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BREAKING NEWS FROM KATE KELLY & KAYLA TAUSCHE: FACEBOOK PRICES IPO AT $38 - SOURCES

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KAYLA TAUSCHE: WE DO HAVE A PRICE BILL WE HAVE BEEN REPORTING THIS ALL DAY APPARENTLY JUST CRYSTALIZING AT $38 PER SHARE FOR THAT FACEBOOK PRICE. NOW WE HAVE REPORTED THAT INVESTORS WERE BEING FLOATED THE IDEA OF $39 PER SHARE BUT TAKE A LOOK AT WHAT THE MARKETS HAVE BEEN DOING IN THE MONTH OF MAY WHICH IS WHEN THEY HAVE BEEN MARKETING THIS DEAL TO INVESTORS THE NASDAQ 100 DOWN SHARPLY DOWN SEVEN AND TWO-THIRDS PERCENT THE S&P 500 OR THE S&P TECH INDEX DOWN 8% THAT WAS A BENCHMARK FOR THIS DEAL AND THAT’S WHY YOU ARE SEEING IT PRICED AT THE HIGH-END OF THE RANGE BUT NOT OVER THAT RANGE

BILL GRIFFETH: LET’S GO TO KATE KELLY IT HITS THE TOP OF THE RANGE BUT IT DIDN’T HIT THE WHISPER NUMBER WHICH WAS ABOVE THAT

KATE KELLY: THAT’S RIGHT AND I THINK THAT THERE WERE CONVERSATIONS WITH INVESTORS ABOUT A DOLLAR ABOVE MAYBE EVEN TWO DOLLARS ABOVE BUT IN THE END OF THE DAY $38 HAS BEEN CONSISTENTLY THE NUMBER THAT THE UNDERWRITERS, THE COMPANY HAVE BEEN TALKING ABOUT WITH THEIR LARGE ACCOUNT HOLDERS AND APPARENTLY THERE WAS A PRICING CALL AT 3:45PM TO KIND OF HASH THIS OUT THERE IS CONSENSUOUS VERY BROAD CONSENSOUS AT $38 THE FINAL “I”s HAVE TO BE DOTTED AND THE “T”s HAVE TO BE CROSSED BUT I AM TOLD THIS IS HIGHLY UNLIKELY TO MOVE AND WE SHOULD EXPECT TO SEE THIS LANDMARK DEAL AT $38.

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