Did Morgan Stanley get it right this time?
Morgan Stanley (MS) certainly made investors happy Friday, a day after it priced cloud computing company ServiceNow's initial public offering at $18 a share.
It looked like a bold move last night (the estimated range was $15 to $17), but early Friday ServiceNow (NOW) debuted at $23.75, more than 30% above its IPO price. And its shares are still trading around $23.
None of us MOREMaureen Farrell - Jun 29, 2012 12:22 PM ET
Citigroup's Automated Trading Desk had trading loses of $20 million on Facebook's (FB) initial public offering, according to Reuters.
ATD, which Citi (C) bought in 2007, is a firm that deals in computer-driven, high frequency trading. It doesn't make robot traders ... yet.
"We taught computers to trade like humans, at unprecedented speeds, with no coffee breaks," ATD said on its website.
Despite their speed and superior work ethic, these computers were not smart MOREBen Rooney - May 25, 2012 3:38 PM ET
Not a member yet?Sign up now for a free account
|Millions to owe Obamacare tax penalty|
|Samsung needs to reinvent itself (again)|
|Zuckerberg has his Tim Cook moment|
|Inside a high-tech San Francisco swinger's party|
|Wall Street bears warn: We're on verge of crisis|