Don’t worry; as no blame will be determined and the suit will be settled for some amount of money. Cash is the new get out of jail card…its all the rage if you got it. Even if it may be technically the taxpayer’s cash.
Comments »Morgan Stanley and Goldman Cut Their Estimates for $FB While Pushing the Company on the Dog and Pony Road Show
This also makes you question the strategy behind increasing the allotment of shares just prior to going public.
Comments »As Many Banks Retreat from Overseas Exposure Wells Fargo, $WFC, Will Expand to Pick Up the Pieces
$WFC will double down over the next seven years in overseas mutual fund business.
Comments »Morgan Stanley Cut Facebook Just Before IPO
Comments »REUTERS – In the run-up to Facebook’s (FB.O) $16 billion IPO, Morgan Stanley (MS.N), 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 the huge initial public offering, and while an investor roadshow was underway, was a big shock to some, said two investors who were advised of the revised forecast.
They say it may have contributed to the weak performance of Facebook shares, which sank on Monday – their second day of trading – to end 10 percent below the IPO price. The $38 per share IPO price valued Facebook at $104 billion.
The change in Morgan Stanley’s estimates came on the heels of Facebook’s filing of an amended prospectus with the U.S. Securities and Exchange Commission (SEC), in which the company expressed caution about revenue growth due to a rapid shift by users to mobile devices. Mobile advertising to date is less lucrative than advertising on a desktop.
“This was done during the roadshow – I’ve never seen that before in 10 years,” said a source at a mutual fund firm who was among those called by Morgan Stanley.
Corzine Payed $8.4 Million Just Before Collapse
Has Wells Fargo Become the Safest Bank in America ?
$WFC does not dabble in risky derivatives and has very little if any exposure overseas. Traditional banking and mortgage lending has its merits and they are beginning to shine at Wells.
Comments »JPMorgan’s Bad Trades May Now total $6-$7 Billion
$JPM did originally disclose it could be as high as $8 billion, but the losses have grown from $2b, then $5, and now sources say $6-$7 billion. Maybe $8billion was a conservative estimate. We will have to wait and see what happens.
Comments »Does Facebook Wreck Marriages? $FB
Hat Tip @HCPG on Twitter for finding this via smartmoney.com
By Quentin Fottrell
Facebook CEO Mark Zuckerberg changed his status to “married” Saturday and received over one million “likes” from his followers. But the site he founded isn’t always so marriage-friendly. In fact, lawyers say the social network contributes to an increasing number of marriage breakups.
More than a third of divorce filings last year contained the word Facebook, according to a survey by Divorce Online, a UK-based legal services firm.
Comments »FLASH: $JPM SUSPENDS SHARE BUYBACK
The stock is down 0.9% on the news.
Comments »NASDAQ May Face a $100-$200 Million Hickey From Botched $FB Trades
Investors are demanding their money back after the NASDAQ botched the opening of the Facebook IPO.
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Barclays Will Sell a $6.1 Billion Stake in BlackRock, $BLK
“LONDON (Reuters) – British bank Barclays is selling its near-20 percent stake in U.S. asset manager BlackRock, worth $6.1 billion, as tougher global regulations have cut the attraction of such holdings.
Barclays has held the stake for almost three years, a legacy of BlackRock’s $13.5 billion purchase of Barclays Global Investors, but Basel III regulations mean banks have to hold more capital against minority stakes in asset managers and other firms, making it less profitable.”
Comments »Facebook Lunacy: $SVVC is Now Trading Below Cash
Firsthand Tech. Value Fund confirms it currently holds 600,000 shares of Facebook (FB) common stock; Fund’s estimated Gross Assets at $24.51 per share (19.27)
SVVC notes it currently holds 600,000 shares of Facebook (FB) common stock, and the Fund’s cost basis in Facebook stock is approximately $31.50 per share. The Fund also announced today that its estimated gross assets as of May 18, 2012 were approximately $210 million, or $24.51 per share. Current cash holdings total approximately $170.5 million, or approximately $19.93 per share.
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FACEBOOK IS NOW TRADING BELOW ITS IPO PRICE $FB
The stock is trading at $36.58, down 4.3% in pre-market trading.
Related: All social networking stocks are following it down the sewer pipe.
Comments »$JMBA Ups Guidance
Jamba raises FY12 comp guidance to +4-6% from +3-4%; raises operating margin guidance (1.86)
Co has raised its guidance for co-owned comparable store sales and adjusted operating profit for fiscal year 2012. The co now expects that co-owned comparable store sales for fiscal year 2012 will be in the range of 4-6%, compared to the previously guided range of 3-4%. The co is also increasing its guidance for adjusted operating profit margin for fiscal year 2012 to between 20-23% from the previously guided range of 19-22%. The co maintains its fiscal year 2012 guidance for the following: Develop 40-50 U.S. locations, plus 10-15 new stores at international locations, all excluding JambaGo units; Maintain general and administrative expenses flat, in dollars with fiscal 2011, excluding performance compensation; Deliver CPG licensing revenue of ~$3 million.
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$RVBD Doubles Share Repurchase to $300 Million
“We believe the current share price does not reflect the strength of Riverbed’s long-term growth prospects,” said Jerry M. Kennelly, Riverbed’s president and chief executive officer. “This action underscores our confidence in our business and our continued commitment to maximizing value for our shareholders.”
Comments »Sources Say $JPM Could be Facing Over $5 Billion in Losses
Originally they said the losses could reach $8 billion, but nobody paid attention and only focused on $2 billion. Then last week that was raised to $3 b and now we learn we could be looking at $5 b….
Comments »MUST-SEE VIDEO: $FB UNDERWRITERS vs. HFT IN REAL-TIME
READ FULL POST HERE – SEE VIDEO BELOW
Comments »Trade Disorder Plagues Nasdaq Handling $16 Billion Facebook IPO
Facebook Inc.’s (FB) debut on the Nasdaq Stock Market turned into another setback for American equity exchanges, with the $16 billion initial public offering plagued by delays in trade confirmations, crossed quotes and signs that orders were mishandled.
Read the rest of the article here.
Comments »GM Ditches Upcoming Superbowl Advertising
After ditching $FB it seems that GM is continuing to rein in advertising as they state they will not do anything for the Superbowl.
Perhaps a new strategy is emerging.
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