Two top U.S. financial regulators said on Tuesday the issues around the initial public offering of Facebook should be reviewed, putting fresh pressure on the company, its lead underwriter, Morgan Stanley, and the Nasdaq stock exchange.
Facebook shares closed 8.9 percent lower at $31, following an 11 percent plunge on Monday. At that price the company has shed more than $19 billion in market capitalization from its $38-per-share offering price last week.
Reuters reported late Monday that the consumer Internet analyst at lead underwriter Morgan Stanley cut his revenue forecasts for Facebook in the days before the offering, information that was not disclosed to the market before the stock was listed.
Facebook itself had urged analysts working for some of the 33 underwriters to lower their estimates ahead of the IPO, according to four sources with direct knowledge of the conversations that were held during the week prior to the IPO.
“Facebook changed the numbers. They didn’t forecast their business right and they changed their numbers and told analysts,” said another source at one of the underwriters with knowledge of the situation
The company had issued a revised prospectus on May 9 in which it cautioned about the possible negative impact of Facebook users shifting to mobile platforms, but the vague language fell well short of an explicit warning of lower revenues or earnings. Facebook has yet to make much revenue from mobile advertising.
The disclosure of lower forecasts to certain big institutional investors left both Facebook and Morgan Stanley open to accusations of selective disclosure. Many smaller investors who bought Facebook shares in the IPO were left in the dark.
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New York Mayor Michael Bloomberg has a solution for how ailing U.S. cities can boost economic output: the feds should “deliberately force” them to accept immigrants.
“There’s no reason why you have to have a common immigration policy for all of America,” Bloomberg said Tuesday. “You could let each state do it differently.”
“I would argue the federal government should go one step further. They should deliberately force some places that don’t want immigrants to take them, because that’s the only solution for these big, hollowed-out cities where industry has left and is never going to come back unless you get some people to move there,” he added.
Speaking at a Midtown forum where the topic was a new study titled “Not Coming to America: Why the US is Falling Behind in the Global Race for Talent,” Bloomberg also chastised the Obama administration for deporting more immigrants “than the last four or five presidents put together.”
The study, which was underwritten by a company owned by Mexican billionaire Ricardo Salinas, claims that while the rest of the world is snatching up immigrant talent, the U.S. turns it away. In fact, according to the study, Canada “allows its provinces to set different immigration standards to attract the type of employees each region needs,” the New York Post reports. Bloomberg argued that the U.S. should adopt the Canadian strategy.
But careful to not fault President Barack Obama too much, Bloomberg said the nation’s failed immigration policies can be blamed on both parties.
“What‘s happened in government is they’re worried so much about getting re-elected, it’s become so partisan, that they just don’t even consider immigration as a real issue,” Bloomberg said.
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The Blaze has been alerted to an fake explicit image apparently published in Hustler magazine depicting GBTV host and conservative commentator S.E. Cupp engaged in a sex act with what appears to be a penis in her mouth.
Under the headline “Celebrity Fantasy,” the text beside the picture asks, “What would S.E. Cupp look like with a [d**k] in her mouth?”
It features a disclaimer below: “No such picture of S.E. Cupp actually exists. This composite fantasy is altered from the original for our imagination, does not depict reality, and is not to be taken seriously for any purpose.”
According to New Black Panther Chairman Malik Zulu Shabazz:
If Republicans win the White House, “There will be little mercy or no mercy on the New Black Panther Party”
The New Black Panthers “delivered” Obama into office
Obama “owes” the Black Panthers “some favors”
Obama and Holder showed the Black Panthers “mercy” in their voter intimidation case, where the DOJ controversially dropped charges against the group
Republicans are the “most powerful enemies in the world” and they “hate” the Black Panthers
Republicans will brand the Black Panthers “an official hate group, terrorists”
Does not know how much longer “President Obama and Eric Holder can hold out” in their favor.
Don’t miss the connection.
The New Black Panther Party (NBPP) chairman wants to remind Attorney General Eric Holder and President Barack Obama that their organization “delivered” the president and his administration to office. The New Black Panthers, who recently espoused their desire to hang whites and openly meet with a Holocaust-denying terror regime, believes Obama and Holder “owes them” a few favors.
These new incendiary comments come from NBPP Chairman Malik Zulu Shabazz on a radio show hosted by his National Field Marshal, King Samir Shabazz. The two were having a discussion about what would happen to the organization were Republicans to win the election in November. The outlook is not good. According to chairman Shabazz, Republicans don’t like the Black Panthers and would prefer to brand the organization a “hate group” that uses “terrorist” tactics.
That was disconcerting to the host of the show, King Samir Shabazz, who was prosecuted by the Department of Justice two years ago over well-documented charges of voter intimidation. These charges had subsequently been dropped by Eric Holder’s Deputies, even though senior attorneys working on the case advised against it. According to Chairman Shabazz, though, that action was “owed” to the Panthers because they “delivered” Obama to office. Still, he admitted the administration was showing the organization “mercy” and that Republicans have every intention to “re-open the case” against him and the NBPP if they gain the White House in 2012.
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MSNBC’s Martin Bashir has plenty of opinions when it comes to faith and politics. His typically-leftist perspective on these issues is often corroborated by a panel comprised of like-minded individuals who tend to agree with his every whim. Tuesday’s show proved no different when Bashir delved into the Catholic Church and its ongoing debate with the Obama administration over the infamous contraceptive mandate.
The segment commenced with clips showing Cardinal Timothy Dolan weighing in on the ongoing battle and the potential service cuts that Catholic leaders may make as a result of the regulatory change. Additionally, Dolan also maintained that the church didn’t want this fight and that leaders simply hope “to be left alone to do the work that Jesus asked” of them.
“If these mandates kick in, we’re going to find ourselves faced with a terribly difficult decision as to whether or not we can continue to operate,” Dolan said. “As part of our religion — it’s part of our faith that we feed the hungry, that we educate the kids, that we take care of the sick. We’d have to give it up, because we’re unable to fit the description and the definition of a church given by — guess who — the federal government.”
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It has articles such as “The Ballot or the Bullet.” It devotes an entire page to freeing Mumia Abu-Jamal, a convicted cop-killer. The $10,000 reward for the capture of George Zimmerman is referenced. And there’s even a history of “confrontational politics” and “above ground self-defense.”
“It” is the latest spring edition of the New Black Panther Party (NBPP) newspaper.
The 36-page paper, available in PDF form, jumps from talking about black children and autism, to an eating guide, to even an article on home births. But the focus of the issue is on a Malcolm X speech from the 60s, “The Ballot or the Bullet,” and a reinterpretation given by black nationalist Dr. Khallid Abdul Muhammed 30 years later.
“I say to you tonight 30 years later, it is a case of the chickens coming home to roast,” Muhammed’s reprinted speech says. “Malcolm’s subject 30 years ago on the threshold of a National election was The Ballot or The Bullet and my subject 30 years later on the threshold of a National election is The Bullet or the Bullet. You don’t have another choice.”
He concludes: “What I am saying here tonight? I am taking the unpopular stance, which is not new for me. I’m saying that separation is the best and only solution! I’m saying as a reminder to you, that we must have a nation of our own because every time we have worked together in a solid block…I know what Malcolm said to you 30 years ago. And all the great that Malcolm did, Malcolm was feeling, Malcolm was studying and searching, digging and researching and finding himself, and so Malcolm said in such matters, vote in a solid block.”
In a separate piece (”The Ballot or the Bullet: Which Way for Black People?”) meant to advance those ideas, NBPP leader Malik Zulu Shabazz recalls glowingly how “the Black Masses rejected the Ballot as the only option”:
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