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. ...
Lawsuits pile up over Facebook flotationFacebook and its underwriters came under broad legal attack Wednesday as lawyers and investors filed lawsuits over Facebook's controversy-marred initial public offering.
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. ...
We Should Have Known About Facebook's Shady IPOAfter 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.
LA designer says Facebook bride wore her dressLos Angeles-based designer Claire Pettibone says Priscilla Chan was wearing one of her dresses when she married Facebook CEO Mark Zuckerberg.
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 IPORegulators 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.
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. ...
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 DoodleThe 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.
Nasdaq admits put wrong fix for Facebook IPO glitchNEW 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. ...
Morgan Stanley defends Facebook IPO procedures(Reuters) - Morgan Stanley said its procedures for the Facebook Inc's initial public offering were "in compliance with all applicable regulations." "Morgan Stanley followed the same procedures for the Facebook offering that it follows for all IPOs," spokesman Pen Pendleton said in a statement. "These procedures are in compliance with all applicable regulations. ...
Facebook IPO shows galactic divide between investorsNEW 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. ...
Underwriters blasted as Facebook shares sink againFacebook shares sank further Tuesday amid new accusations that key underwriters had cut their forecasts for the company just days before Friday's initial public offering.
What Went Wrong With Facebook's IPO?Facebook's initial public offering is off to a less than spectacular start, to put it generously. The stock closed at $31 on its third day Tuesday, down 18% from its initial offer price of $38, which valued the company just above $100 billion.
Insight: Morgan Stanley cut Facebook estimates just before IPO(Reuters) - In the run-up to Facebook's $16 billion IPO, Morgan Stanley, the lead underwriter on the deal, unexpectedly delivered some negative news to major clients: The bank's consumer Internet analyst, Scott Devitt, was reducing his revenue forecasts for the company. The sudden caution very close to Facebook's initial public offering - while an investor road show was under way - was a big shock to some, said two investors who were advised of the revised forecast. ...
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. ...
Facebook IPO shows galactic divide between investorsNEW 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. ...
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. ...
Mass. subpoenas Morgan Stanley in Facebook caseMassachusetts' top securities regulator has subpoenaed Morgan Stanley related to allegations that it gave some clients negative information about Facebook before last week's initial public offering.
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. ...
Why Facebook still doesn't look cheapIf you were thinking of picking up a few shares of Facebook last week, when it went public at a price of $38, you might be seriously tempted now that the stock has fallen $7 in two days.
Morgan Stanley defends Facebook IPO procedures(Reuters) - Morgan Stanley said its procedures for the Facebook Inc's initial public offering were "in compliance with all applicable regulations." "Morgan Stanley followed the same procedures for the Facebook offering that it follows for all IPOs," spokesman Pen Pendleton said in a statement. "These procedures are in compliance with all applicable regulations. ...
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