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Minute by minute, Nasdaq chaos engulfed Facebook IPO

Sat, 26 May 2012 14:32:06 -0400

(Reuters) - Dead silence. For nearly 20 minutes on the morning of Facebook Inc's trading debut last Friday, the line Nasdaq had opened up to keep traders informed about the social media company's $16 billion IPO had been mute. Well after the stock was supposed to have opened at 11 a.m. New York time, no one from Nasdaq was talking - and there was still no sign of trading. Finally, at 11:28 a.m., an unidentified person announced that the shares would open in about 2 minutes. Nasdaq also said orders and cancellations were still being processed, according to several sources listening to the call. ...

JPMorgan board to shake up risk committee - WSJ

Sat, 26 May 2012 04:51:38 -0400

(Reuters) - The board of JPMorgan Chase & Co is expected to make changes to its risk-policy committee after the bank's trading losses of more than $2 billion, The Wall Street Journal reported on Friday, citing anonymous sources. The board is expected to add either Timothy Flynn or James Bell to the committee, the Journal said. Flynn and Bell have backgrounds in risk and finance, the report said. It was not clear whether any of the current members of the committee would leave it, the Journal said. A JPMorgan spokesman declined to comment on the report. ...

Nasdaq chaos engulfed Facebook IPO

Sat, 26 May 2012 03:44:03 -0400

TAKE A LOOK-Facebook market makers' losses pile up

Fri, 25 May 2012 20:34:27 -0400

May 25 (Reuters) - Four of Wall Street's major market makers involved inFacebook's botched initial public offering last Friday expect theirlosses from technical glitches on Nasdaq's exchange to be around $115 million.

JPMorgan board to shake up risk committee: WSJ

Fri, 25 May 2012 20:31:26 -0400

NASDAQ OMX board elects interim chairman

Fri, 25 May 2012 19:39:00 -0400

NEW YORK (Reuters) - Nasdaq OMX said on Friday its board of directors elected Börje Ekholm to serve as the interim chairman of the exchange operator, replacing Furlong Baldwin, who retired. Ekholm, chief executive of Nordic-based industrial holding company Investor AB, Nasdaq's No. 2 shareholder, steps into the position a week after technical glitches at Nasdaq led to a series of problems in Facebook's highly anticipated initial public offering. A software error delayed the social networking company's market debut by 30 minutes last Friday. ...

NASDAQ OMX board elects interim chairman

Fri, 25 May 2012 19:38:27 -0400

SEC eyes Nasdaq compliance in Facebook debacle

Fri, 25 May 2012 19:33:08 -0400

WASHINGTON (Reuters) - Securities regulators are looking into whether Nasdaq violated any technical exchange rules when it botched Facebook Inc's market debut last week, according to people familiar with the matter. The review of potential technical violations is part of the Securities and Exchange Commission's broader look at how Nasdaq handled its part of the initial public offering, including its decision to proceed with trading despite glitches, these people said. The SEC is also reviewing Nasdaq's communications with market participants, one of those people added. ...

Stocks fall on Wall Street as Spanish bank teeters

Fri, 25 May 2012 17:16:37 -0400

Another flare-up in Europe's debt crisis knocked U.S. markets lower Friday. This time, it was more trouble at a major Spanish bank.

Facebook's market maker losses may top $115 million: sources

Fri, 25 May 2012 17:12:31 -0400

NEW YORK (Reuters) - Four of Wall Street's major market makers involved in Facebook's botched initial public offering last Friday expect their losses from technical glitches on Nasdaq's exchange to be around $115 million. A software error on Nasdaq OMX Group Inc's U.S. exchange delayed the social networking company's market debut by 30 minutes last Friday. Many client orders were delayed, leading to significant losses to some investors and traders as the stock price dropped. The exchange operator is facing lawsuits from investors and threats of legal action from brokers. ...

Wall Street scores weekly gains, but sags for the day

Fri, 25 May 2012 16:39:35 -0400

NEW YORK (Reuters) - U.S. stocks ended their first positive week in four with a down day on Friday as investors were reluctant to buy going into a long weekend, with uncertainty still swirling around Europe. An S&P index of industrial shares ranked among the session's biggest losers while weakness in large-cap tech stocks like Google Inc kept the Nasdaq in negative territory. Warnings about Greece kept investors cautious, as did Spain after Standard & Poor's downgraded five banks and a source told Reuters that Bankia asked for $24 billion in state aid. However, a bullish read on U.S. ...

CBOE, CME win court backing on S&P 500 options

Fri, 25 May 2012 16:07:42 -0400

CHICAGO (Reuters) - CBOE Holdings won court backing Friday in its long-running legal battle to prevent rival International Securities Exchange from listing options on the Standard & Poor 500 Index, one of CBOE's most popular and profitable products. The Illinois Appellate Court on Friday affirmed an injunction forbidding ISE from listing S&P 500 options, which are licensed exclusively to CBOE by McGraw-Hill and CME Group's index services unit, according to a statement from CBOE. The ruling also applies to options on the Dow Jones Industrial Average. ...

Facebook market makers' losses at least $100 million

Fri, 25 May 2012 16:05:29 -0400

Facebook market makers' losses at least $100 million

Fri, 25 May 2012 16:05:29 -0400

(Reuters) - Claims by four of Wall Street's main market makers against Nasdaq over Facebook's botched IPO are likely to exceed $100 million, as they and other traders continue to deal with thousands of problems with customer orders. A technical glitch delayed the social networking company's market debut by 30 minutes on Friday and many client orders were delayed, giving some investors and traders significant losses as the stock price dropped. The exchange operator is facing lawsuits from investors and threats of legal action from brokers. ...

Facebook flop hurts small investors' trust in stocks

Fri, 25 May 2012 15:51:36 -0400

NEW YORK (Reuters) - Just when brokers thought Mom-and-Pop investors were getting excited about the stock market, along came Facebook. The 17 percent plunge in Facebook's shares since its ballyhooed debut last Friday, coupled with Nasdaq's mishandling of opening day trading, is spooking the very investors who had seemed the most intrigued by the offering, said Wall Street executives. ...

JPMorgan's Dimon to testify before Congress in June

Fri, 25 May 2012 15:08:48 -0400

WASHINGTON (Reuters) - JPMorgan Chase Chief Executive Jamie Dimon has been invited to testify before the Senate Banking Committee on June 7 to give lawmakers insight into the bank's trading loss of at least $2 billion (1.27 billion pounds), Senator Tim Johnson said on Friday. Johnson, the Democratic chairman of that Senate panel, said the botched trading strategy at the nation's largest bank shows that Wall Street needs better risk management and stronger policing. "I expect Mr. ...

JPMorgan's Dimon to testify before Congress in June

Fri, 25 May 2012 15:07:45 -0400

WASHINGTON (Reuters) - JPMorgan Chase Chief Executive Jamie Dimon has been invited to testify before the Senate Banking Committee on June 7 to give lawmakers insight into the bank's trading loss of at least $2 billion, Senator Tim Johnson said on Friday. Johnson, the Democratic chairman of that Senate panel, said the botched trading strategy at the nation's largest bank shows that Wall Street needs better risk management and stronger policing. "I expect Mr. ...

CBOE, CME win court backing on S&P 500 options

Fri, 25 May 2012 15:01:02 -0400

CHICAGO (Reuters) - CBOE Holdings won court backing Friday in its long-running legal battle to prevent rival International Securities Exchange from listing options on the Standard & Poor 500 Index, one of CBOE's most popular and profitable products. The Illinois Appellate Court on Friday issued a ruling forbidding ISE from listing S&P 500 options, which are licensed exclusively to CBOE by McGraw-Hill and CME Group's index services unit, according to a statement from CBOE. ...

S&P cuts ratings on five Spanish banks

Fri, 25 May 2012 14:05:53 -0400

NEW YORK (Reuters) - Ratings agency Standard & Poor's cut the ratings on five Spanish banks on Friday, another blow to the country's ailing banking sector as the nation's deteriorating finances rattle global investors. But S&P left unchanged its ratings on the country's two biggest banks, Santander and Banco Bilbao Vizcaya Argentaria. The Standard & Poor's ratings actions come about a week after Moody's Investors Service carried out a sweeping downgrade of Spain's banks, pointing to the government's weakened ability to support lenders. ...

Exclusive: F1 chairman puts brake on IPO talk

Fri, 25 May 2012 12:53:00 -0400

MONACO (Reuters) - Businessman Peter Brabeck, celebrating his appointment as Formula One chairman on Friday, said the motor racing series had not made a decision on whether to proceed with a much discussed $10 billion listing on the stock market in Singapore. Speaking to Reuters over a trackside lunch with Formula One commercial chief Bernie Ecclestone also in attendance, Brabeck said the business had a plan in hand to replace the octogenarian Ecclestone but hoped it would not be needed for a number of years yet. "He has a fantastic motivation. ...

Exclusive: F1 chairman puts brake on IPO talk

Fri, 25 May 2012 12:53:00 -0400

First Person: Why I Didn't Buy Into the Facebook IPO Hype

Fri, 25 May 2012 12:48:00 -0400

COMMENTARY | "Buy Facebook," brokers cried. Wall Street experts and talking heads touted the mega million dollar to be the hottest IPO since Google. And people everywhere bought into it by the thousands, save yours truly. I was one of the few who didn't buy into the hype. I had a feeling that Facebook stocks weren't going skyrocket as predicted. I hedged my bets and avoided adding this volatile IPO to my portfolio for three very compelling reasons.

Exclusive - F1 chairman puts brake on IPO talk

Fri, 25 May 2012 12:45:43 -0400

US stocks open mixed ahead of holiday weekend

Fri, 25 May 2012 10:19:48 -0400

The stock market struggled for direction Friday morning.

Wall Street dips on more Europe woes

Fri, 25 May 2012 09:41:01 -0400

NEW YORK (Reuters) - U.S. stocks dipped at the open on Friday as fresh warnings about Greece kept investors away from risky assets while trading was expected to be volatile and light throughout the day heading into a long weekend in the United States. The Dow Jones industrial average was down 31.93 points, or 0.25 percent, at 12,497.82. The S&P 500 Index slipped 0.51 points, or 0.04 percent, at 1,320.17. The Nasdaq Composite dipped 1.47 points, or 0.05 percent, at 2,837.91. (Reporting by Rodrigo Campos, editing by Dave Zimmerman)