Herewith, some things going on this morning in your world of tech.
Facebook (FB) shares are down 47 cents, or 1.4%, at $32.58 in pre-market trading, reversing yesterday’s rise, as the bad news flow continues over last Friday’s IPO.
Reuters’s Jessica Toonkel and John McCrank this morning report that an unnamed executive at a major market maker says that four prominent firms, Knight Capital, Citadel Securities, UBS AG and Citigroup’s Automated Trading Desk, may have lost more than $100 million thanks to trading glitches during the offering. That is well more than the $13 million that Nasdaq has set up to deal with claims, the authors write.
The Financial Times’s Telis Demos and Michael Mackenzie have a similar piece this morning. Interestingly, Demos and Mackenzie note that the wholesale brokers found they had been given more shares of the IPO than they expected. That reinforces the notion the deal was oversold, as I’d written in the Tech Trader column in this week’s Barron’s print edition.
My colleague�Brendan Conway�last night got statements from�Fidelity Investments�and�Schwab�(SCHW) saying that they’re working through customers��Facebook�issues. The Journal‘s Jacob Bunge this afternoon reports Citigroup may have losses of $20 million from trades made on the first day.
Are you sick of Facebook yet? Richard Davis is. The enterprise software analyst with Canaccord Genuity this morning writes:
I�m sick of Facebook already. Enough already; can we go back to talking about anything other than this otherwise highly successful firm? The bungled IPO has increased investor skepticism, and this means June quarter shortfalls will be severely punished and near-term hot IPOs more difficult to complete at astronomical valuations. These are both good things.
Shares of Apple (AAPL) are down $1.58, or 0.3%, at $563.74, despite a bullish note this morning from Gene Munster of Piper Jaffray.
Munster reiterated an Overweight rating on the stock, and a $910 price target. He discusses “ten key points” he thinks are important to consider on the way to $1,000 a share “in the next couple years.” The most important things are further innovation, he believes, coming in this year’s product lineup, including the “iPhone 5” and an Apple-branded TV. Also, subsidies for iPhones won’t change much, he thinks, and the company has more growth coming in China, and will probably hold onto a 40% gross margin or better.
Infoblox (BLOX), a provider of more sophisticated domain name system (DNS) addressing technology for enterprises and carrier networks, is one of the better performers this morning, rising 36 cents, or 87 cents, or almost 5%, at $19.43 after the company yesterday beat fiscal Q3 expectations and forecast this quarter’s revenue slightly ahead of expectations.
Shares of Nvidia (NVDA) are up 24 cents, or 2%, at $12.35 as a steady stream of fairly positive notes surface from the Street regarding the company’s analyst day this week.
Needham & Co.’s Rajvindra Gill this morning reiterated a Buy rating, and a $20 price target, applauding the company’s promotion of the concept of the “virtualized GPU” and its attempts to supplant Qualcomm (QCOM) as a supplier of integrated apps processors and baseband chips.
And shares of ARM Holdings (ARMH) are up a penny at $23.11 after UBS Securities’s Gareth Jenkins raised his rating on the shares to Buy from Neutral based on valuation.
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