Mar. 31, 2014, 5:57 PM
- Weibo will trade on the Nasdaq (NDAQ) under the symbol WB. Its decision represents a needed win for the tech-heavy exchange, which lost Twitter to the NYSE last year and reportedly trails the Big Board in the battle to land Alibaba.
- The Chinese microblogging leader, which some analysts think will fetch a $6B+ valuation, has also added Morgan Stanley and Piper to its underwriter list - they join Goldman and Credit Suisse.
- Weibo's latest F-1
Mar. 27, 2014, 9:15 AM
Mar. 18, 2014, 1:03 PM
- The listing - in which Alibaba is expected to raise up to $15B - is the largest ever for a Chinese company, and the NYSE (ICE -0.9%) is in the lead to win it, according to the Journal's sources. It would be another setback for the Nasdaq (NDAQ -3.6%) which has struggled to hold onto its reputation as the spot for tech issues following the bungling of the Facebook IPO in 2012.
- The financial impact of the listing by itself is insignificant, says Richard Repetto, but bragging rights and momentum for future tech IPOs, and boosted trading revenue over time is.
- In other news, NY AG Eric Schneiderman has reportedly launched a probe into whether stock exchanges give improper advantages to high-frequency traders. His staff has discussed concerns with execs at both Nasdaq and ICE and requested more information. Goldman reiterates its Sell rating on Nasdaq, seeing 17% downside amid this issue.
Feb. 5, 2014, 7:17 AM
Feb. 5, 2014, 7:03 AM
Feb. 5, 2014, 12:05 AM
Feb. 4, 2014, 5:30 PM
Jan. 31, 2014, 12:30 PM
- After confirming rumors in August by filing with the SEC, BATS Global and Direct Edge announced earlier today that the merger has been approved.
- The combined exchange will be the 2nd largest market operator - behind the NYSE (NYX, ICE), and ahead of the Nasdaq (NDAQ).
- In a press release, Joe Ratterman, CEO of BATS stated: "With the final regulatory approval received, we are focusing on closing the merger during the current quarter and beginning the integration of our two highly complementary companies."
Jan. 14, 2014, 3:58 PM
- “We have this index engine and people don’t realize that anything MSCI (MSCI +1.3%) can do or S&P (MHFI +1.2%) can do, we can do right now," says Nasdaq (NDAQ +1.5%) CEO Robert Greifeld, foreshadowing maybe the next big thing in indexing ... mergers. "Growing the index business is at the top of our list for 2014, both organically or through acquisitions."
- Both Greifeld and S&P Dow Jones chief Alex Matturri have recently hinted they're interested in bidding on index businesses, with the operation run by Russell Investments for Barclays maybe being a prime target.
Jan. 8, 2014, 7:52 AM
Dec. 31, 2013, 8:37 AM
- As part of a technology-sharing and advisory services deal, Nasdaq OMX (NDAQ) will take a 5% equity stake in Borsa Istanbul, with the option to boost that number to 7%.
- The agreement is the culmination of talks between the two parties begun last summer - at which time Nasdaq said it would assist with Borsa Istanbul coming public in early 2016.
- Press release
Dec. 27, 2013, 5:01 PM
- Nasdaq OMX (NDAQ) will pay up to $41.6M in compensation to firms that suffered losses on account of the mishandling of Facebook's May 2012 IPO. Firms qualified to receive a payout had until Dec. 23 to agree not to sue the Nasdaq, and thereby become eligible for compensation.
- Market makers have estimated their IPO-related losses, which stem from order confirmation mishaps, collectively amounted to ~$500M.
Dec. 19, 2013, 5:13 AM
- District Judge Robert Sweet has ruled that Facebook (FB), CEO Mark Zuckerberg, COO Sheryl Sandberg and dozens of banks should face investor lawsuits that accuse the social-media site of concealing revenue warnings from its IPO registration statement prior to its listing in May 2012. It was information that Facebook gave to its underwriters' analysts.
- "The company's purported risk warnings misleadingly represented that this revenue cut was merely possible when, in fact, it had already materialized," Sweet wrote.
- The banks involved include Morgan Stanley (MS), Goldman Sachs (GS) and JPMorgan (JPM).
- Sweet has also ruled that Nasdaq (NDAQ) should face lawsuits over the technical problems that plagued the IPO.
Dec. 12, 2013, 7:31 AM
- Ciena (CIEN) tumbles 11.5% premarket after a big miss on FQ4 results - reporting adjusted EPS of $0.16 per share vs. expectations of $0.24.
- Adjusted gross margin of 40.8% compares to 43.6% the previous quarter. Adjusted operating margin of 4.7% falls from 8.2% the previous quarter. Operating expenses rose to $210.5M from $190.4M.
- FQ1 revenue guidance of $515M-$545M is inline with Street expectations.
- The company will swap its Nasdaq (NDAQ) listing for one on the NYSE (ICE). The stock symbol will remain the same.
- FQ4 results, press release
- CC at 8:30 ET
Nov. 27, 2013, 10:20 AM
- In a win for the NYSE (ICE +0.9%), Hilton Worldwide (HLT) will list its multi-billion dollar IPO on the Big Board. It's the 2nd high-profile win over the Nasdaq (NDAQ) in two months for the NYSE (Twitter in October).
- SEC Form S-1
- Hilton is expected to be valued at $30B-$32B, according to sources, a level which would more than double owner Blackstone's (BX +1.3%) $6B investment made in 2007. That's easier than it sounds - at one point amid the financial crisis and recession, Blackstone was down 70% on its money.
- Hilton in 2012 generated revenue of $9.28B, up 5.6% Y/Y, and operating income of $1.1B.
Nov. 25, 2013, 3:28 PM
- With leaks everywhere, Nasdaq OMX (NDAQ -0.4%) is unable to wait until the close of trade and confirms its head of transaction services is exiting the company. He's not, however, headed to the P-E world; instead he'll become the next president of institutional brokerage service ComvergEx Group.
- Press release
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