nasdaq

SEC finds Facebook didn't hold back info from investors -- report

The Securities and Exchange Commission didn't find any evidence that Facebook withheld pertinent information from investors prior to its initial public offering, Bloomberg reported today.

The commission began investigating the social network's initial public offering, or IPO, in May, after Facebook's stock dropped. The stock still hasn't recovered from that day, and is currently trading at around half of its $38 IPO price.

While the investigation isn't over, the commission has determined that Facebook did not act wrongly, an unnamed source told Bloomberg. The SEC is still looking at whether or not retail investors lost … Read more

Lawsuits over Facebook's IPO flop to be consolidated in NY

Facebook's wishes have been granted, at least for now. The dozens of lawsuits brought against the social network over its bungled initial public offering have been consolidated and will be heard before one federal judge in New York, according to Reuters.

Approximately 50 lawsuits have been brought against the social network, some of its underwriters, and the Nasdaq exchange. Earlier today, a panel of federal judges ruled that all of these cases will be collected throughout the U.S. and transferred to U.S. District Judge Robert Sweet in Manhattan.

According to Reuters, Facebook said that it was pleased … Read more

Latest Facebook funk: Stock lands just above $18 a share

And the hits just keep coming for the world's most popular social network.

As the rest of the U.S. settled in for the long Labor Day weekend, Facebook investors decided it was a good time to dump some shares before Wall Street traders return to work next week to take a closer look at the stock that just can't stop declining.

Facebook shares closed at $18.08 a share, a 5.3 percent drop from the day's opening.

Throughout the day, the stock hovered ever so close to the $18 mark, a figure that would price … Read more

Another indication the bloom's coming off the Facebook rose

Add another entry to the lengthening list of reduced revenue estimates for Facebook.

eMarketer said in a report issued earlier today that it has cut its 2012 revenue estimates on Facebook from more than $6 billion to around $5 billion.

In February, eMarketer estimated that Facebook's total revenues would go beyond the $6 billion mark this year, but the company's underwhelming performance in the first and second quarters of 2012 has changed the opinion of analysts.

The new estimate has Facebook's revenue at a 35.9 percent increase from 2011, according to eMarketer's forecast, but analyst … Read more

Facebook IPO compensation plan reportedly due next week

Nasdaq plans to release its Facebook IPO investor compensation plan next week and it will probably be more than the $40 million originally proposed, Fox Business News reported today.

The deal will be all cash and Nasdaq is working with the Securities and Exchange Commission on a second draft of the proposal, unnamed sources told Fox.

The SEC has declined to comment. We have a call into the Nasdaq and will update when we get more information.

The stock exchange's bungle of the social network company's opening day of trading has been widely criticized.

Facebook's first day … Read more

Kayak sets IPO price at $26 a share

Facebook's teeter-totter on the Nasdaq has caused some to wonder whether it's a good idea for Internet companies to go public. After a little back-and-forth and a bit of careful consideration, the online travel agency Kayak has decided to take the plunge.

Trading is scheduled to begin on the Nasdaq tomorrow, with the company's initial public offering set at $26 per share -- above the expected range of $22 to $25, according to CNBC. Kayak aims to sell 3.5 million shares, it said in its regulatory filing last week. At $26, that would mean raising $91 … Read more

Facebook stock drops on news of decline in user base

Facebook stock dropped 2.8 percent this morning after an investment firm indicated that the social network's number of users have fallen over the last six months, Bloomberg reported.

The shares of Menlo Park, Calif.-based Facebook decreased 2.8 percent to $27.45 at 10:53 a.m. ET, Bloomberg said, while the shares of Zynga, which has games that are mostly played on Facebook, dropped 6.1 percent to $4.54. Perhaps the panic was short-lived, as the stock ended the day at $28.09, a 0.55 percent decline.

This comes on top of the stock'… Read more

McNamee says behavior on Facebook IPO is 'criminal'

As usual, tech investor Roger McNamee didn't hold back today, telling Bloomberg TV that the Nasdaq and Morgan Stanley are to blame for Facebook's IPO bungle as their actions on the stock "bordered on criminal."

McNamee, whose firm Elevation Partners (the private equity firm he co-founded with Bono) invested in Facebook, said the public offering put a spotlight on the "extreme corruption" in Wall Street and the IPO bungle was done on purpose to benefit Morgan Stanley.

"NASDAQ's behavior on this in my mind borders on criminal.I think Morgan Stanley's … Read more

Nasdaq CEO: 'Arrogance' led to Facebook IPO flop

Nasdaq's chief executive says "arrogance" and "overconfidence" among the stock exchange's staffers contributed to Facebook's mishandled IPO last month.

Robert Greifeld said Sunday that the stock exchange simulated high trading volumes on the trading systems before the May 18 IPO but was unprepared for the number of canceled orders just before the offering. "Testing didn't account for the increasing volume at which cancellations can come in," he told a conference of corporate directors at Stanford University's Law School, according to a Wall Street Journal account of the event.

Nasdaq … Read more

Facebook takes on mobile ads based on user locale

With mobile advertising becoming increasingly more important, Facebook appears to be amping it up. According to Bloomberg, the social network is developing a mobile ad product that uses real-time data based on users' locations.

"Phones can be location-specific so you can start to imagine what the product evolution might look like over time, particularly for retailers," Facebook's vice president of global marketing solutions Carolyn Everson told Bloomberg. "We've had offers being tested over the last couple of months."

When the company went public in May, people speculated that in order to keep share prices … Read more