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How -- -- -- Morgan Stanley the lead underwriter for Facebook's IPO this.
Deserved for that stocks -- lousy performance.
Shibani Joshi is here to answer based on Friday -- and I think there's enough blame to go around the table here yesterday we were talking about nasdaq's rolling and a lack of stellar performance in FaceBook shares have been looking at bespoke right now.
IShares down again today down about under 15% from the company's offering price in the debut on Friday.
Now -- again moving forward we're getting new and fresh concerns about what sort of -- the company's lead underwriter had in diminishing demand for.
The company stock you know usually when -- go public your lead underwriter should be your best friend in your biggest ally and your biggest sales per cent.
But Reuters is reporting that Morgan Stanley is a leading Internet analysts came out and ratcheted down the company's revenue forecasts.
Based on a revised S1 filing that he took into account the fact that.
There were concerns -- additional concerns that the company even highlighted about its mobile revenue growth prospects.
He made -- -- sell the company's other underwriters JPMorgan and Goldman Sachs.
And those revisions is what people are talking about right now as to whether or not doing that while -- company was still holding its roadshow.
And it up shaving off some of the demand we know the demand was not quite as strong as we -- expected for FaceBook shares.
Reuters going so far -- to quote a source who says it's not the issue of internal analysts Internet analyst doing this it's all about the timing that the fact that he did this.
While the company was undergoing a road show he says he's never seen this before.
Again none of these companies have put out an official buyer sell rating on FaceBook shares -- restricted because of SEC regulations for doing so after forty trading days of being out in the public.
But not necessarily the best vote of confidence when you're already ratcheting -- down and then you're going out -- saying hey this is the best thing we've ever seen in the world.
Some mixed messages there.
Up an allocation by 25% or a hundred million yes there is shocking -- see that independence by an analyst about what it was your body thank you so much for that.
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