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
Nov. 25, 2013, 1:01 PM
- Mentioned in the past as a CEO Bob Greifeld's successor at Nasdaq OMX (NDAQ -0.3%), head of transaction services Eric Noll is exiting the company to take a job in private equity, reports Charlie Gasparino. His sources say the departure is not a result of the exchange's technical glitches.
- The official announcement is expected after the close.
Nov. 18, 2013, 4:35 PM
- Nasdaq OMX (NDAQ) is among three exchanges - Deutshce Boerse (DBOEY) and the London Stock Exchange (LDNXF) being the others - considering a bid for Euronext, the European exchanges set to be spun off by InterContinentalExchange (ICE) following its purchase of NYSE Euronext, reports the WSJ.
- The report quickly adds none of the thee are believed to have yet hired bankers to assist and the current plan is for Euronext to be spun off in a Paris IPO in 2014.
Nov. 17, 2013, 2:26 AM
- Nasdaq (NDAQ) and the NYSE (NYX) are reportedly nearing an agreement to back up each others' data streams in a move that would help overcome common points of failure.
- The exchanges are also discussing other ideas that could stabilize their infrastructure, such as passing the operational control of their securities information processors (SIP), which include price quotes, to a third party.
- The report follows a number of technical problems on financial bourses, such as an outage of the Nasdaq in August.
- "The exchanges need to help one another," says analyst E. Paul Rowady. "They have similar headline risk from the ongoing glitchapalooza."
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Oct. 23, 2013, 8:06 AM
- Q3 revenue of $506M is up 23% Y/Y, with much of the gain driven by acquisitions (eSpeed, Thompson Reuters). On an organic basis, revenues grew 4%. Non-transaction-based revenues climbed to 73% of total from 27% a year ago.
- Operating expenses of $304M climbed 32% from last year, again driven by those acquisitions. On an organic basis, they rsoe 7%. The firm tightens up core expense guidance to $1.075B-$1.09B from $1.07B-$1.1B.
- Q3 results, press release.
- NDAQ unchanged premarket.
Oct. 23, 2013, 7:24 AM
Oct. 23, 2013, 7:09 AM
Oct. 23, 2013, 12:05 AM
Oct. 22, 2013, 5:30 PM
Oct. 21, 2013, 2:35 PM
- In a move that could pave the way for a U.S. IPO, Alibaba has received approval from the NYSE (NYX, ICE) and Nasdaq (NDAQ) to maintain management/founder control of its board, should it list on one of the exchanges. Hong Kong's unwillingness to agree to the same had led the Chinese e-commerce giant to pursue a U.S. listing.
- Alibaba, whose Q2 numbers were released last week by 24% shareholder Yahoo (YHOO +1.8%), will likely have a $100B+ IPO valuation, given the current multiples being assigned to U.S. and Chinese Internet names. That means its offering could exceed Facebook's in size, and will easily dwarf Twitter's.
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