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TEXT-Fitch affirms Department of Essonne at 'AA';outlook stable
The Web Design Department Director will be responsible for managing 352 Media Group's Web design department and all of its members, including both Web Designers and Front-End Developers (appx. 20 total employees).
Florida Department of Revenue executive director Lisa Vickers resigned from her post today, effective July 1. Vickers has been on the job since 2007, when.
(For those joining our story already in progress, here's the Twitter-length summary: I've worked for the State Department as a Foreign Service Officer for some 24 years. I spent a year in Iraq, wrote a book critical of the State
Citing ethical concerns over grant distribution, the Kanawha-Charleston health board voted unanimously Thursday to withdraw the department's membership from the West Virginia Association of Local Health Departments and, by default,
(May 17, 2012, by Ball Hammer) MORE Seattle's response to the US Justice Department's proposal to fix the Police Department is focused on curtailing excessive force but does not address federal concerns about biased policing, according to sources
Narayana Murthy to Receive 'Global Humanitarian Award'
To provide high quality clinical care to patients of M S Ramaiah Narayana Hrudayalaya Heart Center * To provide quality medical care under the supervision and direction of Registrars and Senior Medical Staff * Conduct day to day review of
HCL Infosystems Ltd., India's Premier hardware, services and ICT Systems Integration and Distribution Company, has been chosen as a strategic technology partner by Narayana Hrudayalaya (NH) Hospitals. The tie up is the result of a rigorous evaluation
By Elizabeth Behrman, Times Staff Writer Hailed as the "father of outsourcing," Narayana Murthy has some parental advice for international companies using his technology: Be fair and have a good attitude. As long as there is a fair trade for the jobs
Narayana Public School Ongole. Narayana Public School Mangamoor Road Ongole-523002. PH:9849183364. YOU MIGHT ALSO LIKE : Narayana-institute-ongole-zone. Akshara-in-ongole · Nirmala-concept-school-in-ongole
Indian philanthropist NR Narayana Murthy, the founder of tech giant Infosys and an influential advocate for rural development in India, was May 10 named the recipient of the James C. Morgan Global Humanitarian Award, which is presented each year by the
'Resonance' gets release date and launch trailer
Celebrating 10 years, Resonance Ensemble (Eric Parness, Artistic Director; Rachel Reiner, Managing Director) will revel in classic fashion on Friday, June 1, 2012 at the Judson Memorial Meeting Room (55 Washington Square South).
A mobile Magnetic Resonance Imaging (MRI) service for patients in the Cowichan Valley, Campbell River, the Comox Valley and Port Alberni inched closer with the selection of Philips Healthcare this week as the provider of an MRI system and Advance
Yahoo's travails offer a stew of corporate governance issues that resonate well beyond the Internet company.
Yahoo's travails offer a stew of corporate governance issues that resonate well beyond the Internet company.
Resonance will be released on June 19th, but it is available for Pre-Order right now! We've got two And your preorder includes a FREE Steam key, so you can also add Resonance to your digital game library on June 19!
Insight: Who got Facebook IPO shares? Fairness may not come into it
NEW YORK |
NEW YORK (Reuters) – A lot of loyal Facebook fans and occasional investors are discovering a hard truth this week: Money and connections talk, especially when it comes to a hot deal handled by Wall Street.
The scramble for shares in what is one of largest initial public offerings in U.S. history quickly divided the haves from the have-nots on Thursday. Those with big brokerage accounts and a long history as customers of Wall Street firms likely got at least part of their orders for Facebook shares filled, but would-be buyers who had no such ties were lucky to get any.
At stake may well be the chance to cash in on a big pop in the shares — some in the market expect a gain of 50 percent or more — when they start trading on Friday.
“This is worse than not scoring an invitation to the best party in high school,” said Fran Carpentier, 57, a publishing and marketing consultant in New York City who wanted to get in on the social media company’s IPO but could not figure out how.
Facebook raised about $16 billion on Thursday by selling roughly 421 million shares at $38 each. That is approximately half a share for each of its 900 million active monthly users.
It may end up raising even more, bringing the total to $18.4 billion, if an option for underwriters is exercised.
Demand for the long-awaited deal has been surging, helped by wall-to-wall media coverage. Orders for Facebook shares outweigh the supply by a ratio of more than 20 to 1, according to traders’ estimates.
Aside from wanting the cachet of owning the next big thing, investors are eager to buy something that may deliver big, even astronomical returns — a rare opportunity in today’s low-yield and turbulent markets. IPOs often offer an early pop, even if the shares stumble later, and Facebook is seen initially climbing further than most.
UNCOMFORTABLE
Facebook and underwriters, as usual, kept mum about overall demand ahead of the IPO. Facebook, which will trade under the ticker FB, did not return calls for comment.
There have been growing expectations in the market that small investors, as opposed to big pension and mutual fund managers, have snapped up as much as 30 percent of the deal. That’s a bigger chunk than the 10 percent to 15 percent that is typically allocated to retail investors. It is a result of efforts by Facebook executives to make shares available to more users.
Underwriters are accommodating Facebook’s wishes and there were signs late on Thursday that they were releasing more shares to individual investors than previously expected.
For example, Morgan Stanley Smith Barney, which is the brokerage arm of one of the lead underwriters, Morgan Stanley, emailed its wealth advisers late on Thursday afternoon to say that it had raised the cap for individual investors to 5,000 shares, from an initial 500 shares, according to sources who spoke on condition of anonymity.
“Retail got a lot more than I thought they did,” said Scott Sweet, senior managing partner of research firm IPO Boutique. “I don’t know what the final split was, but some of the retail clients who called me today were getting 15,000 or 20,000 shares.”
But the allocation may still not be nearly enough to meet demand. And even Sweet, who has been a client of Morgan Stanley for 15 years, hadn’t heard by late Thursday exactly how many shares he was going to get – he had earlier been told he would get less than 500.
That puts financial advisers and brokerage houses in the uncomfortable position of not having enough shares to satisfy Main Street investors clamoring to be a part of the hottest IPO since Google’s 2004 debut.
One of those investors is Mary Furlong, who runs a marketing firm for baby boomers in Lafayette, California. “I want to buy shares. I missed the Google opening,” she says, but did not end up getting hold of any shares.
Google, whose founders made “Don’t be evil” a core principle, in 2004 issued its stock through a more transparent process known as a modified Dutch auction. Underwriters gathered bids from investors regardless of their connections or size of their portfolios.
That created more of a level playing field for potential investors. Google’s shares were priced at $85, climbed to $100 on Day 1 and are now trading at about $623.
Facebook is selling its shares through a traditional Wall Street IPO, a more subjective process, one managed by investment bankers.
“The deal is probably not ‘fair,’ but there’s no way it can be,” said Bruce Foerster, owner of South Beach Capital Markets and former head of global equity syndicate at Lehman Brothers. “If you don’t have ties to Facebook management, if you don’t have accounts and an investment history with firms that are co-managing the deal, why should you get any stock?”
MANAGING EXPECTATIONS
Mindful that customers would be frustrated, Morgan Stanley Smith Barney early on distributed a script to its brokers on how to handle requests from clients, said one veteran broker.
“The minute someone says ‘Facebook,’ we’re supposed to say, ‘Yes, we’re the lead, but we can’t talk about it,’” the broker said. “I heard from three or four clients, and I told them there is no way I’ll be able to get them shares because I haven’t done IPO business in years.”
Other brokerages are in the same boat. Bank of America’s Merrill Lynch brokerage is limiting retail clients to a maximum 2,000 shares per account, according to brokers at the firm.
Wells Fargo Advisors, the brokerage arm of Wells Fargo Co, has a scoring system for allocating shares among its more than 15,000 brokers. It weighs brokers’ annual revenue production, how much IPO work they do and how long their clients held positions in prior IPOs, according to one Wells Fargo broker.
Then, in turn, brokers score their clients based on assets with the firm, how much they have traded in the past, and how long they’ve held onto previous allocations of shares in IPOs.
“I can’t just get Facebook shares for my buddy,” said one Wells Fargo adviser, who declined to be named because he is not permitted to speak to the press.
At Fidelity, the funds and brokerage giant, Facebook shares will be reserved only for clients with at least $500,000 in assets, excluding 401(k) plans, or those who make at least 36 trades a year with the firm, according to Fidelity spokesman Stephen Austin.
Loyalty helps: Fidelity customers who have being doing business with the firm for the longest periods get higher priority in the IPO food chain.
While excluded investors may feel spurned, there’s nothing illegal about banks selling shares to their best customers. Whether it is fair to everyone is another question.
“People have argued that it leaves other investors out, especially for hot IPOs, where in the after-market the prices are likely to be much higher,” said Jill Fisch, a professor at the University of Pennsylvania Law School.
Maurice Costello, a former broker who works as an accountant in the Boston area, says he has ordered Facebook at $37 a share through his E*Trade account. But he has no idea how many shares he might ultimately receive.
The online brokerage, which typically caters to small investors, is one of 33 firms named by Facebook to distribute its newly issued shares. E*Trade would not comment on the Facebook IPO.
For some investors, buying into the IPO doesn’t necessarily mean holding on to the stock. Richard Laermer, who is CEO of social network ThankBank, is clamoring to get Facebook shares and flip, or sell them, at a profit.
“I am going to do what I did with LinkedIn, Groupon, Google, Research In Motion, AOL, Netscape, Dunkin Donuts … plus a host of 90s stocks that I can’t even recall,” Laermer wrote in an email to Reuters. “Buy on Day One, sell on Day Three. It never fails.”
(Additional reporting by Alistair Barr, Olivia Oran, Jessica Toonkel, John McCrank, Jennifer Cummings, Jed Horowitz, Andrew Longstreth and Lauren Young; Editing by Jilian Mincer, Martin Howell, Steve Orlofsky and Muralikumar Anantharaman)
IIT JEE Result 2012 declared, Faridabad boy tops
IIT Board of Governors, Kharagpur, has once again come to the rescue of an officer involved in financial irregularities. The Board has quashed CBI recommendations for departmental action against IIT Registrar Dr D Gunasekaran for allegedly making
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IIT JEE Result 2012 declared, Faridabad boy tops
The answer sheets of all the 480000 candidates who sat for the exam seeking a berth in the prestigious engineering and technology institutes will be uploaded on 5 May, GB Reddy, JEE chairman, said on Wednesday. The results and ranks will be announced
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Faridabad boy Arpit Agarwal tops IIT-JEE 2012
The most awaited results for the IIT-JEE 2012 were declared on Friday morning. According to the sources, the topper scored 385 out of 401. This year more than 5.6 lakh students had appeared
The results of IIT-JEE 2012, which was held April 8, were announced Friday morning. The reproduction of the story/photograph in any form will be liable for legal action. For news, views and gossips, follow @IANSLIVE at Twitter. Find us on Facebook too!
Doubtlessly Kota is always known as the Mecca of IIT Aspirants, but this year its neighborhood pink city too is performing well. . . .
Doubtlessly Kota is always known as the Mecca of IIT Aspirants, but this year its neighborhood pink city too is performing well. . . .
PTI | Updated: May 04, 2012 18:26 IST Patna: Super-30 founder and mathematician Anand Kumar has claimed that mistakes have been detected in the IIT-JEE 2012 question papers. Anand, whose efforts to help underprivileged students get through the tough
Chris Gayle blitz puts RCB in the driver's seat
Scorecard: Royal Challengers Bangalore : 215/1 in 20 overs. Chris Gayle – 128 not out. Virat Kohli – 73 not out. Chris Gayle and Virat Kohli's 204-run partnership for the second-best effort in all Twenty20 Varun Aaron – 1/38
By Shruti IL | Place: Bangalore | Agency: DNA Whether or not he'll “take Bollywood away from actor Salman Khan,” like he jokingly claimed while revealing his interest to act in Indian films, cricketer Chris Gayle surely seems to have swept Sandalwood
Disciplined show by bowlers after brilliant execution by Chris Gayle and Virat Kohli helped Royal Challengers Bangalore thrash Delhi Daredevils at their home ground Ferozeshah Kotla by 21 runs on Thursday. (More To Follow). Posted by
Royal Challengers Bangalore's Chris Gayle has been giving bowlers sleepless nights with his brutal hitting in the Indian Premier League and the Jamaican insists he wants to continue in the same vein. Gayle knocked the stuffing out of Delhi Daredevils
Royal Challengers Bangalore batsman Chris Gayle plays a shot during the IPL Twenty20 cricket match against Delhi Daredevils at the Feroz Shah Kotla stadium in New Delhi.(AFP Photo) NEW DELHI: Delhi Daredevils struggle for breakthrough as Chris Gayle
'Resonance' gets release date and launch trailer
Wadjet Eye Games is one of the leading publishers of point-and-click adventure games, last year releasing the critically-acclaimed title Gemini Rue. Resonance is available to pre-order through GOG.com at a 10% discount. It will also be available
By Marketwire . ROCKVILLE, MD — (Marketwire) — 05/15/12 — MarketResearch.com has announced the addition of the new report "Magnetic Resonance Imaging (MRI) Systems: Global Market Outlook 2012-2022" to their collection of Medical Imaging market
Scheme of determining chiral index and optical resonances of the same individual carbon nanotubes through combined electron diffraction and Rayleigh scattering techniques Periodic table is one of the most important discoveries ever in science because
By Marketwire . ROCKVILLE, MD — (Marketwire) — 05/15/12 — MarketResearch.com has announced the addition of the new report "Magnetic Resonance Imaging (MRI) Systems: Global Market Outlook 2012-2022" to their collection of Medical Imaging market
http://lightworkers.org/channeling/159473/finding-resonance-suits-you. 16-May-2012. Hello Son,. Finding the Resonance that Suits You. In everything you do there is an inner feeling or intuition that resonates and tells you the
