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Good morning! Here’s the news:
- More details are coming out about how big investors got inside information leading up to the Facebook IPO. One Facebook executive reportedly called the analysts at 21 Wall Street firms telling them to cut their estimates just a few days into the roadshow.
- The Senate Banking Committee and the House Financial Services Committee are now both looking into Facebook IPO issues, according to Reuters.
- There’s a rumour floating around that the New York Stock Exchange is trying to get Facebook to switch exchanges after all the problems that happened on the NASDAQ on day one.
- Wedbush analyst Michael Pachter tells Business Insider that Facebook’s stock might not have tanked if Mark Zuckerberg hadn’t worn that hoodie at the roadshow.
- Zuckerberg reportedly sold off more than 30 million shares of Facebook stock, netting him $1.13 billion. Unfortunately, he’s using that money to pay off his taxes.
- Some sad news from HP: The company announced yesterday that it will lay off 27,000 employees (or about 8% of its total workforce) over the next two years.
- HP also revealed that its $10 billion acquisition of Autonomy has been “disappointing.” As a result, HP is getting rid of the leader of this unit, Michael Lynch.
- Apple is criticising the government’s antitrust lawsuit against it as “fundamentally flawed,” arguing that its actions have actually made the e-book market more competitive.
- The verdict is in: Google did not infringe on Oracle’s java patents. That’s a big win for Google.
- Google is planning to start shipping its first tablet next month, after having previously pushed it back until July to fix some pricing and design issues.
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