Over the last year, Facebook CEO Mark Zuckerberg has repeatedly emphasized his company’s social mission, “to make the world more open and connected.” It turns out that he’s interested in building a lucrative business as well. After Facebook’s surprisingly strong earning report, highlighted by impressive performance generating mobile revenue, the company’s shares skyrocketed by 20% on Wednesday, in the largest one-day gain since the company went public back in May.
Nasdaq is taking steps toward compensating investor losses due to computer glitches that fouled trading on the first day of Facebook's $16 billion IPO, the Wall Street Journal said Tuesday.Nasdaq OMX Group, which operates the Nasdaq exchange, has told brokers that it expects to submit plans on the issue to the Securities and Exchange Commission on how it might make up losses tied to its systems problems, the Journal reported.
By Simon Johnson
Two diametrically opposed views of Wall Street and the dangers posed by global megabanks came more clearly into focus last week. On the one hand, William B. Harrison, Jr. – former chairman of JP Morgan Chase – argued in the New York Times that today’s massive banks are an essential part of a well-functioning market economy, and not at all helped by implicit government subsidies.
Trial lawyers smelled blood as furious investors began filing suits over losses on Facebook's disastrous $16 billion IPO, with billions of dollars possibly at stake in coming litigation.More than a half-dozen law firms specializing in investor complaints said they were launching class action suits against the social networking giant and its underwriters.