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
|How this couple paid off $200,000 of debt in 2 years|
|Russia's first large airliner of the post-Soviet era takes flight|
|Most Chipotle restaurants hacked with credit card stealing malware|
|Top Trump aide: Coal doesn't make 'much sense anymore'|
|Uber CEO's mother dies in boating accident: 'Unspeakable tragedy'|