BUSINESS
May 23, 2012 | By Andrew Tangel
Facebook is having a better day on Wall Street. The social networking site's stock is up more than $1, or about 3.5%, to around $32 in early trading Wednesday on its fourth day as a public company. As of Tuesday, Facebook's stock had fallen about 26% since its debut on the Nasdaq stock market Friday. The stock briefly rose to about $42 from its initial public offering price of $38. Facebook's IPO has been tumultuous. Its first day of trading was marred by glitches with Nasdaq trading.
NATIONAL
May 23, 2012 | By David Horsey
Congratulations to Mark Zuckerberg on his surprise wedding last Saturday. I certainly hope his marriage gets off to a better start than Friday’s initial public offering of shares in his social networking colossus, Facebook. Wall Street analysts are now saying the opening share price of $38 was too high for investors wary of buying into a business that delivers millions of messages and photos from college drinking parties but produces a comparatively modest revenue stream.
BUSINESS
May 23, 2012 | By Jim Puzzanghera and Stuart Pfeifer, Los Angeles Times
WASHINGTON — Already grappling with regulatory reviews of its troubled initial public offering, Facebook Inc. and the Wall Street banks that shepherded the deal are now under fire from lawmakers and lawyers. Two congressional committees said Wednesday that they would conduct preliminary inquiries into the IPO. And attorneys filed two separate lawsuits alleging that average investors were misled in the days before Facebook shares began trading Friday. "Shareholders suffered billions of dollars in losses," said Darren Robbins, a partner in the San Diego law firm of Robbins Geller Rudman & Dow, which filed one of the suits.
BUSINESS
May 22, 2012 | By Andrew Tangel and Stuart Pfeifer, Los Angeles Times
As Facebook shares continued their slide, regulators launched inquiries into whether privileged Wall Street insiders were alerted to the company's weakening financial projections, leading them to shun the stock or dump shares just as buying was opened to the public. Morgan Stanley, which led the Wall Street effort to bring the social network public, came under fire following reports that the bank had told some favored clients that the bank was cutting its revenue estimates for Facebook.
ENTERTAINMENT
May 20, 2012 | By Scott Martelle, Special to the Los Angeles Times
A Disposition to Be Rich How a Small-Town Pastor's Son Ruined an American President, Brought on a Wall Street Crash, and Made Himself the Best-Hated Man in the United States Geoffrey C. Ward Alfred A. Knopf: 415 pp., $28.95. In 1863, the young Ferdinand Ward was alone with his mother in their parsonage in Geneseo, N.Y., his minister father and older brother both off to war and his older sister visiting relatives out of town. Diphtheria swept through the village, killing friends and neighbors, and each mail delivery carried the risk of disaster - would it include a notice that one of the Ward men had been killed?
TRAVEL
May 20, 2012 | By Peter Mandel, Special to the Los Angeles Times
DELHI, INDIA - Delhi, India, is closed today. My guide, a solemn man named C.K. Gupta, is deeply apologetic. It is, he informs me, not a holiday, but a peaceful protest. "Too high prices in the shops. " It is 2010, and I am in Delhi on vacation. It is my first time here. Receiving this piece of early-morning information, I am all set for empty sidewalks. The occasional whining ambulance. Maybe a bus. But when we leave my rented car near the Defence Colony, it is impossible to move.