Posted on 05/22/2012 7:43:06 AM PDT by AngelesCrestHighway
NEW YORK (MarketWatch) -- The consumer Internet analyst at Morgan Stanley /quotes/zigman/182639/quotes/nls/ms MS +3.26% , the lead underwriter for last week's Facebook Inc. /quotes/zigman/9962609/quotes/nls/fb FB -4.64% IPO, trimmed his outlook for the social-networking firm's revenues just days before the deal went live, Reuters reported Tuesday. The report said that the action, which it said was relayed to some of Morgan's major clients during Facebook's pre-IPO road show, came as a surprise to many potential investors so close to the stock's debut. Reuters explained that the cut came after Facebook released an updated prospectus ahead of the share sale that cautioned about revenue-growth challenges presented by a shift to mobile devices. Citing sources familiar with the situations, analysts at fellow underwriters J.P. Morgan Chase & Co. /quotes/zigman/272085/quotes/nls/jpm JPM +5.34% and Goldman Sachs Group Inc. /quotes/zigman/188479/quotes/nls/gs GS +2.59% also revised their Facebook estimates after the prospectus was updated by the company, the report stated.
(Excerpt) Read more at marketwatch.com ...
BIG surprise!
Very true....only to those who bought Friday.
Until the right comes up with a solution to corrupt banks and wall street crooks, the OWS crowd will continue to gain sympathy.
Well, they do deserve sympathy, because they’re often correct, but they deserve a bath, too.
Since JP Morgan just lost $2 Billion on bad internal investments, they took one look at Facebook and cut and run the other way...
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