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
|More than 225,000 Apple iPhone accounts hacked|
|Extreme volatility rocks China stocks|
|Premarkets: 5 things to know before the open|
|Redskins' RG3 contract may be biggest blunder in NFL history|
|China is the scariest threat to stocks since 2009. Here's why|