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May 18, 2012

Stocks and markets in the News | After Hours: Facebook Holds above $ 38 on big Volume.

By Myra P. Saefong and Carla Mozee, MarketWatch 

SAN FRANCISCO (MarketWatch) — Shares of Facebook Inc. bobbed between gains and losses on heavy volume Friday evening, holding their ground above the initial public offering price of $38 a share, as some other social-media companies extended their dayside declines. 

Facebook shares FB +0.61%  were up 0.2% in after-hours trading on hefty volume of more than 13 million. 

The stock had closed up 0.6% at $38.23. 

After a Nasdaq delay of about 30 minutes in the anticipated start time, Facebook’s shares opened the regular trading session at $42.05 from their IPO price of $38 a share. 


Facebook's new millionaires

Personal Capital CEO Bill Harris joins Markets Hub to discuss how those new Facebook millionaires should invest their new money. (Photo: Getty Images.) 

The Securities and Exchange Commission staff plans to examine problems seen at the start of trading for Facebook shares to determine the cause and steps that will be taken to address it, a spokesman for the agency said late Friday. 

Facebook’s sale of $16 billion worth of shares that valued the company at more than $100 billion marked one of the U.S. market’s largest IPOs. Read about Facebook's trading debut. 
 
Zynga Inc. ZNGA -13.42% shares fell 0.7% Friday evening, after closing at $7.16. 

During the regular trading session, shares of Zynga came under pressure, losing 13% for the session. Trading in the games maker, whose titles including “FarmVille” and “CityVille” are featured on Facebook’s platform, had been halted twice, with the first halt taking place after the stock suddenly dropped 13%. More on Zynga's trading halts amid Facebook's debut. 
 
Among the social media companies, shares of LinkedIn Corp. LNKD -5.65%  slipped by 0.1%, while Groupon Inc. GRPN -6.69%  shares fell 1.5%. 

Also, U.S.-listed shares of Renren Inc. RENN -20.99% , called by some as the “Facebook of China,” fell 0.6% in the after-hours session, following a loss of 21% Friday. 


Facebook
Facebook’s Hackathon 31.
Analysts say Facebook’s IPO will be seen as a gauge for the market’s appetite for more social-media stocks. More on Facebook setting the pace for upcoming tech IPOs. 
 
U.S. stocks dropped Friday, pressured by worries about Greece’s possible exit from the euro zone. Read about Friday's action in U.S. stocks.
The Dow Jones Industrial Average DJIA -0.59%  fell 73 points, or 0.6%, to close at 12,369.38, down 3.5% for the week. The S&P 500 Index SPX -0.74%  fell 0.7% to 1,295.22, losing 4.3% on the week, and the Nasdaq Composite Index COMP -1.24%  gave up 1.2% to 2,778.79 for a weekly loss of 5.3%. Read about Friday’s action in U.S. stocks. 
 
Myra Saefong is a MarketWatch reporter based in San Francisco. Carla Mozee is a reporter for MarketWatch, based in Los Angeles.




MarketWatch | personal Finance Daily: What Dow Theory says about correction.



By MarketWatch
Don’t miss these top stories:
Sometimes, a landlord can’t or won’t help tenants deal with noisy neighbors, Lew Sichelman writes in the Realty Q&A column today. What’s the solution? It’s a tough one—sometimes you just have to call the cops.
Also on MarketWatch today, in case you haven’t heard, Facebook stock began trading today. We have a great roundup of analysis and investment news.
Anne Stanley , Managing Editor, Personal Finance

Landlord refuses to address noisy neighbor

Unfortunately, you can’t pick your neighbors. So if neighbors get too rowdy, don't hesitate to call the cops.
Read more: Landlord refuses to address noisy neighbor.

FACEBOOK IPO

Facebook debut sets pace for tech IPOs to come

The deal and its aftermath could unleash investor demand to get in on the ground floor of the next wave of public offerings in social networking and other fast-growing parts of the technology sector.
Read more: Facebook debut sets pace for tech IPOs to come.

IPOs get IOU from ETFs

Facebook comes to market on Friday in one of the largest and most-anticipated initial public offerings in U.S. history. But a certain group of potential big buyers will have to wait.
Read more: IPOs get IOU from ETFs.

Facebook is already history

Facebook’s revised price signals that it could finish significantly higher at the close. Even if it doesn’t, it’s still ranks among the great IPOs in history.
Read more: Facebook is already history.

ECONOMY & POLITICS

Tax man makes it hard to be an American

Peter Dunn renounced his U.S. citizenship last year so he no longer would have to deal with the Internal Revenue Service.
Read more: Tax man makes it hard to be an American.

INVESTING

3 income-focused ETFs for the yield hungry

Three new income-focused ETFs sport attractive yields, but each goes about achieving them in different ways that investors should note.
Read more: 3 income-focused ETFs for the yield hungry.

What Dow Theory says about correction

You can’t say that the Dow Jones Transportation Average didn’t warn you.
Read more: What Dow Theory says about correction.

A global ETF to support sustainable development

AdvisorShares is launching a new exchange-traded fund that will support sustainability themes globally.
Read more: A global ETF to support sustainable development.

NYT Global Update: Anger Rises After Killings in U.S.-Honduras Drug Sweep

Global Update




TOP NEWS
DealBook

Facebook Shares End Day With Scant Gain

By MICHAEL J. DE LA MERCED
After initially rising 11 percent on its first day, the stock closed at $38.23, just above its offering price, in heavy trading.
Euro Watch

Greece and Merkel at Odds on Push for Euro Vote

By MELISSA EDDY and NICHOLAS KULISH
A spokesman for the German chancellor denied she had suggested that Greece hold a vote on remaining in the euro zone.

I.A.E.A. Director General to Visit Tehran

By RICK GLADSTONE
The unexpected announcement suggested that both the I.A.E.A. and Iran had accelerated the urgency of resolving their dispute over I.A.E.A. requests for access to a restricted Iranian military site.
Arts

Multimedia Feature: Remembering Dietrich Fischer-Dieskau

The German baritone, who died on Friday at 86, was the 20th century's pre-eminent interpreter of art songs. Here are YouTube clips of some of his notable performances.
Opinion

Op-Ed Contributor

Don't Climb Every Mountain

By FREDDIE WILKINSON
Most climbers attempting to scale Mount Everest are increasingly estranged from the challenge of making their own decisions.
WORLD

Anger Rises After Killings in U.S.-Honduras Drug Sweep

By DAMIEN CAVE
Residents of the isolated Mosquito Coast of Honduras have burned down government buildings and are demanding that American drug agents leave the area immediately.

U.S. Envoy to Israel Says Nation Is Ready on Iran

By JODI RUDOREN
Dan Shapiro told the Israeli bar association that preparations had been made for a possible attack.

North Korea Said to Resume Work on Nuclear Reactor

By CHOE SANG-HUN
North Korea has resumed construction of a nuclear reactor that can be used to expand the country's nuclear weapons program, an American-based institute said Thursday.
BUSINESS

U.S. Slaps High Tariffs on Chinese Solar Panels

By KEITH BRADSHER and DIANE CARDWELL
The United States Commerce Department concluded that Chinese producers had "dumped" their products on the American market.

OPEC Sees Sanctions Taking Toll on Iran Oil Production

By THOMAS ERDBRINK
A 12 percent decline in the first three months of the year is at odds with Iran's assessment that there has been no significant change in output over the past year.

Spain Tries to Calm Fears About Ailing Lender

By RAPHAEL MINDER
A week after Spain seized control of Bankia, the government was forced to deny that clients were scrambling to withdraw funds from the lender.
TECHNOLOGY
DealBook

Spotify Deal Would Value Company at $4 Billion

By EVELYN M. RUSLI and MICHAEL J. DE LA MERCED
Spotify, the online music service, is expected to raise $220 million for a value of $4 billion in the latest sky-high Internet company valuation.
DealBook

Pinterest Raises $100 Million

By KEVIN ROOSE
Pinterest, which allows users to share photographs, recipes and other media on custom "pinboards," raised $100 million in a funding round led by the Japanese e-commerce company Rakuten.
Bits

Twitter Adopts Do Not Track Privacy Option

By NICK BILTON
Twitter said it would allow users to opt out of cookies that collect personal information used for advertising.
SPORTS

One Last Chance to Be Called a Champion

By ROB HUGHES
The U.E.F.A. Champions League final, as Rummenigge implied, is all or nothing. Both sides are wounded by suspensions to key players in defense and midfield.

At Liverpool, Results Weigh More Heavily Than Sentimentality

By ROB HUGHES
Kenny Dalglish, a legend in Liverpool, lost his job because soccer is a business, and his team just finished its worst season in years.

Ireland Hopes Clubs' Success Rubs Off on National Team

By EMMA STONEY
Irish clubs have won the Heineken Cup four times since 2006, but the country has often struggled in international play.
U.S. NEWS

Leading Psychiatrist Apologizes for Study Supporting Gay 'Cure'

By BENEDICT CAREY
At the end of his career, Dr. Robert L. Spitzer has reached a painful conclusion: "I believe," he wrote in a letter, "I owe the gay community an apology."

New Details Are Released in Shooting of Trayvon Martin

By SERGE F. KOVALESKI and CAMPBELL ROBERTSON
Documents made public by the special prosecutor in the Florida case describe an attempt to revive the 17-year-old victim and injuries to George Zimmerman, the gunman.

Florida Steps Up Effort Against Illegal Voters

By LIZETTE ALVAREZ
Florida officials are investigating more than 180,000 suspected noncitizens in an effort to tighten voter registration ahead of the presidential election.
OPINION
Op-Ed Contributor

The Corsican Connection

By CHARLES LAMBROSCHINI
Corsica is the most beautiful island in the Mediterranean. It's also the deadliest region in Western Europe.
Op-Ed Columnist

Apocalypse Fairly Soon

By PAUL KRUGMAN
As Europe jogs toward its endgame, the euro could still be saved. But that would require major changes from European leaders.
Op-Ed Columnist

The Age of Innocence

By DAVID BROOKS
It's no wonder Europe and the United States are facing debt crises and political dysfunction at the same time.

Stocks and Markets in the News | Wall Street at Close | Reuters Daily Investors Update

Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between



Wall Street ends down after sloppy Facebook debut
NEW YORK (Reuters) - Stocks fell on Friday after a sloppy debut by Facebook Inc spoiled hopes that a spectacular open for the most-anticipated stock sale in years would brighten the mood in what has been a gloomy month for markets.
Historic Facebook IPO marred by trading glitches
SAN FRANCISCO (Reuters) - For a company that is dramatically upending business strategies and social relationships around the world, Facebook Inc made a surprisingly modest debut on the Nasdaq on Friday as a sky-high valuation and trading glitches capped the stock's rise.
Banks' rising bad loans add to Spanish troubles
MADRID (Reuters) - Spanish banks' bad loans rose in March to their highest in 18 years, underscoring the problems facing the government as it drafts in independent auditors in an attempt to reassure investors it can clean up the sector.
Analysis: More U.S. shareholders call for independent chairmen
Embarrassed by a surprise $2 billion trading loss last week, the chairman and chief executive of JPMorgan Chase & Co faced heightened criticism at the bank's annual meeting on Tuesday. That included 40 percent backing from shareholders for a resolution to strip Dimon of his chairmanship title, up from 34 percent in 2010.
GM passes on running TV ads during 2013 Super Bowl
(Reuters) - General Motors Co will not advertise in next year's Super Bowl because it is too expensive, the top marketing executive for the U.S. automaker said three days after the company said it was dropping paid ads on Facebook Inc.
Japan looks to central bank to pay for Iran oil: Nikkei
(Reuters) - The Japanese government and private sector bank officials are considering asking the Bank of Japan (BOJ) for help in settling Iranian oil transactions, the Nikkei reported.
Chesapeake cuts outside directors' pay
(Reuters) - Chesapeake Energy Corp reduced the compensation for its outside directors by 20 percent and eliminated their use of its aircraft for personal travel, the company said on Friday.
MF Global trustee recovers $168 mln from JPMorgan
(Reuters) - The trustee for MF Global Holdings Inc's brokerage unit said he has received $168 million in cash from JPMorgan Chase & Co , which had been the commodities and futures brokerage firm's main bank prior to its October bankruptcy.
Europe thinks the unthinkable on Greece
BRUSSELS/LONDON (Reuters) - European officials are working on contingency plans in case Greece bombs out of the euro zone, the EU's trade commissioner said on Friday, as European share prices tumbled and Germany warned of continuing financial turmoil.
China solar stocks slump again after U.S. trade move
(Reuters) - Solar stocks slumped to fresh lows on Friday as investors continued to punish Chinese solar companies a day after the United States said it would impose new duties on imports from the world's leading solar manufacturer.