Reuters reports, 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 the huge initial public offering, and while an investor roadshow was underway, was a big shock to some. 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.
Reuters also reports, Google Inc completed its $12.5 billion purchase of Motorola Mobility, and the Web search leader named a new management team for the cellphone maker. Google said on Tuesday that Motorola Chief Executive Sanjay Jha has stepped and has been succeeded by Dennis Woodside, former president of Google’s Americas region. Woodside oversaw planning for the Motorola integration, according to Google. The deal close comes just days after the companies gained approval for the acquisition from the Chinese government. European and U.S. regulators approved the deal in February.
In a recent New York Times opinion piece, a New York state supreme court judge has written an impassioned plea to legalize medical marijuana in the state, potentially taking New York one step closer to becoming the 17th state in the nation to allow use of the drug as a palliative. Justice Gustin Reichbach writes eloquently of his three-and-a-half-year long battle with prostate cancer. He describes enduring chemotherapy, brutal surgery, radiation, constant nausea and insomnia. The only remedy that has given him a modicum of relief has been marijuana. A Siena College survey released Wednesday found 57% of New York voters support legalizing medical marijuana, with 33% opposed. I say, let those that are in real need, smoke, if it helps them bear a sever condition like cancer!
Reuters reports, 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 the huge initial public offering, and while an investor roadshow was underway, was a big shock to some. 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.
Reuters also reports, Google Inc completed its $12.5 billion purchase of Motorola Mobility, and the Web search leader named a new management team for the cellphone maker. Google said on Tuesday that Motorola Chief Executive Sanjay Jha has stepped and has been succeeded by Dennis Woodside, former president of Google’s Americas region. Woodside oversaw planning for the Motorola integration, according to Google. The deal close comes just days after the companies gained approval for the acquisition from the Chinese government. European and U.S. regulators approved the deal in February.
In a recent New York Times opinion piece, a New York state supreme court judge has written an impassioned plea to legalize medical marijuana in the state, potentially taking New York one step closer to becoming the 17th state in the nation to allow use of the drug as a palliative. Justice Gustin Reichbach writes eloquently of his three-and-a-half-year long battle with prostate cancer. He describes enduring chemotherapy, brutal surgery, radiation, constant nausea and insomnia. The only remedy that has given him a modicum of relief has been marijuana. A Siena College survey released Wednesday found 57% of New York voters support legalizing medical marijuana, with 33% opposed. I say, let those that are in real need, smoke, if it helps them bear a sever condition like cancer!