The Buzz
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The anti-Facebook: ServiceNow soars in IPO
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 MORE
Maureen Farrell - Jun 29, 2012 12:22 PM ETPosted in: cloud computing, Demandware, FaceBook, Groupon, Guidewire, initial public offering, IPO, Morgan Stanley, ServiceNow, zynga -
Robots lose $20 million on Facebook IPO
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 MORE
Ben Rooney - May 25, 2012 3:38 PM ET
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