YY, the first Chinese company to brave the U.S. initial public offering market since April, was expected to meet a wary investor base Wednesday. Yet YY's (YY) stock managed to rise 10% in its debut on Nasdaq (NDAQ).
A Chinese Internet social media platform with a focus on gaming and video chats, YY, priced its offering at $10.50, the low end of its expected range. The company raised $82 million for MOREMaureen Farrell - Nov 21, 2012 11:04 AM ET
IAC/InterActiveCorp shares took a tumble Wednesday, amid confusion surrounding the company's 2013 forecast.
Prior to the market's opening bell Wednesday -- IAC, which runs sites like Ask.com, Dictionary.com and Match.com -- issued third-quarter earnings that topped Wall Street's expectations. Following the release but prior to its earnings call, IAC said it expects to report an operating loss for its "media and other" segment in 2013 in a filing with the Securities and Exchange MOREHibah Yousuf - Oct 24, 2012 6:11 PM ET
Another week: another bizarre trading glitch. This time around, Kraft's stock whipsawed in the first 60 seconds of the trading day.
After closing at $45.48 Tuesday, shares of Kraft (KRFT) spiked nearly 29% in the first minute of trading Wednesday, to $58.54. By 10:32 a.m. ET, Nasdaq, NYSE Arca and BATS cancelled all trades in Kraft that came in at or above $47.82, according to spokespersons at both exchanges.
Under Securities and MOREMaureen Farrell - Oct 3, 2012 3:17 PM ET
Nasdaq defended its proposed $62 million compensation plan for firms hurt by its botched IPO of Facebook (FB).
In a letter sent to the Securities and Exchange Commission late Wednesday, Nasdaq (NDAQ) called the payout "fair and equitable."
The exchange operator told the SEC that, by law, it only owes trading firms, or so-called market makers, $500,000 based on SEC limits. "The proposed accommodation pool goes well beyond what is required under current MOREMaureen Farrell - Sep 20, 2012 2:17 PM ET
Global demand for U.S. securities is still strong, with China remaining the largest foreign holder of U.S. debt, according to the Treasury Department's latest report on foreign holdings.
The U.S. government's top international creditor continued to add to its holdings, albeit modestly, according to the July Treasury International Capital report, which measures the flow of funds into and out of U.S. securities, including Treasuries, agency-backed securities, corporate debt and stocks, MORECatherine Tymkiw - Sep 18, 2012 12:44 PM ET
Facebook's stock rallied almost 8% and closed at a 1-month high Wednesday, a day after CEO Mark Zuckerberg took an upbeat tone during his first public appearance since the company's botched stock market debut in May.
"I am really optimistic about our mobile monetization strategy," Zuckerberg said during an interview with TechCrunch founder Michael Arrington at the tech blog's Disrupt conference in San Francisco Tuesday.
The CEO cited the social media platform's high volume MOREHibah Yousuf - Sep 12, 2012 4:04 PM ET
Knight Capital, once one of the fiercest critics of Nasdaq's Facebook compensation plan, has done a 180-degree turn.
"We support Nasdaq's efforts to reimburse its member firms for losses caused by Nasdaq's actions and decisions during the first day of trading in FB," Leonard Amoruso, Knight's general counsel, wrote in a letter to the SEC late Wednesday.
No one expected Facebook (FB) to debut at the opening bell on May 18, but MORECatherine Tymkiw - Aug 30, 2012 2:44 PM ET
Nasdaq can't seem to put the Facebook IPO debacle behind it.
Shortly after the botched IPO, Nasdaq proposed a $40 million settlement to compensate brokers who were affected by trading glitches on Facebook's opening day (May 18).
Nasdaq (NDAQ) upped that figure to $62 million in mid-July, and Nasdaq CEO Bob Greifeld called it "definitive" during a July 25 conference call with analysts.
Citigroup (C) and UBS (UBS) have come out swinging. In MOREMaureen Farrell - Aug 23, 2012 12:33 PM ET
Knight Capital Group's stock rallied nearly 60% Friday afternoon, after online brokerage firms TD Ameritrade (AMTD) and Scottrade said they'd resumed routing trades through Knight's system.
TD Ameritrade CEO Fred Tomczyk said the decision to resume trading came after "considerable review and discussion," adding that Knight has "long been a good and trusted partner."
Knight (KCG) was behind a series of bizarre moves in otherwise thinly traded stocks early Wednesday. For 45 MOREMaureen Farrell - Aug 3, 2012 5:20 PM ET
American International Group (AIG) said it will buy back up to $3 billion of its stock from the U.S. Treasury Friday as part of the government's offering of $4.5 billion of the insurer's shares on the open market.
The stock sale will move the U.S. government closer to a point where it would own just half of the insurer's shares outstanding. The Treasury Department currently holds a 61% stake in the MOREMaureen Farrell - Aug 3, 2012 4:21 PM ET
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