Insight: Morgan Stanley cut Facebook estimates just before IPO
(Reuters) - 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, said two investors who were advised of the revised forecast. ...
Oscar de la Renta Sells Runway Look Exclusively Through The Fancy
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Facebook shares sink 11 percent as reality overtakes hype
(Reuters) - Facebook shares sank 11 percent in the first day of trading without the full support of the company's underwriters, leaving some investors down almost 25 percent from where they were Friday and driving others to switch back to more established stocks. Facebook's debut was beset by problems, so much so that Nasdaq said on Monday it was changing its IPO procedures. That may comfort companies considering a listing, but does it little for Facebook, whose lead underwriter, Morgan Stanley, had to step in and defend the $38 offering price on the open market. ...
Google Graph Makes Search Smarter
Google's new Knowledge Graph is a new search tool that will begin rolling out starting today, and it it's meant to help you find search results faster. When you search now for popular or well-known people, places and things you'll get a box to the left of the results explaining more about that term.
Foxconn to invest $210M in new Apple production line
Foxconn, the manufacturer of Apple’s iPhones, iPads and Macs, plans to invest $210 million in a new Apple production line in China’s east Jiangsu province in October, according to a report from China Daily. The 40,000 square meter plant will employ as many as 35,800 workers and will be located in Huai’an City. The office of Taiwan Affairs of Huai’an City confirmed that the plant will house a production line for Apple devices and is expected to output between $949 million to $1.1 billion a year. The report did not indicate which Apple products would be assembled at the new plant, however. Read
Dino Dustup: Battle Over T-Rex Cousin
The skeleton, which was 75 percent complete and belonging to a cousin of the T-Rex, was sold for more than $1 million this weekend by Heritage Auctions but Mongolia believes it originates from there.
