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
|American vigilante hacker The Jester defaces Russian government website|
|Why AT&T wanted Time Warner|
|Massive cyberattack involved tens of millions of IP addresses|
|AT&T to buy Time Warner in media mega-deal|
|Donald Trump rips into possible AT&T-Time Warner deal|