Wednesday 23 May 2012

Justice Department-Morgan Stanley-Inner Workings-Negative News-Underwriter

Insight: Morgan Stanley cut Facebook estimates just before IPO

(Reuters) - In the run-up to Facebook's $16 billion IPO, Morgan Stanley, the lead underwriter on the deal, unexpectedly delivered some negative news to major clients: The bank's consumer Internet analyst, Scott Devitt, was reducing his revenue forecasts for the company. The sudden caution very close to the huge initial public offering, and while an investor roadshow was underway, was a big shock to some, said two investors who were advised of the revised forecast. ... read more..

Hackers gained access to US Justice Department website

One or more unauthorized users gained access to the inner workings of a website run by the U.S. Justice Department, a department spokeswoman said on Monday after the hacker group Anonymous said they were behind the incident. read more..

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