Late Buzzing Movers: Morgan Stanley Cuts 580 Jobs and Forbes Names Worst IPOs of 2011
After closing down almost 9 percent, shares of Computer Sciences Corp. (NYSE:CSC) continue to attract heavy attention. The company warned it may write down a $1.5 billion contract with Britain’s National Health Service.
Shares of Morgan Stanley (NYSE:MS) are edging .20 percent higher in late trading after a report leaked that the bank plans on cutting 580 jobs in New York City. Other financial firms such as Goldman Sachs (NYSE:GS) and Citigroup (NYSE:C) are trading lower on the news.
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Although IPOs such as LinkedIn Corp. (NYSE:LNKD), Groupon Inc. (NASDAQ:GRPN) and Pandora Media Inc. (NYSE:P) have dominated headlines this year, other IPOs deserve some attention. Forbes recently released a list of the worst IPOs in 2011. The list contains FriendFinder Networks (FFN) with a 94 percent lost from its IPO. Imperial Holding (NYSE:IFT) and Kips Bay Medical (NASDAQ:KIPS) followed with losses of 83 percent and 79 percent, respectively. Mission New Energy Limited (NASDAQ:MNEL), Sequans Communications S.A. (NYSE:SQNS), Renren (NYSE:RENN) and Tudou Holdings (NASDAQ:TUDO) also rounded out the list.
Shares of The New York Times Co. (NYSE:NYT) are jumping 1.6 percent in late trading. The media company announced it reached an agreement to sell its Regional Media Group to Halifax media Holdings for $143 million in cash.
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