[unable to retrieve full-text content]A private company?s test flight will carry 11 student experiments onboard, including one involving winemaking.
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NEW YORK (Reuters) – Facebook Inc’s modest debut on Friday may have averted a potential headache for the company and regulators, and kept at bay a debate over the role of “odd lots” in the marketplace.
Shares of Facebook traded as high as $45, near the price of $50 that would keep many retail investors from placing a typical “round lot” order of 100 shares, because the total cost will be $5,000 – considered a threshold for many investors.
By the end of regular trading on Friday, however, the stock closed at $38.23, just 23 cents, or 0.6 percent, above its initial public offering price.
An order for less than 100 shares is called an odd lot. Two decades ago, this was a forgotten corner of the retail marketplace that accounted for less than 1 percent of trades. But odd lots may account for almost a quarter of trading now, according to one sampling of 120 securities provided for academic research.
Orders can be placed for any number of shares, but odd lots are not reported or displayed on a consolidated feed of all stock transactions. This lapse calls into question whether all market activity is accurately reflected, raising issues of transparency regarding price discovery.
The surge in odd-lot trading has been driven by the higher cost of round lots in such popular stocks as Apple Inc, Google Inc and Priceline.com, and their increased use by high-frequency traders in information-gathering strategies that many institutional investors find abusive.
For example, a high-frequency trader may “ping” 10 trading venues with a sell order of 20 shares each. If five orders execute, the trader may deduce a large buyer is present. The trader will then cover the other five orders, buy shares in the market in front of the large buyer and then sell that stock to the buyer at a slightly higher price.
One trader at an asset management firm said he suspected the main reason high-frequency traders transact in odd lots is to assess buy and sell imbalances in the market without taking on too much risk or leaving a footprint in the public stock feed.
Because “any increase in average trade size won’t benefit the high-frequency trading model, the HFT community probably does not want too much attention on the increase in odd-lot trading,” said the trader, who spoke on condition of anonymity.
Maureen O’Hara, a Cornell University professor who is an expert on market microstructure, does not believe trading in odd lots is abusive, but said it does raise issues of fairness.
“More than half of all the trades in Google are never reported on a tape that is publicly available. That’s pretty appalling in my view,” O’Hara said. “The fact that so many trades are odd lots means that somebody should be reporting these trades in a way that the market can see them.”
MINI-OPTIONS FOR POPULAR HIGH-PRICED STOCKS
High stock prices have raised another issue among investors who trade in odd lots: the inability to hedge their holdings with stock options on less than 100 shares. NYSE Arca and the International Stock Exchange have proposed “mini-options” that would represent 10 shares of a stock, instead of a round lot.
Both NYSE Arca and ISE selected Apple, Google, Amazon.com and SPDR Gold Shares, an exchange-traded fund, for their mini-option proposals in April to the U.S. Securities and Exchange Commission.
NYSE Arca also picked SPDR Standard & Poor’s 500, an ETF that reflects the S&P 500 index, while ISE chose International Business Machines Corp and Priceline.com.
The SPDR S&P 500 ETF, at about $130, trades at the lowest price of the seven securities, while Google and Priceline trade at more than $600 a share.
TD Ameritrade, a brokerage unit of TD Ameritrade Holding Corp, said odd lots account for at least 69 percent of trading of the securities proposed for the mini-options.
Certain popular stocks trade at prices beyond the reach of the typical retail investor, said TD Ameritrade in a letter to the SEC about NYSE Arca’s and ISE’s proposals.
When prices increase above $50 there is a corresponding increase in the amount of odd lots that trades, the firm said.
(Reporting By Herbert Lash; Editing by Richard Chang and Tim Dobbyn)
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VIENNA (AP) ? All the lovely singing fails to save the Vienna State Opera‘s new production of Mozart‘s “La Clemenza di Tito.”
No less an expert than Richard Wagner called Mozart’s last opera “stiff and dry.” And that’s how the work came across at its latest reincarnation on Thursday.
Musically, the evening was a treat.
In her role as Sesto, Elina Garanca‘s big mezzo voice easily powered into effortless crescendos that rode atop the orchestra before throttling down with equal aplomb to perform delicate passages allowing solo woodwinds to shine through.
As Sesto’s beloved Vitellia, Juliane Banse’s voice topped out several times in the opening minutes, but she quickly felt comfortable enough to handle the more demanding coloratura sections. Also good: Chen Reiss as Servilia, Sesto’s sister; Serena Malfi as Annio, Servilia’s lover, Adam Plachetka as Publio, the emperor’s confidante, Jennifer Larunsi as the princess Berenice and the Vienna State Opera Choir.
Not meeting expectations was Michael Schade as Tito. This improbable emperor forgives would-be assassins, women who chose others over him and others who defy his wishes ? a highly artificial character who needs to be portrayed with vocal and acting authority to gain an inkling of believability.
Schade, whose specialty is Mozart, was adequate but not exceptional in both categories. His voice was occasionally thin, his theatrics overdone.
Not so for Louis Langree. Under his baton, the Vienna State Opera orchestra straddled with aplomb a score that moves from the staid pomp of the imperial palace to the passionate tempos of love and betrayal. The music can flow slowly here, tripped up by the many recitative passages, but Langree managed to avoid the orchestral stagnation that often characterizes the first act.
But whereas other Mozart operas are timeless ? and even the most serious are sprinkled with humor ? this is not the case for this work, written it is said in just a few weeks after being commissioned for the crowning of Bohemian Emperor Leopold II. It is Opera Seria, or “serious opera,” and its time was passing even as it was being created. Now, more than 200 years after it premiered it has become even more irrelevant.
The plot is improbable and chaotic, while it takes more than a leap of faith to associate with characters who remain either static or undergo personality changes in less than two hours that most of us do not need to deal with in a lifetime. Only exciting staging can compensate, and none of that was seen in this performance.
The scenery was uninspiring: a mix of vague Roman period props and a grey wall covered with graffiti. Costumes are mostly contemporary, but there is no clear line. The acting is mostly adequate, no more.
Responsible for both staging and acting direction are director Juergen Flimm and his crew: George Tyspin, Birgit Hutter and Wolfgang Goebbel,. Some in the audience stopped cheering and clapping for the performers and erupted in “boos” when Flimm and his crew took curtain calls.
The story has it that Empress Maria Louise sniffed and called this opera “German garbage” after it was first performed in honor of her husband in Prague. That would be much too cruel.
But the Vienna company failed in its effort to put life in this admittedly difficult work.
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NEW YORK (Reuters) – Shorting the Facebook IPO on its first day of trading is not for the faint of heart, but some traders are trying.
As the hottest initial public offering in recent memory, Facebook has drawn 1990s-style tech-mania interest from mom and pop investors and big institutions alike.
That intense appeal means short-sellers are both attracted by the stock’s high valuation and wary, at least for now.
“I have no interest in shorting a cultural phenomenon,” hedge fund manager Jeffrey Matthews of Ram Partners in Greenwich, Connecticut, told Reuters in an email interview.
Asked if this was because such stocks trade without regard to normal market valuation, he wrote back, “Bingo.”
Short sellers bet against shares by borrowing the security, then selling it. If the stock drops, they buy it back at the lower price, return it to the lender and pocket the difference as profit.
Shorts looking to bet against Facebook early face an uphill battle. Traders interviewed said the stock was going to be hard to borrow, at least for a few days, and only the best-sourced hedge fund managers will able to find lenders.
A prime broker at one of the top underwriters of the IPO said the firm would not be lending shares, at least until the initial settlement in three business days.
“I don’t know how many shares will be available for shorting,” said the broker, who requested anonymity. “We would only provide them once the deal has stabilized.”
The bigger-than-usual percentage of retail-investor ownership of the shares may make shorting more difficult, as those investors don’t tend to lend their shares for those who want to take a short bet.
“It will likely be difficult to get shares to borrow,” said Adam Reed, professor of finance at UNC Kenan-Flagler Business School in Chapel Hill, North Carolina.
“In our research, we found that around 70 percent of IPOs are borrowable on the first day, but many of those names were only borrowable by well-placed investors.”
Those who are able to short need nerves of steel. The borrowing cost will be high, and short-sellers may find the trade hard to unwind by buying back the stock in the open market, and could face a lender calling in their shorts if the stock rallies sharply.
Still, some are trying to short Facebook on Day One.
“I’m doing the legwork now and calling all the brokers,” said a hedge fund manager late on Thursday, after Facebook priced its IPO at $38 per share. “Goldman and Credit Suisse are our prime brokers, so I am in contact with them about this.”
“This is about as bubbly as you can get,” he said. “My mother asked me if she could get Facebook shares and she has never been interested in IPOs before. A cab driver asked me about the IPO too. That’s when you want to short it.”
The hedge fund manager asked not to be named as he expected to be involved in shorting the stock on Friday.
At the $38-a-share IPO price, Facebook would trade at over 100 times historical earnings, versus Apple Inc’s 14 times and Google Inc’s 19 times.
Facebook shares traded at $41.06 in early-afternoon dealings on Friday, up about 8 percent.
Some hedge funds, remembering the heady days of the tech bubble in the late 1990s, have been sensing blood in the water in the recent flurry of social media and networking IPOs, including Groupon, LinkedIn, and Zygna.
Many believe those stocks’ valuations are too high, given expectations for their growth and revenue outlook.
Some traders who can’t short Facebook shares early may be betting against these other social media stocks instead, according to Max Wolff, a senior analyst at GreenCrest Capital.
Zynga shares plunged more than 13 percent in early trading on Friday and were down 5.7 percent in the afternoon. Groupon and Pandora Media were off at least 4 percent.
Zynga’s social games currently account for more than 10 percent of Facebook revenue and profit, so traders may be focusing most on Zynga shares and options as an alternative to Facebook.
“Zynga options have high skew right now. That’s the pricing difference between out-of-the-money puts and out-of-the-money calls,” said Ralph Edwards, director, derivatives strategy at ITG. “This typically means people are looking for Facebook to kind of spill over to Zynga. If Facebook catches a cold then Zynga gets pneumonia.”
Still, even among the skeptical, there is a good deal of caution in facing down a stampede of hopeful long investors. As economist John Maynard Keynes famously noted, the market can stay irrational longer than investors can stay solvent.
“Facebook is the kind of stock that, if you don’t like it, you simply avoid it,” said Mohannad Aama, managing director at Beam Capital Management LLC in New York.
(Editing by David Gaffen, Bernadette Baum and John Wallace)
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How To Look Gorgeous For Spring Celeb Style Showdown Balancing Act: Family & Work The Great Outdoors
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Have An Outdoor Adventure
Living in the current economic environment and a weakened global economy has changed the way that most of us think about money. More specifically, many people are cutting back, curbing their spending, and looking for ways to save. Perhaps hardest hit by the economic downturn has been the American family.
If your family is looking to cut corners to make ends meet or to simply put away an extra stash of cash for necessities and emergencies, you can find some middle ground and work together to save big. Top money managers list some tips below to help your family save an additional $100-$200 dollars this month:
Money Manager Tip for Families #1: Know Where Your Money Goes
This is a top concern of nearly every money manager and financial advisor ? individuals and families simply have no real idea where their money is going each month. Money is so easy to spend, but oftentimes it is hard to remember where it was spent. Tracking the money that you and your family spend each month is the first step to becoming more budget-conscious. Keep a record of every penny that you spend, each and every day, and have your family members do the same.
Once you reflect back on the small purchases that are eating a hole in your wallet ? sodas from the vending machine, coffee at the shop across the street, etc., then you will see that a lot of your income goes for the little things. Work to eliminate incidental expenses and you’ll be happy to find that you have more ‘jingle’ in your pocket at the end of the month.
Money Manager Tip for Families #2: Avoid Impulse Buys
Becoming a more savings-savvy consumer means planning out the purchases that you will make to avoid impulse buys. From groceries and basic household items to DVD movies and clothing for the kids ? know what you plan to put in your cart before you head out to the store. Comparison shopping can add up to significant savings on the items that you need, so always look around before you buy ? and browse the Sunday paper for sales that are coming up on things that you’ll be purchasing anyway. When you are planning a big purchase, like a refrigerator, comparison shopping can save you hundreds of dollars.
Online shopping is a great idea for many consumers because it helps you avoid the stores where you’re tempted to buy more than you should ? and online coupon codes can help you save even more or get free shipping. Never use your credit card for purchases that are not planned or for emergency purchases.
Money Manager Tip for Families #3: Make Saving a Family Affair
Families must work together, according to money managers, in order to make and stick to a budget that will allow them to save. Even the smallest members of the family can help you save ? so give everyone a ‘job’ (even if it is just shutting off the lights in rooms that are not in use) to help instill responsibility in the family as a whole. Make a family savings chart to record your progress, and be sure to reward children’s best efforts. If the entire family is committed to saving, the process will go much more smoothly and be more effective.
MoneyManager.com can help you find a money manager in your area that is sympathetic to your needs and can take an impartial view of your financial situation. In addition, you can find more articles about personal finance and money management by visiting our www.moneymanager.com site today.
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Home ? Events ? MOTOR CITY MADMAN ? TED NUGENT
by: Triangle A&E
Guitar showman Ted Nugent makes his debut at DPAC, Durham Performing Arts Center on August 9, 2012 with special guest Laura Wilde.
Tickets go on sale to the public beginning May 18 at 10am:
Friends of DPAC members may place their orders on May 16.? Joining the Friends of DPAC is free, and you can register at www.DPACnc.com/friendofdpac.
?It was about a year ago when we first saw that Ted Nugent was starting to play some special theater shows. We jumped at the chance to land this arena act for one of these rare appearances in an intimate venue like DPAC. We think this will be one of hard rocks best nights ever in what we know is the region?s best venue for live music,? said Bob Klaus, GM for DPAC.
The incomparable guitar genius & fire-breathing intensity of Ted Nugent have carved him a permanent place among the legends of rock. Hailing from Detroit, the guitarist?s prodigious talents, ear-shattering volume and over-the-top onstage antics quickly earned Young Ted the moniker of ?Motor City Madman,? along with international acclaim.
Recognized as the world?s leading guitar showman, Nugent?s no-holds-barred career spans five decades of multi-platinum hits. From the ground breaking Amboy Dukes? ?Journey to the Center of the Mind,? to classics like ?Stranglehold? and ?Cat Scratch Fever,? Damn Yankees chartbusters like ?High Enough,? and cult classic ?Fred Bear,? Ted Nugent?s rapid fire sonic assaults continue to sell out venues around the globe.
The sounds he wrings from his almighty Gibson Byrdland leave audiences gasping for breath and begging for more.? To millions of guitar lovers everywhere, Ted Nugent is rock and roll.
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Are you ready to hire your first employee for your small company inMassachusetts? While many other business insurance products are optional, workers? compensation insurance is mandatory, and laws require you to haveMassachusettsworker?s compensation coverage set before your new employee?s first day on the job.
Worker?s compensation coverage normally pays an injured employee?s medical expenses, rehabilitation costs along with a portion of lost pay. As the owner of a business, carrying workers? compensation insurance can protect you from the chance of lawsuits filed by staff who suffer work-related injury or sickness.
It?s important to take steps to minimize the risk of workplace accidents, injuries and illness. There are a variety of ways you should help make the workplace safer.
????? Keep the business premises clean and in a good state of repair.
????? Keep floors clear to avoid trip and fall accidents.
????? Ensure that electrical wiring and electrical equipment? are properly maintained.
????? Educate staff on safe working practices.
????? Provide adequate safety footwear, headwear and other safety gear if your worker uses dangerous machinery.
Speak with us before your new recruit starts at your business to talk about Massachusetts workers compensation insurance and any other business insurance needs you may have. We would be happy to help you to fulfill your insurance obligations as an employer while keeping your expenses as low as possible.
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