Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Financial Stocks Roundup: Nasdaq and Morgan Stanley Both Fall on Facebook Disappointment


Plus, Jamie Dimon and the case of the fancy potato chips.

MINYANVILLE ORIGINAL Nasdaq (NDAQ) was thoroughly embarrassed on Friday after "poor design" caused orders to go unexecuted and caused a delay in opening the most high-profile IPO of the year. The exchange's stock took a beating in the morning as it dealt with angry traders that had to wait hours to see whether their trades on Facebook's (FB) IPO had even cleared. The stock recovered later in the day, however.

As lead underwriter, Morgan Stanley (MS) had to buy shares of Facebook to keep the stock from falling below the IPO price. Morgan Stanley lost 1% today.

The broader financial sector as measured by the Financial Select Sector SPDR ETF (XLF) fluctuated between gains and losses, and gained 0.69% by the last hour of trading.

JPMorgan Chase (JPM) delivered news of another casualty in the wake of the bank's massive trading loss. CEO Jamie Dimon told investors that it will suspend its stock-repurchasing program, but it will keep its dividend in place.

Traders in London may have relieved JPMorgan's shareholders of billions of dollars, but no such profligacy is allowed in the potato chip realm.

From the FT:
Still people close to the bank are surprised that a man with such a grasp of detail could miss the warning signs. A renowned cost-cutter, Mr. Dimon recently expressed alarm that fancy potato chips in clear cellophane tied with a ribbon were available in the JPMorgan dining room. His colleague Frank Bisignano launched an investigation, triumphantly reporting back that the chips were cheaper than alternatives bought from local stores.

Twitter: @vincent_trivett
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Featured Videos