IT IS becoming increasingly apparent that the Vietnamese authorities' relationship with Facebook is of the love-and-hate variety. In January Vuong Dinh Hue, the finance minister, said in an internet interview that using Facebook to reach out to the public is a terrific idea (though he has yet to set up his own account; he admitted that his ...
discussions
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Arielle Kass
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Ajc.com
FACEBOOK IPO LIVE: The social network goes public
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It's Facebook's big day. The site, which was born in a dorm room eight years ago and has grown into a worldwide network of almost a billion people, is making the most talked-about stock market debut in years.
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Business News Headlines
Historic Facebook debut falls short of expectations
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SAN FRANCISCO (Reuters) - 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, which opened up 11 percent, closed at $38.23 after a nail- ...
RSS
Facebook hits $105bn mark – but only after underwriters step in
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The underwriters of Facebook's much-anticipated public share offering had to intervene heavily in the market to keep the social network from falling embarrassingly below its float price on the first day's trading yesterday.
Latest CBS MoneyWatch Headlines
Facebook IPO: Trading glitch sullies Nasdaq
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Nasdaq is reportedly investigating trading in the social networking's initial public offering was delayed by 30 minutes
L.A. Times
Facebook underwriters prop up stock as it nears break-even mark
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Buyers did not rush into the market to snap up shares of the social networker. And the big Wall Street banks that brought Facebook public scrambled to prevent the stock from collapsing into declines.
Business News Headlines
Messy Facebook debut marks weak day on Wall Street
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NEW YORK (Reuters) - Stocks fell on Friday after a sloppy debut by Facebook Inc spoiled hopes that a spectacular open for the most-anticipated stock sale in years would brighten the mood in what has been a gloomy month for equity markets. Shares of Facebook, the social networking giant, were volatile in the busiest day ever for a trading debut. ...
Www.thedailybeast.com
Facebook Frenzy
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For a week, the world went Facebook-crazy as the company’s initial public offering of its stock turned into a circus of fervor, greed, and—ultimately—alarm. When the stock finally began trading on Friday morning, it opened at $42 a share, $4 above the offering price of $38. But for those who had hoped Facebook would offer a beacon during ...
Latest CBS MoneyWatch Headlines
Video: Facebook IPO: What happens next?
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MoneyWatch's Jill Schlesinger and Jack Otter discuss the hype behind the Facebook IPO and whether it is worth it to invest.
MICHAEL
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DealBook
Facebook's Debut Marred by Trading Flaws
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The Facebook $16 billion offering was the biggest I.P.O. that Nasdaq had ever listed. Now there are growing questions over how its market debut was handled.
Jeff John Roberts
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GigaOM
What you need to know about that $15 billion Facebook privacy case
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Lawyers tried to ruin Mark Zuckerberg's big day with a sprawling lawsuit that portrays the Facebook founder as a rogue hacker, and accuses the company of tracking users on their computers and iPhones. We have a plain english Q&A.
Joe Cogliano
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Agriculture News
DBJ Weekend Tech Watch: Facebook IPO, SpaceX, Microsoft, IHS
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Welcome to the Denver Business Journal's Tech Watch, our roundup of today's tech news from around the nation, featuring reports on Facebook, SpaceX, Microsoft, Motorola Mobility, IHS, Zynga, Yelp, Boeing, General Dynamics, Northrop Grumman, Boston Scientific and more. And click here for more DBJ tech coverage. Facebook shares fall flat on IPO ...
SmartMoney.com
Psychoanalyzing Facebook's 'Like' Button
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Pay Dirt: New research finds that people who "like" an inordinate number of Facebook status updates may be mentally unstable.
Tomio Geron
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Forbes
Facebook Makes First Post-IPO Acquisition: Karma
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Facebook, fresh off its initial public offering today, has made its first acquisition as a public company, snapping up Karma, a recently-launched social gift-giving app. Financial terms were not disclosed. Facebook plans to keep the service running.
Randy Warren
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Forbes
From Sizzle to Fizzle: Facebook Disappoints New Owners
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NEW YORK, NY - MAY 18: Facebook founder Mark Zuckerberg is seen on a screen in Times Square moments after he rang the Nasdaq Opening Bell from Menlo Park. (Image credit: Getty Images via @daylife)
The Seattle Times
Beyond Facebook: A look at social network history
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Facebook may have made social networking a worldwide cultural phenomenon, but it wasn't the first Internet company to connect people online. And it won't be the last. Here's a look at how social networking has evolved. Some companies have come and gone. Some are mere shells of their former selves. And others show promise, even as Facebook ...
The Seattle Times
Social media stocks tumble on tepid Facebook IPO
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The lukewarm response to Facebook Inc.'s initial public offering sent shares of other social-media companies tumbling Friday.
Bill Bonner
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The Daily Reckoning
Expatriation in the Wake of the Facebook IPO
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The Maryland House of Delegates just voted to raise taxes. Should we move to Florida…or Delaware? If we move to Palm Beach, will we ever be able to visit our beloved Maryland homeland again? The Financial Times reports that thousands of wealthy French people are now moving to London. Their motive? They want to escape [...] Expatriation in ...
FT.com
Network confusion links Facebook and Nasdaq
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The reputation of both the social network and the stock exchange could be damaged by the glitch which held up opening trades in Facebook's stock
Latest financial news
Anti-social: Zynga tumbles after Facebook IPO
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Social media stocks just aren't feeling the love, despite Facebook's highly-anticipated stock market debut.
Latest stock market news from Wall Street
Enough on Facebook! Buy Google or Apple
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Facebook is finally trading. And even though the stock didn't explode out of the gate, the company is still worth more than $100 billion. It shouldn't be.
The Professor
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Streetwise Professor
Will the Fed Take Facebook Shares as Collateral?
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Yesterday’s news was dominated by the Facebook IPO. I don’t have much to say about Facebook qua Facebook or IPOs: not my area. I will just say that it is hard to justify the valuation. The only rationalization I could provide is that the $100 billion plus market cap is the premium on the option [...]
BBC News
Facebook shares see modest debut
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Facebook shares end a volatile first day of trading at $38.23, barely above the company's initial pricing, having initially jumped more than 10%.
Business
What To Expect In Facebook's Future
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Facebook's culture and the nature of its business will inevitably change after it goes public. Its finances will be much more open to scrutiny. NPR's Steve Henn tells host Scott Simon that because founder and CEO Mark Zuckerberg owns so much of Facebook's stock, he will continue to have significant autonomy from Wall Street's demands.
RealMoney
Tune Out Facebook; Tune In Sirius, Pandora
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NEW YORK (TheStreet) - With all the excitement surrounding Facebook's Friday IPO, I was not surprised to see the trading volume of SiriusXM drop by almost half from Thursday. Granted, Thursday was an exceptionally busy for investors, however, with the cliff dive the stock price experienced Thursday, a busier Friday was expected. Thursday marked ...
Business
Average Investors Share Facebook Feelings
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Early investors like investment banks and venture capitalists already own shares of Facebook. Some are even starting to sell. Now small investors get their chance to buy with Friday's IPO. NPR's Sonari Glinton checks in with a few of them on the first day of trading.
Www.thedailybeast.com
Don't De-Friend Facebook Yet: It's IPO Might Not Mean Trouble Ahead
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Analysts have declared Facebook's IPO a sign of trouble for the company, but the real problem is Wall Street's warped definition of success. Plus, Matt DeLuca examines the numbers.
Business
Facebook IPO falls short of the hype
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Facebook's flat performance on its first day of trading raises questions about the stock's prospects. There wasn't much to like about Facebook's first day as a public company.
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We've gotten word that the House of Representatives may consider H.R. 1864 this week, the Mobile Workforce State Income Tax Simplification Act. The bill would prohibit states from imposing income taxes on traveling workers unless they spend at least 30 days in the state. Currently, most states require tax payments and even tax withholding for ...
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Www.accountingtoday.com
House Approves Mobile Workforce Tax Relief Bill
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The bill, passed by voice vote, was co-sponsored by Congressmen Howard Coble, R-N.C., and Hank Johnson, D-Ga., and was supported by many groups, including the National Taxpayers Union and the National Association of Manufacturers. It has also been one of the legislative priorities of the American Institute of CPAs since it was introduced last May (
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The first warning sign, was the delay in trading. Here's the status messages from Nasdaq for that day. Between 11 and 12 Eastern, bad prices (spikes) began appearing in other stocks, including symbols APPL, INTU, NFLX, PDCO, QCOM, QLD, UST and ZNGA. There are likely other stocks that were affected. In nearly all of these cases the price spikes ...
discussions
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Www.thereformedbroker.com
The Epic Battle to Defend Facebook’s IPO Price
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I can't believe what I just witnessed, can't wait to hear the press coverage. Long story short, sellers began overwhelming the tape once $FB broke back below 40 this afternoon, but the underwriters managed to hold the line at 38-38.01 into the close. God knows what kind of firepower it took, it was an amazing thing to watch.
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Morningstar Articles
Stock Head Lower on Eurozone Fears; Facebook IPO Eyed
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The EU trade commissioner revealed in an interview that the EU and ECB are working on a contingency plan for a Greek exit from the eurozone. Other officials denied such a plan was in the works. Separately, German Chancellor Angela Merkel suggested that Greece should hold a referendum on if the country would like to stay in the eurozone or not.
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MarketWatch.com
IPO Report: Facebook IPO fails to ‘pop’ in rough debut
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Social network’s shares weaken near the end of its first trading session following its massive billion initial public offering, losing grip on the first-day pop.
Latest CBS MoneyWatch Headlines
Facebook IPO: Lackluster trading after all the hype
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Whether the Facebook IPO was a "dud" or the ultimate exit strategy, the social media giant has a lot of work to do
MarketWatch.com
Market Extra: Facebook IPO’s rocky open to get SEC review
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The Securities and Exchange Commission will look into the delayed trading start to much-anticipated debut, after its expected open was delayed by about 30 minutes and Nasdaq dealt with getting trade confirmations to brokers.
Latest CBS MoneyWatch Headlines
Facebook tax loophole draws fire
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A protestor in front of the NASDAQ stock exchange in Times Square prior to the Facebook IPO. (EMMANUEL DUNAND/AFP/GettyImages) (MoneyWatch) Newly public technology titan. Cultural icon. Tax-dodger? Even as Facebook (FB) today lifted the curtain on its initial public offering, the Internet company is already being accused of seeking to avoid ...
The Seattle Times
A look at how some IPO stocks have fared
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Facebook raised $16 billion in its initial public offering Thursday, pricing its stock at $38 per share. Its public debut was the most anticipated tech IPO since Google went public in August 2004. After an anxiety-filled half-hour delay, shares began trading Friday on the Nasdaq Stock Market. They closed almost unchanged, at $38.23.
RealMoney
The Big Lie of the Facebook IPO: Opinion
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NEW YORK (TheStreet) -- On Friday, like most of you, I watched the nation's media help to perpetrate one of the great frauds in American history. Consider. If I can barely sell 15% of something at $38 a share, if I have to lay out millions-upon-millions of dollars to prop up that price for a single day, what makes you think I can sell the rest ...
Brian Solomon
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Forbes
On Eve Of Facebook IPO, Eduardo Saverin Fires Back At Critics Over Accusations Of Tax-Dodging
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Many people criticized Saverin for what seemed like a tax dodge, including two U.S. senators, but now the 30-year-old is fighting back.
Gary
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BETWEEN THE HEDGES
Stocks Falling into Final Hour on Rising Eurozone Debt Angst, Rising Global Growth Fears, Disappointing FB IPO, Technical Selling
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Broad Market Tone: Advance/Decline Line: Lower Sector Performance: Almost Every Sector Declining Volume: Above Average Market Leading Stocks: Underperforming Equity Investor Angst: VIX 24.69 +.82% ISE Sentiment Index 100.0 +12.36% Total Put/Call 1.34 -6.29% NYSE Arms .82 -33.20% Credit Investor Angst: North American Investment Grade CDS Index 123.
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NEW YORK (AP) — Google says authorities in China have approved its acquisition of Motorola Mobility. This brings the Internet search giant closer to completing its biggest deal ever.
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Reuters
Google says it won China's approval for Motorola deal
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(Reuters) - Google said on Saturday that Chinese authorities have approved its $12.5 billion purchase of Motorola Mobility Holdings, the last regulatory hurdle to a deal that would allow the world's No. 1 Internet search engine to develop its own line of smart phones.
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When GM dropped Facebook ads, Ford was quick to say it wouldn't. Now GM's dropped Super Bowl ads and Hyundai says "no way".
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Mary Beth Quirk
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The Consumerist
GM Says It'll Pass On Advertising On TV During The Super Bowl
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First General Motors was all like, " Facebook advertising ? That's for nerds, it doesn't work!" and now the automaker has announced it's not going to go for Super Bowl ads in 2013, either. "We understand the reach the Super Bowl provides, but with the significant increase in price we simply can't justify the expense," GM global marketing chief ...
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Business News Headlines
GM passes on running TV ads during 2013 Super Bowl
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DETROIT (Reuters) - General Motors Co will not advertise in next year's Super Bowl because it is too expensive, the top marketing executive for the U.S. automaker said three days after the company announced it was dropping paid ads on Facebook Inc. The 2013 Super Bowl will be broadcast by CBS Corp, which is selling 30-second ads for as much as $ ...
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Confronting an economic crisis that threatens them all, President Barack Obama and leaders of other world powers on Saturday declared that their governments must both spark growth and cut the debt that has crippled the European continent and put investors worldwide on edge.
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Www.bbc.co.uk
Obama's new friend
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There is no doubt this summit will be dominated by the latest appalling and enthralling instalment of the Greek tragedy. Mr Obama is by no means alone in urgently wanting more action to stop the crisis in its tracks before it spirals even further out of control, wrecks the European economy and sends shock waves across the Atlantic.
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BEIRUT (Reuters) - A car bomb killed nine people at a Syrian military post in the eastern city of Deir al-Zor on Saturday, an attack the government said was the latest proof that an uprising against President Bashar al-Assad was a foreign plot.
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Sam Gustin
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Business
World leaders have gathered this weekend for the G-8 summit. Here’s a portion of my recent interview with Ian Bremmer, president of the Eurasia Group and author of “Every Nation for Itself: Winners and Losers in a G-Zero World.” Read more: G-8 or G-Zero? Why the West No Longer Sets the Global Agenda
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BBC News
Merkel 'suggests Greek euro vote'
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Greek officials say Germany's Chancellor Merkel has suggested a euro referendum, but Berlin denies the report, as world leaders gather in the US for a G8 summit meeting.
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EconLog
Would a World Plebiscite Lead to Open Borders?, by Bryan Caplan
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People occasionally say that "Democracy and open borders are incompatible." If they're talking about national democracy, they're right. But suppose we actually lived up to the democratic "one man, one vote ideal" by having a world plebiscite on open borders. Would it pass? Or would First World countries somehow persuade Third World voters that ...
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Like many Greeks left unemployed by their country's economic tailspin, Dimitris Spachos finds it easier to talk about his nation's problems than his own.
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The Seattle Times
Greek politics, Spain banks test eurozone survival
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Chaos in Greek politics and Spanish banking combined this week to underscore just how fragile Europe's economy remains after an eviscerating austerity regime that has spawned unemployment, desperation and misery. And there is no respite in sight, as Germany's finance minister predicted Friday that the crisis could last up to another two years.
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GRETCHEN MORGENSON
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NYT
The small gain for Facebook’s stock on its first day of trading suggests that many professional money managers viewed all the hype as just that.
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Bosch and other leading automotive parts companies have held secret talks with the Government and leading car makers about opening new UK plants.
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The London Stock Exchange is in the early stages of planning an assault on the continental European market, pitting it against rivals Euronext and Deutsche Borse on their own turf.
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MICHELLE CELARIER
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NY Post
John Paulson’s stubborn bullishness cost the hedge fund superstar billions of dollars last year. Now one of the partners overseeing the bank stocks that dragged the firm down is starting a hedge fund of his own. Robert Lacoursiere, a former partner and head of global banks at Paulson, is...
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BEIJING (Reuters) - China allowed a blind legal activist, Chen Guangcheng, to leave a hospital in Beijing on Saturday and board a plane bound for the United States, a move that could signal the end of a diplomatic standoff between the two countries.
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“Had I right, for my own benefit, to inflict this curse upon everlasting generations? I had before been moved by the sophisms of the being I had created; I had been struck senseless by his fiendish threats; but now, for the first time, the wickedness of my promise burst upon me; I shuddered to think that future ages might curse me as their ...
GRETCHEN MORGENSON
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NYT
In “Slippery-Slope Logic, Applied to Health Care” (Economic View, May 13), Richard H. Thaler criticizes the slippery-slope arguments of those who question the health care law’s mandate to buy insurance. But the column overlooks that such arguments are often invoked with good cause. After all, sometimes slopes really are slippery.
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GRETCHEN MORGENSON
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NYT
Letters: Letters: Adam Smith’s Way
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Re “At JPMorgan, the Ghost of Dinner Parties Past” (Fair Game, May 13), about JPMorgan Chase’s recent report of a $2 billion trading loss:
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SAN FRANCISCO (AP) — A watchful eye has arrived on San Francisco's bar scene, but not to keep you in check. It just wants to check you out. A new app launched this weekend that will scan the faces of patrons in 25 bars across the city to determine their ages and genders. Would-be customers can then check their smartphones for real-time updates ...
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Business leaders are set to welcome radical plans to overhaul employment rights which the Government hopes will make it easier to hire new workers and spark growth.
There has been a brewing, and mostly private, row at the heart of the Coalition on the freedom businesses should be given to hire and fire as they see fit. Photo: AFP/GETTY
Henry Ford Hospital is casting its shadow and, now, its influence over Detroit�s New Center neighborhood. Dozens of homes like these on roads like Trumbull and Sterling are being stripped for salvage and will soon be razed. (Photo by John T. Greilick / The Detroit News)
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