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New York Stock Exchange
Twitter’s shares opened at $45.10 each in the first minutes of trading on the NYSE.
That is a 73% jump from the initial asking price of $26 a share, and it means the company is now valued at a little over $31 billion.
More than 13 million shares were traded once they became available an hour after the stock exchange opened.
It is the biggest technology listing since Facebook in 2012.
Twitter floated on the NYSE and not, as some initially expected, the technology-rich Nasdaq exchange, where the likes of Facebook are listed.
It was a big win for the NYSE, which decorated its exterior with banners promoting the offering on Thursday.
Twitter has more than 230 million users, but is yet to make a profit.
Shares in newly-listed companies are often volatile on their first day of trading.
Twitter’s shares opened at $45.10 each in the first minutes of trading on the NYSE
Within minutes, Twitter’s stock price soared more than 80% before falling below its opening price by midday.
When Facebook launched on Nasdaq, its shares were priced initially at $38 each. The stock soared within hours of its debut to a high of $45. But its price later slumped.
It only recovered those losses by September 11, 2013, when shares again touched $45.
Its initial public offering (IPO) was also marred by technological glitches and delays.
To prevent Twitter’s stock sale from having a similar fate, the NYSE ran tests on October 26 using larger-than-normal share volumes.
Twitter is selling 70 million shares, which will raise more than $1.82 billion.
The company, which invites users to send tweets in 140 characters or less, has 232 million active users. According to its IPO documents, these users send 500 million tweets a day.
Twitter’s financials have been under greater scrutiny since it announced its plan to float, especially given that the company is still loss-making.
It lost $69 million in the first six months of 2013, on revenues of $254 million. About 85% of revenues come from advertising on its site, and more than 75% of Twitter users access the site from their mobile phone.
Mary Jo White, head of US regulator the Securities and Exchange Commission, recently warned investors to be cautious of the metrics used by technology companies like Twitter, nothing that investors have become overwhelmed by the sheer magnitude of data.
“In the absence of a clear description, it can be hard not to think that these big numbers will inevitably translate into big profits for the company,” Mary Jo White said in a speech.
“But the connection may not necessarily be there.”
Twitter’s founders saw their paper wealth soar to $4 billion in the wake of the stock surge early this morning, although boss Dick Costolo said that none of the founders would immediately be selling their shares.
The company’s co-founder Evan Williams has a 10% stake in Twitter, making him its biggest shareholder. That stake is now worth a little over $2 billion.
Jack Dorsey, another co-founder, also stands to make a fortune from the IPO. His 4% stake is worth more than a billion dollars.
Another co-founder, Biz Stone, is thought to have made millions of dollars by selling share stakes over the last few years.
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Twitter shares have been priced at $26 each, ahead of its debut on the NYSE on Thursday.
That is above the $23 to $25 range announced on Monday and values the short messaging service at more than $18 billion.
That makes it the biggest market debut for a technology firm since Facebook went public in May 2012.
Twitter has attracted 230 million users since starting seven years ago, but is yet to make a profit.
Its losses for Q3 2013 increased to $64.6 million, from $21.6 million a year earlier and a recent poll by Reuters/Ipsos showed that more than a third of registered users do not use the service at all.
Nevertheless there was strong demand for the shares and the company was able to raise the offering price twice.
Twitter has posted an increase in its sales, which more than doubled in Q3 to $168.6 million, and it is looking to raise even more revenue from advertisers outside the US.
Its $18 billion valuation includes the value of shares in compensation schemes for employees and other share awards.
Twitter shares have been priced at $26 each, ahead of its debut on the NYSE on Thursday
Co-founder Evan Williams is the biggest shareholder in the firm with a stake of more than 10% worth more than a billion dollars.
Another of the founders, Jack Dorsey, will also become a very rich man. His 4% stake is worth more than half a billion dollars.
Biz Stone, another co-founder, is thought to have made millions by selling holdings over the last few years.
But Noah Glass, also one of the originals, is believed to have made very little from the company’s success.
Twitter is selling 70 million shares, which will raise $1.82 billion, for the company.
Unlike Facebook, Twitter has chosen to trade its shares on the New York Stock Exchange.
Facebook’s debut on the Nasdaq – traditionally the market of choice for technology firms – was marred by delays and problems with orders.
The NYSE has already tested trading of Twitter’s shares to try to avoid any technical hitches.
Twitter shares will trade under the symbol “TWTR”.
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The Empire State Building’s owners are planning to sell shares in the company, according to paperwork filed with regulators.
Empire State Realty Trust is aiming to raise $1 billion from listing on the New York Stock Exchange.
Some 71.5 million shares will be offered at a price of between $13 and $15 each. The final price will reportedly be set on October 1.
The landmark New York City skyscraper is the company’s most important asset.
The Empire State Building was opened during the Great Depression in 1931 and was the world’s tallest building until 1972 when the World Trade Center claimed its crown.
It is perhaps best known for its starring role in the 1933 movie version of King Kong.
The Empire State Building was opened during the Great Depression in 1931 and was the world’s tallest building until 1972
The Empire State Building has also featured prominently in other films such as Sleepless in Seattle and An Affair to Remember.
Empire State Realty Trust, which is a real estate investment trust, holds more than 18 other properties in its portfolio.
Its initial public offering has taken two years to come to market because of opposition from a small group of investors.
But it is expected to be one of the largest initial public offerings of a US real estate investment trust.
An investor said he was “very satisfied” with the prospectus.
“I voted for the REIT [Real Estate Investment Trust],” Barrett Browd, who owns units in the Empire State Building said.
“I felt that it was a good time to cash in.”
CNN earned itself another black eye after wrongly reporting that the New York Stock Exchange was flooded with three feet of water following the worst of Hurricane Sandy.
“There has been no damage to our building or systems, and we will conduct tests with the industry today with the aim of reopening U.S. markets on Wednesday,” NYSE spokesman Ray Pellecchia said in a statement.
During a live segment on Piers Morgan’s show Monday night, the anchor spoke with the network’s meteorologist who based the sensational claim solely on a comment left in a chat room.
“You have an update on the stock exchange situation. Do we still think that three feet of water got into the exchange? There seem to be conflicting reports now,” Piers Morgan asked meteorologist Chad Myers.
“Oh, is that right? You know, I got that from the National Weather Service chat bulletin board. It was right on there; it said three feet of water on the floor. I don’t know if there’s conflicting reports or not,” Chad Myers said.
CNN wrongly reported that NYSE was flooded with 3 feet of water following the worst of Hurricane Sandy
The claim instantly went viral, spreading quickly on social networks and circulating as fact.
An NYSE official quickly tried to thwart the rumor, saying that the infrastructure of the landmark Wall Street building was “fine”.
A spokesman for the network issued a vague apology, purposefully avoiding the point of the fact that their sources were as murky as the alleged sea water that covered much of lower Manhattan.
“Chad referenced a National Weather Service report that turned out to be incorrect. We quickly made an on air correction. We regret the error,” CNN spokesman Bridget Leininger said.
The New York Stock Exchange reopens for regular trading today (Wednesday, October 31st) after being shut down for two days because of Hurricane Sandy.
The exchange said in a statement Tuesday that its building and trading floor are fully operational and that normal trading will resume at the usual starting time of 9:30 a.m.
There had been erroneous reports Monday that the exchange floor had flooded. Exchange spokesman Ray Pellecchia said the exchange’s building did not have any flooding or damage
Tuesday marks the first time since 1888 that the NYSE remained closed for two consecutive days because of weather. The earlier shutdown was caused by a massive snow storm.
Sections of Manhattan were inundated with water on Tuesday and power was shut off to millions of people and businesses up and down the East Coast.
Manhattan’s financial district was one of the hardest hit when Hurricane Sandy slammed New York Monday afternoon and through the night.
Initial reports that the exchange was three feet underwater were denied by a press spokesman.
“There has been no damage to our building or systems, and we will conduct tests with the industry today with the aim of reopening U.S. markets on Wednesday,” NYSE spokesman Ray Pellecchia said in a statement.
Though they would not go into specifics, a number of generators must be located onsite in order for the prospect of a Wednesday reopening to be considered, since lower Manhattan remains without power and will likely continue as such for as long as week, according to city power executives.
The closure has made several records in the history of the exchange, as Monday’s closing was the first time that the markets were formally shut since the days following the September 11 attacks in 2001.
Beyond that, it was the first time that it closed since Hurricane Gloria 27 years ago.
When today’s closure was announced it was became first time that the NYSE was closed for two consecutive days due to weather since 1888.
The New York Stock Exchange reopens for regular trading today after being shut down for two days because of Hurricane Sandy
Like much of the city, the Exchange braced for the impact of Hurricane Sandy on Sunday, lining up a sandbag barrier outside the building on iconic Wall Street.
Nasdaq officials began employing their contingency plans as soon as they came to the decision to close on Sunday around 10.30pm.
Traders were able to continue to complete a drastically-reduced level of orders electronically, as many banks have remote systems set up so that employees can work from home in crisis situations.
The New York Stock Exchange, which is a privately-held company in itself, keeps a secondary location up and running in case of emergency where all data is stored.
The problem there, however, is that the data centre is in Mahwah, New Jersey, which is dealing with potentially more structural damage than New York.
According to Wall Street and Tech, the centre boasts a supply of 28 megawatts of power, which equates to the amount used to power 4,500 residential homes.
Additionally NYSE spokesman Robert Rendine told The New York Times that they have a number of generators and sufficient fuel to power the site for at least one week if electricity does not return.
“I’m a little surprised that the exchanges couldn’t secure the technology needed to keep the market operating,” said Dominic Salvino, a trader from the Chicago Board Options Exchange told Bloomberg Businessweek.
“It seems unreasonable that the nation’s financial markets have to shut down just because everyone has located themselves within five miles of each other in New Jersey. A snow storm in Chicago wouldn’t shut down trading on the East Coast.”
The ripple effects are already being seen, as companies are postponing their quarterly earnings, which were scheduled to be released earlier this week.
According to CBS News, pharmaceutical giant Pfizer and media conglomerate Thomson Reuters are two of the tardy reportees.
Dozens of companies have postponed earnings reports this week because of the storm, but Ford Motor Co. did release results for the third quarter that topped Wall Street expectations.
Ford’s revenue fell 3% to $32.1 billion because of the economic crisis in Europe and falling sales in South America. The company exceeded Wall Street’s revenue forecast of $31.5 billion largely because of North America, where revenue jumped 8%.
European stock markets rose broadly Tuesday after falling the day before. Trading was subdued in the wake of the storm. Britain’s FTSE 100 index rose 0.9%, Germany’s DAX rose 1.1 percent and the CAC-40 in France was 1.5% higher.
Crude oil rose 14 cents to settle at $85.68 in electronic trading on the New York Mercantile Exchange.
U.S. bond trading was closed Tuesday.
Electronic trading for U.S. stock index futures was open, but trading volume was very light and the price moves were minuscule.
As of the regular close of trading at 9:15 a.m., Dow Jones industrial average futures rose 8 points to 13,062. S&P 500 futures added 3.50 points to 1,411.10. Nasdaq futures slipped 3.75 points to 2,655.25.
On Monday, when regular U.S. stock trading was also closed, stock index futures fell slightly.
Knight Capital is reported to be close to reaching a $400 million rescue deal with a group of investors, which would allow it to open its doors on Monday.
An IT glitch on Wednesday caused its trading to go haywire, losing it $440 million.
Knight Capital is a major market-maker on the New York Stock Exchange (NYSE), which means it helps make sure there is a market for particular shares if investors want to buy or sell.
The rescuers are reported to include Blackstone Group and TD Ameritrade.
Knight Capital is reported to be close to reaching a $400 million rescue deal with a group of investors, which would allow it to open its doors on Monday
The Chicago-based market-maker Getco and financial services companies Stifel Nicolas, Jefferies Group and Stephens Inc are also reported to be involved.
The consortium is expected to end up owning between 70% and 75% of Knight Capital.
TD Ameritrade is the biggest volume brokerage in the US, carrying out much of its futures, foreign exchange and bond trading through Knight Capital’s systems, which means it would be very inconvenient for it if Knight were to stop trading.
But even if the trader manages to resume operations on Monday, it will still have to persuade clients to return to it.
TD Ameritrade and Scottrade said they would be returning their business to Knight, but others such as Vanguard said they were not yet ready to trade with Knight again.
The market-maker may also face legislation from its shareholders, who have seen the value of their holdings plummet since Wednesday and will probably have to put up with further dilution if the rescue goes ahead.
Knight Capital said that a faulty upgrade to its trading software had caused numerous erroneous trades to be sent.
It is thought that the firm racked up its loss, equivalent to half of the value of its equity, in the space of just a few minutes.
The software glitch is thought to have affected Knight’s trading algorithms, which are computer programmes that automatically and speedily send out buy and sell orders based on market data and client requests.
Tonight will see the debut of the hotly anticipated Dallas reboot, 21 years after the original show ended.
So the cast of the new version yesterday got the opportunity to quite literally ring in their show at the New York Stock Exchange.
Josh Henderson, Jordana Brewster, Julie Gonzalo and Jesse Metcalfe were given the prestigious honor of ringing the bell to open up trading on Wall Street.
Jordana Brewster and Julie Gonzalo looked glamorous as they posed up together before heading to the podium where they joined their male co-stars Josh Henderson, 30, and Jesse Metcalfe, 33, to ring the opening bell.
Jordana Brewster, 32, opted for a color block outfit, tucking a red blouse into coral shorts and topping off her look with a white blazer and tan wedges.
The cast of the new version of Dallas yesterday got the opportunity to quite literally ring in their show at the New York Stock Exchange
Meanwhile, Julie Gonzalo, 30, chose a monochrome ensemble and sported a white shirt dress which boasted a black belt and collar with a pair of black peep toe shoe boots.
As the younger generation drummed up excitement for their new series, the original cast-members of the hit show were appearing on the Tonight Show with Jay Leno.
Larry Hagman, Patrick Duffy and Linda Gray, who also star in the new series, all took to Jay Leno’s sofa to promote the return of the Texan-set TV drama.
It seems that the surviving original cast are just as excited about the return of the show as the younger set are to join the ranks.
Although the new edition is regularly described as a reboot, Patrick Duffy, 63, has said that the correct term for the new series should be a “continuation”.
The plot will still centre on the Ewing family, in particular John Ross Ewing III who is the son of JR and Sue Ellen, and Christopher Ewing, the adopted son of Bobby and Pam.
Dallas premieres in the US on TNT on June 13.
Facebook investors have been offered $40 million by the NASDAQ stock exchange for a computer hitch that stopped them trading on debut day.
Some shareholders had hoped to sell the much-hyped shares on the issue day to take advantage of pent-up buyer demand.
But technical problems kept many investors from buying shares in the morning or selling them later in the day.
The payout is meant to reimburse those who lost money because of the fault.
The opening of trading was delayed by half an hour and some investors were unable to tell whether their orders were processed, while others said they were left holding shares they did not want.
Facebook investors have been offered $40 million by the NASDAQ stock exchange for a computer hitch that stopped them trading on debut day
Facebook’s shares went on sale at $38 a share on 18 May, but rose sharply in early trading, something many buyers had hoped to capitalize on by selling during the day.
They ended the day barely above the starting level though, and have floundered since, falling to around $25 a share.
NASDAQ says it will reimburse those who tried to sell into the first-day bounce at $42 or less, but either couldn’t sell or sold at a lower price than they intended.
The $40 million is more than 10 times the $3 million previously paid by NASDAQ for technical errors, but already there have been complaints from some investors it will not be enough to cover losses.
NASDAQ’s chief rival, the New York Stock Exchange, has accused NASDAQ of giving itself an unfair advantage, saying the move gives investors an incentive to move more of their trading to NASDAQ.
In a statement it said: “This is tantamount to forcing the industry to subsidize NASDAQ’s mis-step and would establish a harmful precedent that could have far-reaching implications for the markets, investors and the public interest.”
The exchange added it would “strongly press our views” against the proposal, which has to be approved by the watchdog the Securities and Exchange Commission.
Amid a flurry of lawsuits over Facebook’s IPO, Morgan Stanley, the company’s top underwriter, says it’s prepared to pay back investors who were burned when they bought shares.
Morgan Stanley announced in a memo on Wednesday that it is reviewing Facebook trades and would adjust prices for some retail customers who overpaid.
The IPO mishaps have sparked numerous lawsuits against Morgan Stanley, the NASDAQ stock exchange and Facebook itself by shareholders who claimed they hid the social networking company’s weakened growth forecasts just before it went public.
The allegations raised questions about whether top investors profited at the expense of smaller buyers.
Meanwhile, Facebook is in talks with the New York Stock Exchange to move its stock from the NASDAQ Stock Market after the botched IPO on Friday, according to a person familiar with the matter.
The person spoke on the condition of anonymity because they were not authorized to speak publicly.
Facebook’s much-anticipated IPO was delayed by a half-hour on Friday because of technical glitches on the NASDAQ.
Morgan Stanley announced in a memo on Wednesday that it is reviewing Facebook trades and would adjust prices for some retail customers who overpaid
After pricing at $38, Facebook’s stock closed up 23 cents on Friday and has been down since. On Wednesday, it closed up $1, at $32, still down nearly 16% from the IPO price.
NYSE declined to comment.
The news comes as even Facebook CEO Mark Zuckerberg dumped his own shares in the company, making $1.13 billion as the stock nosedived, according to company filings.
On Wednesday, shareholders filed a lawsuit against Facebook and the banks behind the company’s stock, Morgan Stanley and Goldman Sachs.
Additionally, both the Securities and Exchange Commission and the Financial Industry Regulatory Authority have begun looking into the matter.
The U.S. Senate Banking Committee has also launched an inquiry and the state of Massachusetts has subpenaed Morgan Stanley, demanding answers.
The House Financial Services Committee said that it was also gathering information for their own review.
Facebook stock rose 3.3% in trading on Wednesday, rising to $32 a share.
However, a new analysis said the stock could fall to as low as $9.59.
That’s a far cry from the $37.58 that Zuckerberg fetched for 30.2 million shares he unloaded on Friday.
By the end of trading on Tuesday however the price had dropped to $31 meaning Zuckerberg saved himself a cool $174 million by getting out early.
Mark Zuckerberg, 28, still holds a vast amount of Facebook stock but his decision to sell off so much will leave investors wondering about his confidence in the company.
The drop is based around the realization that Facebook might not be growing as quickly as initially thought. And the company’s second-quarter growth will likely fall short of expectations as fewer new users join the social networking giant.
Shareholders filed a lawsuit on Wednesday, alleging that Mark Zuckerberg, Facebook and the banks that backed the Initial Public Offering, Morgan Stanley and Goldman Sachs, knew this information, but weren’t forthcoming with it.
On Tuesday, Reuters revealed that the banks’ analysts downgraded their estimates about the future earnings of the company while they were rolling out the IPO.
Business Insider called the move “unprecedented”.
Furthermore, the website reported that the banks revealed to privileged major investors that the share price was likely to tank, but left smaller stock buyers in the dark about this information.
The Securities and Exchange commission is investigating these allegations and the state of Massachusetts has filed a subpoena demanding Morgan Stanley release information about the IPO.
New York Stock Exchange opened on red.
A new session of the US stock market was on chaos. Few minutes after the trading session opening, the Dow Jones has already decreased by 7.3%, being lowest in the last five years. The state of uncertainty and not very encouraging prospects caused a panic among international financial markets which it has reflected as a general fall in stock market indices.
NYSE. Dow Jones is the ninth consecutive day of decline marking the collapse of the longest history.
The Moscow stock market was closed, as well as in Vienna.
Dow Jones entered the ninth consecutive day of decline recorded as the longest fall since 1978. World stock exchanges have lost more than 2,000 billion dollars just last week.
U.S. stocks and oil prices continued their decline amid concerns about U.S. economic growth and despite the Senate and House of Representatives plan approval to increase the debt ceiling.
According to Bloomberg, Dow Jones is the ninth consecutive day of decline marking the collapse of the longest history.
Only last week, the value of shares listed on stock exchanges around the world fell by more than 2,000 billion dollars.
Investors preferred to withdraw the Swiss franc and gold which is why the central bank of Switzerland decided in an unprecedented measure to reduce the interest to “near zero” to avoid a new assessment.
The other major exchanges, such as the London and Frankfurt indices recorded declines of more than 10%.
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