goes beyond your standard business conferences and exhibitions -- we showcase the most thoughtful, informative and entertaining events happening all over the world and online.
Facebook's IPO Warning Was Only for Big InvestorsSorry if you invested in that Facebook stock. We should have warned you. Or Facebook should have warned you, you know, the way it did with some of its large investors.
Facebook Now Tells Brands the Percentage of People Who See Their Posts[More from Mashable: Tim Cook: Facebook Is the ‘Closest’ to Being Like Apple]
Here's Your Facebook Status Update"We don't have to put this on our timeline right?"
The History of Facebook's Developer Platform [INFOGRAPHIC]The Facebook Platform's stated mission is to "build the social web." With help from social app developers, it certainly met its goal.
Tim Cook: Facebook Is the 'Closest' to Being Like AppleApple CEO Tim Cook told analysts that he believes Facebook is the "one company that is closest to being like Apple" and that he had huge respect for the company, according to a new profile in Fortune.
Facebook Trivia: 10 Things You Didn't Know About the Social Network1. Page Views
Social media reactions to Yahoo! Axis: impressive on the iPad, risky on the desktopThe reaction to Yahoo!’s brand new visually enhanced browser, Axis, has polarized social media users. Many are impressed by the company’s iOS app while others urge users to be wary of the desktop plug-in.
CEOs Are Finally Warming Up to Social Media [STUDY]CEO's are finally embracing social media's role in engaging business and customers, according to a recent IBM Global CEO Study.
|
