Is Morgan Stanley Still Cleaning Up Facebook’s Mess?
Just how messy was Facebook’s (NASDAQ:FB) Nasdaq debut? Morgan Stanley’s (NYSE:MS) brokerage joint venture, Morgan Stanley Smith Barney, has said it still has a number of unexecuted Facebook orders from its clients. If the issue is still unresolved, it means that some investors still do not know whether their orders to buy and sell Facebook stock on Friday went through.
Don’t Miss: Damn, Facebook, What Happened?
Facebook’s (NASDAQ:FB) market debut on Nasdaq had faced technical glitches on Friday, with the beginning of trading getting delayed and then investors facing additional problems later in the afternoon. Nasdaq has since apologized, saying it will have federal regulators review the issue and that it may offer financial restitution for investors who did not get shares at the price they wanted.
Morgan Stanley (NYSE:MS) it was waiting on other trading firms to finish evaluating the prices given on Friday and would then “process any price adjustments and execution, those firms provide.” The firm reportedly told brokerage advisers that the company expected to “be able to obtain and process execution for those trades today,” according to MarketWatch.
“I heard a lot of brokers ranting and raving on Friday about this,” an adviser, who was still waiting for confirmation on one client’s sell order of the stock, told Reuters.
Facebook shares closed down 10.99 percent, or $4.20, at $34.03 on 153 million shares traded.