Wall Street Brief: Friday is Nothing But Facebook, Oh Yeah and This

Facebook (NASDAQ:FB) will debut in the markets today on Nasdaq (NASDAQ:NDAQ) with a $104 billion market cap; this represents the highest ever for a company at its IPO. Facebook’s offering price came in at $38 per share–the height of its increased price range–and it will raise $18.4 billion. A thousand employees will become millionaires on paper.

A Closer LOOK: Will Facebook Measure Up to Titan Internet IPOs?>>

JPMorgan’s (NYSE:JPM) Chief Investment Office in London has amassed over $100 billion of positions in complex, risky bonds and structured products reported The Financial Times, with a “non-vanilla” portfolio of over $150 billion. Meanwhile, the CIO’s risk manager, who just joined in February, brought sparse relevant experience and is a JPM executive’s brother-in-law, according to The Wall Street Journal.

Applied Materials’ (NYSE:AMAT) fiscal quarter two net profit tanked 41 percent to $289 million; its revenue dropped 11.3 percent to $2.54 billion but the company beat sales and earnings per share estimates. Even with a weak demand for manufacturing tools from memory-chip manufacturers, Applied has seen benefits from a rise in smartphone sales.

Regulatory agency Finra is reviewing Groupon’s (NASDAQ:GRPN) trading after its share price jumped hours before its positive earnings news on Monday, reported The Wall Street Journal. Groupon’s shares rose 18.5 percent on four times the average volume during regular trading hours, and then in after-hours trading, continued rising after earnings were released by the company.

Warren Buffett had attempted to purchase ResCap from the home-lending unit Ally Financial before it went into bankruptcy, reported Bloomberg. Berkshire Hathaway (NYSE:BRKA) had unsecured debt in it and under a proposed deal, the company would have taken on ResCap’s liabilities including rising litigation costs but not paying anything upfront for its assets.