The Wall Street Journal reports, The Nasdaq Stock Market said on Sunday it bungled Facebook Inc.’s initial public offering, acknowledging that technology problems, affected trading in millions of shares. The trading glitches, coupled with underwhelming investor appetite for Facebook shares on Friday, fueled doubts about Wall Street’s ability to handle hot IPOs. Nasdaq delayed the start of trading in Facebook, by 30 minutes on Friday, as it raced to fix the glitch. More than 200 million shares changed hands, in the first hour of trading, and more than 570 million during a day, that traders say was marked by unease and confusion. The deal’s underwriters worked to keep the stock from slipping below its $38 offering price. Shares closed just 23 cents higher—far short of the kind of first-day pop, that signals a healthy offering. Meanwhile, On Saturday, one day after the deal, Facebook founder and Chief Executive Mark Zuckerberg married longtime girlfriend Priscilla Chan at his Palo Alto home. May they live happily ever after and hopefully they have solid prenup!
Reuters reports, 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.
Mr. Dominique Strauss Kahn makes headlines again. The BBC reports, French prosecutor has ordered an initial inquiry into claims that ex-IMF head Dominique Strauss-Kahn was involved in “gang rape” in Washington. The allegations come from a Belgian prostitute, who said she was at a hotel sex party, in the city in December 2010. Mr Strauss-Kahn, is already under investigation, with three other men, over their alleged roles in a prostitution ring. He denies the allegations.
The Wall Street Journal reports, The Nasdaq Stock Market said on Sunday it bungled Facebook Inc.’s initial public offering, acknowledging that technology problems, affected trading in millions of shares. The trading glitches, coupled with underwhelming investor appetite for Facebook shares on Friday, fueled doubts about Wall Street’s ability to handle hot IPOs. Nasdaq delayed the start of trading in Facebook, by 30 minutes on Friday, as it raced to fix the glitch. More than 200 million shares changed hands, in the first hour of trading, and more than 570 million during a day, that traders say was marked by unease and confusion. The deal’s underwriters worked to keep the stock from slipping below its $38 offering price. Shares closed just 23 cents higher—far short of the kind of first-day pop, that signals a healthy offering. Meanwhile, On Saturday, one day after the deal, Facebook founder and Chief Executive Mark Zuckerberg married longtime girlfriend Priscilla Chan at his Palo Alto home. May they live happily ever after and hopefully they have solid prenup!
Reuters reports, 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.
Mr. Dominique Strauss Kahn makes headlines again. The BBC reports, French prosecutor has ordered an initial inquiry into claims that ex-IMF head Dominique Strauss-Kahn was involved in “gang rape” in Washington. The allegations come from a Belgian prostitute, who said she was at a hotel sex party, in the city in December 2010. Mr Strauss-Kahn, is already under investigation, with three other men, over their alleged roles in a prostitution ring. He denies the allegations.