Here is an example: Reuters' Alistair Barr is reporting that Facebook's lead underwriters, Morgan Stanley (MS), JP Morgan (JPM), and Goldman Sachs (GS) all cut their earnings forecasts for the company in the middle of the IPO roadshow. This by itself is highly unusual (I've never seen it during 20 years in and around the tech IPO business). But, just as important, news of the estimate cut was passed on ONLY to a handful of big investor clients, not everyone else who was considering an investment in Facebook. http://finance.yahoo.com/blogs/daily-ticker/facebook-bankers-se
【在 c*****r 的大作中提到】 : Here is an example: : Reuters' Alistair Barr is reporting that Facebook's lead underwriters, : Morgan Stanley (MS), JP Morgan (JPM), and Goldman Sachs (GS) all cut their : earnings forecasts for the company in the middle of the IPO roadshow. : This by itself is highly unusual (I've never seen it during 20 years in and : around the tech IPO business). : But, just as important, news of the estimate cut was passed on ONLY to a : handful of big investor clients, not everyone else who was considering an : investment in Facebook. : http://finance.yahoo.com/blogs/daily-ticker/facebook-bankers-se
s*1
14 楼
太狠了你
【在 a**********8 的大作中提到】 : 他没有股份
a*8
15 楼
赚了再给他 赔了算我的
【在 s*******1 的大作中提到】 : : 太狠了你
d*9
16 楼
Not all 大客户 is given the same forecast. A dog eat dog story. LOL!
This is not a research report in a "normal" situation - what described by you is correct: you pay for what you get. However, for a pre-IPO case, there are different rules regulating the research reporting. MS/JPM/GS quite likely had all violated the rules.
【在 c*****r 的大作中提到】 : This is not a research report in a "normal" situation - what described by : you is correct: you pay for what you get. : However, for a pre-IPO case, there are different rules regulating the : research reporting. MS/JPM/GS quite likely had all violated the rules.
c*r
20 楼
Underwriters' IB department should be independent from their research department. The case is not about their underwriting practice, instead, it's about practice of the research analysis, information disclosure, and the " firewall". Let's wait and see...
the same as my judgment in Feb. 发信人: Dow (DJI/$Indu), 信区: Stock 标 题: 非死不可已经在走下坡路了, 有数据为证 发信站: BBS 未名空间站 (Wed Feb 1 19:03:52 2012, 美东) Annual revenue增幅下降得还很厉害,从154%下降到88%[1], 再不上市, 这个泡泡就破了 Annual revenue grew 154% from 2009 to 2010 and 88% from 2010 to 2011. Read more: [1] http://www.businessinsider.com/live-facebooks-ipo-filing-is-her 2011年有两季环比利润增幅实际下降 近期季利润增幅也不好。 非死不可80%用户在海外,而海外广告市场钱很难赚。 2011年第四季度收入较2010年同期增长44%,低于第三季度77%的增速, 且远远低于股沟在类似阶段增速。股沟IPO一年多之后,收入还有86%的增长[2]。 Read more: [2] http://cn.wsj.com/gb/20120203/tec110204.asp?source=whatnews2
and
【在 c*****r 的大作中提到】 : Here is an example: : Reuters' Alistair Barr is reporting that Facebook's lead underwriters, : Morgan Stanley (MS), JP Morgan (JPM), and Goldman Sachs (GS) all cut their : earnings forecasts for the company in the middle of the IPO roadshow. : This by itself is highly unusual (I've never seen it during 20 years in and : around the tech IPO business). : But, just as important, news of the estimate cut was passed on ONLY to a : handful of big investor clients, not everyone else who was considering an : investment in Facebook. : http://finance.yahoo.com/blogs/daily-ticker/facebook-bankers-se
c*r
29 楼
胎毛了
【在 k********8 的大作中提到】 : 靠,保养,又不是包养 : 你们想太多了!
c*r
30 楼
SEC启动调查了。 SEC Chairwoman Mary Schapiro said Tuesday as she left a Senate Banking Committee hearing that her agency will examine “issues” surrounding the initial public offering in an effort to ensure confidence in public markets. An agency spokesman declined to elaborate on just what “issues” were under review.