Last Call: Facebook Friends Nasdaq

"We lived on farms, then we lived in cities, and now we're going to live on the internet!"
--“Sean Parker” in The Social Network. Tonight we know which exchange Facebook will live.


Market Nuggets (via Robert Hum)

Dow, S&P down for 3rd straight day

Major averages post worst week of 2012: Dow down 1.2%, S&P down 0.7%, Nasdaq down 0.4% this week

As the only S&P 500 sector that was up this week, techs led the markets and rose for the 14th consecutive week

Avon is the top performing stock in the S&P 500 this week, up 20.97%. This will be the best weekly gain for the company since May 1989, when Avon shares rose 25.2% for the week.

What People Are Talking About Tonight

FACEBOOK LIKING NASDAQ REPRESENTS BIG BLOW FOR NYSE/WSJ - Steven Russolillo: "In the never-ending battle for stock-listing supremacy, Facebook’s chose of Nasdaq represents a huge loss for the Big Board operator. NYSE has spent the last few years beefing up its technology offerings, with the goal of swiping market share from arch rival and tech-heavy Nasdaq. And amid the latest crop of high-profile technology offerings, the strategy has yielded some success."

Some Facebook Fun: At an implied valuation of $109 billion, its market cap would just fall short of Cisco Systems . Cisco is currently the 8th largest company on the Nasdaq 100 and it holds a 3.4% weighting in the index.

Rank Company Market Cap Nasdaq 100 Weighting

1 Apple $582 billion 18.3%

2 Microsoft $262 billion 8.2%

3 Google $207 billion 6.3%

4 Oracle $145 billion 4.6%

5 Intel $140 billion 4.4%

6 Vodafone $136 billion 4.2%

7 Qualcomm $114 billion 3.5%

8 Cisco Systems $110 billion 3.4%

Facebook would be bigger than each of the following fellow Nasdaq 100 members: , Comcast , News Corp , eBay , Starbucks . (Of course, the above numbers could change a bit as the actual Facebook listing approaches.)

EGAN-JONES CUTS US CREDIT RATING TO 'AA,' CITING DEBT/ “Rating firm Egan-Jones cuts its credit rating on the U.S. government to "AA" from "AA+" with a negative watch, citing a lack of progress in cutting the mounting federal debt. When debt-to-GDP exceeds 100 percent, a country's financial flexibility becomes increasingly strained," Managing Director Sean Egan wrote in his report on the downgrade. "For the first time since World War II, U.S. debt exceeds 100 percent." The U.S. dollar fell slightly against the yen after the news, which came at the start of Asia's trading day.”

YAHOO PLANS MEETING TO DISCUSS FUTURE AFTER MASS LAYOFFS/Reuters & “Yahoo is planning to hold an all-hands meeting with staff on Tuesday to discuss a company reorganization, according to a source familiar with the matter. This came after Yahoo announced it let go 2,000 employees on Wednesday, a move that company CEO Scott Thompson said would save the company about $375 million. Thompson is expected to outline his long-term strategy and vision for the struggling Internet company at the meeting.”

THOMPSON TRIES TO RALLY TROOPS: Here's the full Memo From Yahoo CEO Scott Thompson to the staff.

BLACKBERRY MAKER LOSES MORE SENIOR EXECUTIVES/WSJ - Will Connors: “A number of senior-level executives at BlackBerry-maker Research In Motion . have left the company in recent days amid a broad review of the company's strategic options, according to people close to the firm. ... At the same time, RIM said two of its most senior executives, its chief technology officer and chief operating officer, had left the company, and its former Co-Chief Executive Jim Balsillie had stepped down from the company's board. He and former co-chief Mike Lazaridis relinquished their executive roles in January, handing the reins to Mr. Heins. Since last week's announcement, several other senior executives have left RIM, according to people close to the company. The departures include executives at the senior vice president and vice president level, these people said. It's unclear if the executives stepped down, or whether they were let go by the company.”

J.C. PENNEY CEO: WE'RE CUTTING 900 JOBS TO BE MORE LIKE A START-UP/Forbes - Abram Brown: "J.C. Penney will lay off 900 workers, as new CEO Ron Johnson tries to stear the retailer in a new direction. Cutting the corporate structure is an important step toward becoming a more nimble business, Johnson said. “We are going to operate like a start-up,” he said in a statement this afternoon. “In our case, this has involved some very difficult decisions that have had an impact on many of our associates, but these changes are essential to help us achieve our long-term goals and, ultimately, grow our associate base as we grow our business.”

MATT LAUER TO STAY WITH NBC’S ‘TODAY’ SHOW/NY Times - Bill Carter: “NBC News has signed Matt Lauer to a new multiyear contract to remain as the co-host of the “Today” show, addressing one of the division’s most pressing issues. The news will be announced formally on the air during the show Friday morning. But Steve Capus, the president of NBC News, confirmed Thursday evening that Mr. Lauer had signed what he called “a long-term deal” to continue as the leading figure on the most profitable show on NBC. ... Financial terms were not disclosed, but Mr. Capus called recent published speculation about the amount of money Mr. Lauer might be offered ‘complete silliness.’“

VIETNAMESE BUSINESSMEN SCOOP UP SMALLEST U.S. TOWN FOR $900,000/CNN - Jim Spellman: "The population of the least populous town in the United States appeared to at least double Thursday when two mysterious businessmen from Vietnam won the tiny hamlet with a bid of $900,000 at auction. About a dozen bidders gathered around the town's one business to bid on Buford, Wyoming, which consists of a gas station, a three-bedroom house and a few small outbuildings on 10 acres along Interstate 80."

Friday's Market Schedule

Labor Department Monthly Jobs Report - 830 a.m. ET


Bond market recommended close is 12 p.m. (per SIFMA)

FX futures globex trading ends at 11:15 a.m.

Bond futures globex trading ends at 11:15 a.m.

Stock futures globex trading ends at 09:15 a.m.

No oil, no gold because there's no NYMEX

European Markets Closed

Commercial Banks and Government Offices are open

Friday on CNBC

The markets are on vacation but Squawk Box is not. A special, jobs, jobs, jobs edition airs from 7am-930am et. Featuring Austan Goolsbee, Mark Zandi, Diane Swonk and CNBC regulars: Rick Santelli, Steve Liesman, Kelly Evans and Hampton Pearson.

Follow Tom Rotunno on Twitter: @tomrotunno

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