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Facebook market makers' losses at least $100 million

Sat, 26 May 2012 01:35:29 +0530

(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 options debut a wild card for volatility

Sat, 26 May 2012 00:56:53 +0530

(Reuters) - Investors can hope the debut of options on Facebook Inc goes more smoothly than the long-awaited debut of the social networking service's stock on May 18. While the stock's puts and calls are expected to be popular, the big wild card is volatility and ultimately, the options price. Traders will get a fresh start on options on the Internet giant when the contracts are offered on U.S. options exchanges on May 29. ...

Corrected: Dish, TV networks take fight over ad zapper to judges

Fri, 25 May 2012 23:33:03 +0530

(Reuters) - A legal battle erupted between DISH Network and some of the major broadcast networks Thursday as the two sides traded lawsuits over the satellite distribution company's "Hopper" DVR, which threatens to bring down the television business model by allowing viewers to skip over commercials entirely. Dish Network Corp asked a Manhattan federal judge to declare that its "Auto Hop" feature does not infringe any copyright owned by the four major U.S. television networks: Walt Disney Co's ABC, CBS Corp's CBS, News Corp's Fox and Comcast Corp's NBC. ...

Story by Pultizer Prize winner serialized on Twitter

Fri, 25 May 2012 22:29:25 +0530

NEW YORK (Reuters) - A story by Pulitzer Prize-winning author Jennifer Egan for the New Yorker is being serialized in 10 installments on Twitter, according to the magazine. The New Yorker said the first installment of the story, a spy thriller called "Black Box, went out on Thursday night. "The story is written in terse dispatches of 140 characters or less, which will be tweeted, through The New Yorker Fiction Department's Twitter handle, @NYerFiction, in ten nightly installments between 8 and 9 P.M. E.T," it said in a statement. ...

SAP to buy Ariba, boosts cloud bet

Fri, 25 May 2012 08:32:52 +0530

SAN FRANCISCO (Reuters) - Top European software company SAP AG plans to buy Ariba Inc in a deal valuing the business and commerce network company at $4.3 billion, its latest maneuver against Oracle in the fast-growing Internet-based computing market. SAP is taking aim at Oracle, the world's No. 2 maker of business management software, as they vie with Salesforce.com Inc in the multibillion dollar cloud-computing services market, one of the industry's hottest area of growth. Shares in Ariba, which were halted briefly, leapt 20 percent to SAP's offer price of about $45 per share. ...

Citadel lost $30 million in Facebook fiasco: source

Fri, 25 May 2012 08:15:59 +0530

NEW YORK (Reuters) - Citadel Securities' market-making business lost around $30 million due to Facebook Inc's botched initial public offering on Nasdaq OMX Group Inc's U.S. stock exchange, a source with knowledge of the situation said on Thursday. The losses at Citadel Securities, which has assets under management of around $1 billion, are in line with losses at Knight Capital Group, which said on Wednesday in a regulatory filing it suffered a pre-tax loss of $30 million to $35 million. ...

Facebook market makers' losses total at least $100 million

Fri, 25 May 2012 05:19:19 +0530

Dish, TV networks take fight over ad zapper to judges

Fri, 25 May 2012 05:00:14 +0530

Shareholders sue Facebook, NYSE comes calling

Thu, 24 May 2012 20:01:18 +0530

SAN FRANCISCO (Reuters) - The fallout from Facebook Inc's messy initial public offering widened on Wednesday as shareholders sued the social network and its bankers while a trading firm revealed a massive loss on the shares and threatened to seek "remedies." The Nasdaq stock exchange also came under further pressure as a source close to the situation told Reuters that NYSE Euronext had opened discussions with Facebook about a potential stock listing there. Nasdaq also faces litigation from angry investors. ...

Short interest in Facebook rises: Data Explorers

Thu, 24 May 2012 19:17:26 +0530

NEW YORK (Reuters) - Demand to borrow Facebook Inc shares for shorting has increased, with nearly 8 percent of the stock out on loan, according to financial data company Data Explorers. About 70 percent of the shares available for lending are out on loan as demand to borrow, and possibly short the stock, strengthens, Data Explorers said on Thursday. Some 33 million Facebook shares are out on loan, or 7.9 percent of the free float. The cost to borrow the online social network's shares has fallen sharply, Data Explorers said. ...