Facebook IPO Fallout: What Went Wrong
Three days on the market, and Facebook stock price plunged to $31, down 18% from its initial offer price of $38.
While the IPO may have been successful in terms of investors' interest in the stock, new details are surfacing each day, casting a dark shadow over the most important day in Facebook's history.
Morgan Stanley, the lead underwriter on Facebook’s public offering, reduced revenue forecasts for Facebook days before the IPO; more importantly, it seems it only informed its top clients about it. Morgan Stanley claims everything was “in compliance with all applicable regulations,” but we wouldn't be surprised if we see more sordid details about the IPO unearthed in the following days and weeks.
Bing's Visual Search Is Gone
Microsoft has silently removed its visual search tool from Bing months ago, and not many have noticed, Search Engine Land reports. The visual search URL no longer works, but Bing's standard image search is still available at bing.com/images.
Eugene Polley, Inventor of the TV Remote, Dies at 96
Eugene Polley, the man who invented the first wireless TV remote control device, died Sunday at a Chicago hospital. He was 96.
Polley created the Flash-Matic in 1955 for Zenith Electronics. It was a device that used visible light to remotely control a television, with the option to turn it on and off and change the channel. Polley and fellow Zenith engineer Robert Adler received an Emmy award in 1997 for their work on the TV remote.