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Trading at Noon: Zuck's Facebook trades up amid lawsuit

Wednesday, May 23, 2012 - 02:56

May 23 - Facebook shares are moving higher today as shareholders sue Zuckerberg for offering advice to analysts to cut forecasts.

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Short sellers are -- like vultures on Facebook's stock today. An estimated eighteen million shares of FaceBook or on loan for short selling. -- going to data explorers investors falling over themselves pay hefty premiums to secure this stuff. Meanwhile shares of FaceBook are up 2.4 percent for the company issued more than nineteen billion dollars in market caps and is trading train wrecks -- Friday. For now the celebrations are over for founder Mark Zuckerberg. Shareholders from New York to California are suing him after sources told Reuters that FaceBook itself had urged -- working for some of the 33 underwriters. The lower their revenue estimates during the road show. Lead underwriter Morgan Stanley is also being dragged to court. It shares are off 2.4 percent today here's of the three other major underwriters also slightly on the news. -- -- What's more the number three PC maker's top and bottom lines in the first quarter both fell sharply and missed estimates. Earnings of 46 cents a share fell shy of forecasts by three pennies. Hurting -- shrinking PC sales to consumers and we corporate spending in the US and Europe. Investors added to the pain the stock is tanking it is down more than 70%. These investors uptight over rival Hewlett-Packard's earnings out after the bell. The company's expected announced nearly 25000. Layoffs that stock is down four point 3% today. Now for stocks to watch let's -- that Reuters markets correspondent chuck and hello Jack is following at the moment. About a group is one of the best performers on the NYSE today the -- earlier seen its best when they pop since about. Early December although it's come down a bit since then answering gave -- first quarter outlook that there. It's above Wall Street expectations as well is raising its full year. Sales outlook by about five million -- blowing and the top and this shows -- the luxury retailers may be a bit more insulated from any slowdown in the US economy or any concerns about the European debt crisis. -- watches did diamonds shares -- sales up four point 3%. After reported a jump in sales in America and solid demand blasting through Mother's Day. US stocks are down Greece's future in the Euro zone weighing on all three indices. Pushing the S&P lower at this hour is the energy sector is down more than one point 7%. Good news on the housing front new home sales rose in April so -- home prices for march. And that's all we're trading in new and I'm Fred Katayama this is --

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Trading at Noon: Zuck's Facebook trades up amid lawsuit

Wednesday, May 23, 2012 - 02:56