Last Call: Facebook Fiasco Is Heading Toward Farce

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Facebook

Facebook CEO Sheryl Sandberg made her first post-IPO public appearance today. In a speech at Harvard Business School, she asked the newly-minted MBAs to pitch in and help Facebook’s bottom line:

"I wish for you four things. First, that you keep in touch via Facebook. This is critical (laughter) to your future success. And we're public now, so can you click on an ad or two while you're there?"

Sandberg’s other wishes? That students speak and seek the truth, that they be true to their authentic selves... And that this generation accomplishes what hers has not — a world where half the homes are run by men and half the institutions are run by women...

Robert Hum's Market Musings

• The comeback kid: stocks recover from steep losses
• Dow nearly erases 191-point drop; S&P, Nasdaq end higher
• Euro falls below $1.26, touches lowest level since July 2010
• Commodities’ slide continues: crude oil settles below $90 for first time since October 21, copper hits 2012 lows

What Wall Street Is Saying Tonight

Is Facebook Flirting with the NYSE?/ Jesse Bergman and Kayla Tausche on CNBC.com: “In the wake of a series of embarrassing technical glitches that marred Facebook’s first day of trading on the Nasdaq, the social networking giant is now open to moving its listing to rival exchange NYSE, according to two people familiar with the matter. While these people say that Facebook has engaged with some NYSE officials regarding such a move, NYSE maintains that “no discussions” have taken place, nor would those discussions “be appropriate at this time.”

Knight Trading’s Facebook Loss: $35M/ From the firm’s 8-K: The Company estimates its total pre-tax loss related to the events associated with the trading of Facebook to be in the range of $30 to $35 million. The Company has submitted claims for financial accommodation from NASDAQ . The Company is also evaluating all remedies available under law. There are no assurances that the Company will be able to recover any of its losses resulting from the numerous issues and problems at NASDAQ relating to the trading of Facebook. As a result of this loss, the Company’s second quarter results of operations will be adversely impacted.

3 Lawsuits and Counting!/Forbes: “At least three lawsuits have been filed over the company’s initial public offering, including one in the Southern District of New York on behalf of three purchasers of Facebook common stock. The suit alleges that Facebook’s SEC filings prior to going public included “untrue statements of material fact,” chiefly regarding the company’s admission that its ability to monetize mobile users remains a challenge."

HP Beats on Earnings, Announces 27,000 Layoffs/ CNBC.com: “Hewlett-Packard beat on earnings and announced plans to lay off 27,000 employees, or 8% of its workforce. Its third-quarter outlook fell short of expectations but its full-year topped the consensus. Shares of the world's No. 1 personal computer maker rose more than 10 percent in after-hours trading. HP outlined its plan on Wednesday to lay off roughly 27,000 employees or about 8 percent of its workforce. The layoffs will be mainly achieved through early retirement offers, and will generate annual savings of $3 billion to $3.5 billion as it exits fiscal 2014. The planned layoffs also helped boost the company's full year earnings outlook, the company said.”

Google Cleared of Patent Violation/Quentin Hardy in the New York Times: “The Company estimates its total pre-tax loss related to the events associated with the trading of Facebook to be in the range of $30 to $35 million. The Company has submitted claims for financial accommodation from NASDAQ. The Company is also evaluating all remedies available under law. There are no assurances that the Company will be able to recover any of its losses resulting from the numerous issues and problems at NASDAQ relating to the trading of Facebook. As a result of this loss, the Company’s second quarter results of operations will be adversely impacted."

Tomorrow's Earnings

Before the Bell

Costco, Heinz, Tiffany

After the Bell

Verifone

Tomorrow's Economic Data

830a Initial Jobless Claims

830a Durable Goods

1100 Kansas City Fed Survey

1300 7-Yr Note Auction

1630 Fed Balance Sheet

1630 Money Supply

Tomorrow on CNBC

Sallie Krawcheck, Fmr. President, Bank of America Merrill Lynch, Global Wealth & Investment Mgt (700a)

William Dudley, New York Fed President (800a)

Meg Whitman, Hewlett-Packard CEO (930a)

Sen. Tom Coburn, (R) Oklahoma (1120a)

James Reid-Anderson, Six Flags CEO (200p)

Ed Yardeni, Yardeni Research (400p)

Ed Clark, TD Bank Group CEO (430p)

Barton Biggs, Traxis Partners (500p)

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