Netanyahu condemns West Bank arson attack, calling it 'terror' (Haaretz)
- 6:49 AM
Mexico: Death toll 27 after truck hits religious procession (AP)
Mexico approves U.S. extradition warrant for fugitive kingpin 'El Chapo' (Reuters)
Surfer seriously injured in Australian shark attack (AP)
Greece's Tsipras asserts control over party with congress vote (Reuters)
- 12:46 AM
Judge sets $1m bond for Ohio officer charged in murder of unarmed African-American (Reuters)
Nigeria rescues 71, mostly women and girls, from Boko Haram (AP)
Education Minister Bennett orders increased funding for gay youth organizations (Haaretz)
Hundreds march in Jerusalem, chanting 'homophobia begins in corridors of the government' (Haaretz)
U.S., allies conduct 31 air strikes in Syria and Iraq against ISIS militants (Reuters)
Jerusalem Gay Pride Parade: Stabber is Yishai Schlissel, the 2005 parade attacker (Haaretz)
3 wounded in apparent stabbing in Jerusalem Gay Pride parade, Channel 10 reports (Haaretz)
Turkish Airlines Boeing makes emergency landing in Warsaw (Reuters)
Facebook IPO falls flat of expectations after hype
The IPO was the third-largest in U.S. history and valued eight-year-old Facebook at $104 billion.
The historic initial public offering of Facebook Inc. did not go as planned on Friday, as the social networking company's sky-high valuation combined with trading glitches left the stock languishing near its offering price at the market close.
Facebook shares began trading late Friday morning and opened 11 percent above the $38 offering price, but after peaking at about $45 slid rapidly at the end of the day to close at $38.23. The IPO was the third-largest in U.S. history and valued eight-year-old Facebook at $104 billion.
The surprisingly weak debut of a stock that analysts had predicted would climb between 10 and 50 percent is not likely to dent the business prospects of Facebook, which boasts 900 million users and is upending business practices and social relationships around the world.
But the unexpected developments were a clear setback for Morgan Stanley, the lead underwriter on the deal, which sources said was forced to defend the $38 price level by buying shares on the open market. Many market participants said they expected the stock to remain under pressure.
The offering also proved an embarrassment for the NASDAQ: the opening was delayed as the exchange struggled with a huge volume of orders, and for much of the day there were long delays in order confirmation.
For further coverage, see the IHT.