New York: Four of Wall Street's major market makers involved in Facebook's botched initial public offering last Friday expect their losses from technical glitches on Nasdaq's exchange to be around $115 million. A software error on Nasdaq OMX Group Inc's US exchange delayed the social networking company's market debut by 30 minutes last Friday. Many client orders were delayed, leading to significant losses to some investors and traders as the...
10:48 AM, May 26, 2012
Facebook Inc's bungled initial public offering has gone from one of the most highly anticipated stock offerings to a hot legal opportunity for lawyers on both sides of shareholder litigation. Court battles over the fizzled IPO could run for years, as the social networking company, the banks that took it public and the Nasdaq OMX Group Inc face claims that they short-changed investors. Besides fighting off claims by Facebook shareholders,...
03:39 AM, May 26, 2012
New York: Citigroup Inc's Automated Trading Desk had trading losses of about $20 million from Facebook Inc's botched initial public offering on Nasdaq OMX Group Inc's US exchange, a source with knowledge of the situation said on Friday. The unit's losses were in addition to claims by market makers Knight Capital Group Inc and Citadel Securities, which each had losses of $30 million to $35 million. UBS AG, the other...
12:24 AM, May 26, 2012
New York: 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...
06:31 AM, May 25, 2012
Congressional committees are holding briefings, and a group of shareholders has filed suit against the social networking giant. ...
10:11 AM, May 24, 2012
New York: If 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. But forget the dramatic drop. Investors should focus on the only question that matters: How much money will Facebook earn over the next several years, and is that enough to...
09:43 AM, May 23, 2012
New York: Shares of Facebook fell again at the open on Tuesday as doubts about the company's valuation increased after Reuters reported that underwriters cut their revenue forecasts for the social networking site shortly before the IPO. Facebook's shares hit a low of $31.73, 7.4 percent below Monday's close, and are now trading down 17.1 percent down from their $38 IPO price. The shares are down 30 per cent from...
07:30 PM, May 22, 2012
Facebook shares sank 11 per cent in the first day of trading without the full support of the company's underwriters, leaving some investors down almost 25 percent from where they were Friday and driving others to switch back to more established stocks. Facebook's debut was beset by problems, so much so that Nasdaq said on Monday it was changing its IPO procedures. That may comfort companies considering a listing, but...
12:47 AM, May 22, 2012
New York: Facebook's stock is tumbling well below its $38 IPO price in the social network's second day of trading as a public company on Monday. Investors and technology industry watchers are closely tracking the Menlo Park, Calif.-based company's shares. The world's largest online social network was one of the most anticipated initial public stock offerings ever, and now serves as a bellwether for other social media companies. Facebook's market...
07:57 PM, May 21, 2012
New York: The CEO of the Nasdaq stock exchange says it is "humbly embarrassed" by its bungling of Facebook's hugely anticipated debut as a public company on Friday. Robert Greifeld tells news media there's no indication the delay contributed to the underwhelming performance of Facebook's stock, which ended at $38.23 - 23 cents above where it began. Facebook's stock was expected to start trading at 11 a.m. but didn't open...
10:14 AM, May 21, 2012
New York: Facebook's billionaire founder Mark Zuckerberg capped an extremely eventful week with a surprising update about his relationship status - he married his long time girlfriend Priscilla Chan in a private ceremony. The unexpected news about his marriage to 27-year-old Chan, who recently graduated from medical school in San Francisco, came just a day after Facebook made its public debut through one of the largest initial public offerings and...
01:16 PM, May 20, 2012
New York: Some investors who thought they had bought Facebook shares at the opening of trading were left without knowing for hours whether they had received the shares. The Securities and Exchange Commission is looking into the glitches in the trading of Facebook's initial public offering around the time of its scheduled debut Friday on the Nasdaq Stock Market. The glitches caused traders problems changing and canceling their orders. Nasdaq...
01:05 PM, May 19, 2012
Depite the hype, Facebook made a modest debut on Nasdaq, with the company's shares ending just above its initial offering price of 38 dollars. ...
09:38 AM, May 19, 2012
San Francisco: The historic initial public offering of Facebook Inc did not go as planned on Friday, as the social networking company's sky-high valuation combined with trading glitches left the stock languishing near its offering price at the market close. Facebook shares began trading late Friday morning and opened 11 per cent above the $38 offering price, but after peaking at about $45 slid rapidly at the end of the...
07:46 AM, May 19, 2012
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