Facebook debacle hurts bank and stock exchange

Online network Facebook's hitherto disappointing IPO has repercussions not just for the company itself but also for the US investment bank Morgan Stanley and the Nasdaq stock exchange since they were clearly also responsible for the fiasco, writes the liberal-conservative daily Neue Zürcher Zeitung: "Apparently Morgan Stanley's stock analysts lowered the turnover prognoses for Facebook after the company announced revenues from mobile advertising that were behind expectations shortly before its stock exchange debut. The second loser is Nasdaq. Traders, brokers and investors are raging about the stock exchange's dismal performance on Friday: the shares started trading half an hour later than scheduled; apparently the computer system was unable to set an initial price for some time because high frequency traders had filled up the milliseconds this requires with their own trading orders."

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