Coty has selected Bank of America Merrill Lynch and JPMorgan Chase as the lead underwriters for its initial public offering, days after the cosmetics maker withdrew its $10.7 billion takeover bid for Avon.
By Pim Keulen:Another plunge for Twitter (TWTR) shares today, after Morgan Stanley (MS) downgraded the stock to underweight from equally-weight on Monday. The stock fell almost 10% this week. This is the second time in two weeks time that Twitter's share price plunges after an analyst downgrades the stock.
Many social media companies have had a stellar year, with an increasing number of users, the launch of new products, acquisitions, and growing ability to monetize their user bases. Investors have also been happy, as the stocks have yielded high returns. The Global X Social Media ETF (SOCL) is up 61% year-to-date (YTD). Tech companies have been among the fastest-growing since the financial crisis, with increasing internet penetration, and a proliferation of mobile devices.