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Universal Makes Seven-Figure Deal For ‘The School For … “This is not how we planned it,” Facebook COO Sheryl Sandberg tells CNBC’s Julia Boorstin about the 42% decline in the company’s shares since its IPO in May. But the exec pretty much sticks to the company’s rah-rah script. “We are a more valuable company than we were four months ago,” she says:
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Facebook Shares Fall After Barron’s Says They’re Still Overpriced
The social-media company’s stock price was down nearly 8% to about $21 in mid-afternoon trading after a weekend cover story in the financial weekly said Facebook might only be worth $15. Shares went public in May at $38. Many analysts and investors don’t appreciate how much stock the company has awarded its employees for their compensation, Barron’s writer Andrew Bary says. “Facebook issued $1.4 billion of restricted stock in 2011, or nearly $500,000 per employee. So far this year, the company has doled out $1 billion of restricted stock.” All told, the stock-based compensation could amount to 20 cents a share — a big deal for a company that has been selling for about 47 times its expected 2012 profit of 48 cents a share, and 36 times the 2013 consensus forecast of 63 cents a share in earnings. Bary says tech analysts often ignore that expense. “This dubious approach to calculating profits is based on the idea that only cash expenses matter. That’s a fiction, pure and simple. As Warren Buffett has said, companies could take this to the extreme, pay all their expenses in stock and claim to have no costs.” Read More »
Tech And Media Moguls Figure Prominently On Forbes’ Richest Americans List
It’s especially helpful to have ties to pay TV, although tech execs once again dominated the top slots in Forbes’ latest list of the 400 richest people in America. Bill Gates is in first place with a net worth estimated at $66B. He’s followed by investor Warren Buffett ($46B) and Oracle CEO Larry Ellison ($41B). But Facebook‘s Mark Zuckerberg was the biggest loser, if the word can be applied to anyone on this list: With the recent decline in his company’s stock, his net worth fell $8.1B vs last year — the biggest drop on the Forbes list. He ended up this year at No. 36 with $9.4B, tied with News Corp‘s Rupert Murdoch. The average person on the list had a net worth of $4.2B. That’s up from $3.8B last year, and is the highest the average has been for more than a decade. Read More »
Mark Zuckerberg Says Facebook Share Collapse “Disappointing”: Video
Facebook shares are up 3.2% in after-hours trading after founder Mark Zuckerberg made his first public defense of the company following its disappointing IPO in May. Facebook shares dropped nearly 49% since they went public at $38, closing today at $19.43. Zuckerberg told an audience at a TechCrunch … Read More »
Does Wall Street Believe Facebook Has Been Punished Enough?
It’s still too early to say that definitively. But it’s possible as the social media company’s shares, which hit a record low yesterday, are up 4.6% in mid-afternoon trading. Investors seem to be responding to the announcement … Read More »
Facebook Shares Hit Another New Low As Debate Grows Over CFO’s Role
The social network company’s shares are down 1.7% at midday to about $17.74, and at one point touched $17.58 — a new personal worst for the stock that sold for $38 when the company went public in May. The drop comes as many Wall Street investors debate a scathing New York Times column by Andrew Ross Sorkin this morning that fingers CFO David Ebersman as the exec who was “more responsible than any other for the staggering mispricing” of the IPO, which resulted in a $50B decline in Facebook’s market value over the last three months. “To put that in perspective, that’s more market value than Lehman Brothers gave up in the entire year before it filed for bankruptcy” in 2008, Sorkin writes. He adds that in addition to the misery that’s created on Wall Street, it is “quickly creating real questions inside the company about its ability to retain and attract talented engineers, the lifeblood of any technology company.” Ebersman also infuriated major investors when he recently visited New York to address their concerns. Several invitations for Friday meetings “were oddly, and somewhat imperiously” sent out the night before. “Given that it was summer, some investors sent their junior analysts,” Sorkin says. Read More »
Facebook Shares Hit New Low After Lockup Period Ends
Remember how promising Facebook’s future seemed in May when it went public at $38 a share? Well, forget it if you can: The stock hit a new low today, falling 6.2% to $19.88. During the day … Read More »
UPDATE: Facebook Shares Hit Yet Another New Low
UPDATE, 1:02 PM: Shares dropped as low as $19.82 before closing at $20.04, -4%. Adding to the company’s embarrassment: It acknowledged in an SEC filing that 8.7% of its accounts — 83M out of 955M — are … Read More »
UPDATE: Facebook Hits Yet Another New Low Following Critical Report
UPDATE, 3:00 PM: The stock closed at $21.71, -6.2%, a new low. During the day shares traded for as little as $21.61, also a low for Facebook. Tuesday was the stock’s 12th most active trading day, … Read More »
Facebook Shares Hit New Low Following 11.7% Drop
Investors weren’t feeling especially friendly toward the social network company after its first quarterly earnings report and analyst call last night. The stock closed Friday at $23.70, down 11.7% — the lowest it’s been since it … Read More »
Facebook Shares Drop After Reporting So-So Q2 Earnings
The numbers weren’t terrible — but they still left investors cold. Facebook shares are down about 9% in early after-market trading. The company reported a Q2 net loss of $157M vs a $240M profit last year — before it … Read More »
Warren Buffett: Too Many Facebook Investors Wanted A Quick Profit
The legendary investor says that the social media company’s IPO was either set at the wrong price, or mismanaged. It closed yesterday at $30.81, well below the $38 offering price in May. But Buffett, speaking to Bloomberg TV from the Allen & Co confab in Sun Valley, also criticizes … Read More »
NBC And Facebook Partner For Olympics
NEW YORK — July 11, 2012 — NBC Olympics, a division of the NBC Sports Group, and Facebook will collaborate during the London 2012 Olympic Games to serve fans of the Olympics like never before.
The NBC Olympics page on Facebook will feature the most up-to-date news and information, and will engage fans of the Olympic Games with featured polls, photo galleries, trivia and shareable images. Fans that “LIKE” NBC Olympics on Facebook will have the opportunity to unlock exclusive content made available to NBC Olympics fans. NBC Olympics has also launched a Facebook timeline app on NBCOlympics.com, so users can share the London 2012 Olympic Games content they are consuming with their friends.
As part of the collaboration, NBC Olympics’ coverage of the London Games will include the launch of Talk Meter, a new Facebook data tool. The new tool will inform viewers about stories, results, athletes and events that other fans of the Olympic Games are talking about on Facebook.
Netflix, Other Web-Based Services Interrupted By Storms In East
Netflix, Instagram and Pinterest services in the Northeast were interrupted last night when Amazon’s Elastic Compute Cloud in Northern Virginia went offline because of severe thunderstorms, Forbes reports. Amazon EC2 servers handle web traffic for … Read More »
Sheryl Sandberg Joins Facebook Board
Odd that Facebook CEO Mark Zuckerberg didn’t think of this a few months ago, before his company went public with its all-male board. But after enduring attacks from women’s rights groups led by UltraViolet, … Read More »
Media Stocks Join Wall Street Rally On Optimism About Economic Relief
Speculation that a major central bank will help to stimulate the global economy contributed to a roughly 2% gain in the market in mid-afternoon trading, pushing stocks back into positive territory for 2012. The Dow Jones U.S. … Read More »
Facebook Slapped Again By Skeptics Of Its Stock And Plans For Kids
Facebook continues to take it on the chin. The stock closed at another new low — $26.90, down nearly 3% on the day, and -29.2% from the $38 IPO price. Bernstein Research analyst Carlos Kirjner contributed … Read More »
Facebook Shares Swoon Again As Options Trading Begins
The stock price is down about 9.8% to $28.80 in afternoon trading — well below the May 18 initial offering price of $38. One likely reason for latest decline is that beginning today investors who are interested in Facebook, but … Read More »
Investors Unfriend Facebook As SEC Investigates IPO “Issues”
UPDATE, 2:30 PM: Massachusetts Secretary of Commonwealth William Galvin is conducting his own investigation into what Morgan Stanley told big investors about Facebook, and when the disclosures took place. A spokesman tells Reuters … Read More »
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