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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>Investors and technology industry watchers are closely tracking the Menlo Park, Calif.-based company's shares. Facebook's initial public stock offering was one of the most anticipated ever, and now serves as a bellwether for other social media companies.\u003c/p>\n\u003cp>To be fair, Facebook's market debut Friday suffered some hiccups. Trading on the Nasdaq was delayed for a half hour due to issues with traders' orders. The stock closed Friday just a few cents above where it priced Thursday night. Although many investors had hoped for a big first-day pop, Facebook's stock opened Friday at $42.05 and fluctuated between $45 and $38 throughout the day before closing at $38.23.\u003c/p>\n\u003cp>Wedbush analyst Michael Pachter, who came out with an \"Outperform\" rating on Facebook before its IPO, said he thinks the investment banks that arranged the offering overestimated demand for the company's stock. Last week, the bankers, led by Morgan Stanley, increased the offering price range. On Wednesday, Facebook's early investors and other stockholders increased the number of shares they planned to sell in the IPO. Both moves appeared to signal strong demand for the shares.\u003c/p>\n\u003cp>\"The late addition of 84 million shares to the offering overwhelmed demand, limiting the first day price,\" Pachter said in a note to investors.\u003c/p>\n\u003cp>Shares of some related social media companies also declined Monday. Zynga Inc., which makes FarmVille, CityVille and Mafia Wars, and gets the bulk of its revenue from Facebook users, fell about 1 percent to $7.07. The stock hit as low as $6.36, its lowest level since the San Francisco company's December IPO. LinkedIn Corp., a network for professionals, dropped 1 percent to $97.99.\u003c/p>\n\u003caside class=\"pullquote alignleft\">\n\u003cul>\n\u003cli>\u003ca href=\"http://finance.yahoo.com/q?s=fb&ql=1\">\u003cstrong>Real-time stock quote\u003c/strong>\u003c/a> (Yahoo! Finance)\n\u003c/li>\u003cli>\u003ca href=\"http://www.bloomberg.com/tv/\">\u003cstrong>Watch live: Bloomberg TV\u003c/strong>\u003c/a>\n\u003c/li>\u003cli>\u003ca href=\"http://ww2.kqed.org/news/2012/05/18/interview-with-a-facebook-skeptic-what-went-wrong-today-and-why/\">\u003cstrong>Facebook IPO: What went wrong\u003c/strong>\u003c/a> (News Fix)\n\u003c/li>\u003c/ul>\n\u003c/aside>\n\u003cp>Last week, the underwriters, led by Morgan Stanley, increased the offering price range. On Wednesday, Facebook's early investors and other stockholders increased the number of shares they were selling in the IPO. Both had seemingly been signals that there was strong demand for shares.\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>\"The late addition of 84 million shares to the offering overwhelmed demand, limiting the first day price,\" Pachter said in a note to investors.\u003c/p>\n\n\u003c/div>\u003c/p>",
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"disqusTitle": "Interview With IPO Analyst: What Went Wrong With Facebook Debut and What It Means...",
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"content": "\u003cp>\u003ca href=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/facebook-logo4.jpg\">\u003cimg class=\"alignright size-medium wp-image-65792\" title=\"facebook-logo\" src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/facebook-logo4-300x112.jpg\" alt=\"\" width=\"300\" height=\"112\">\u003c/a>Besides creating the potential for a new crop of 20-somethings to block your driveway with their Lamborghinis, the Facebook IPO has some other significant consequences riding on it. Like \u003ca href=\"http://ww2.kqed.org/news/2012/05/15/laos-target-price-for-facebook-45-per-share/\">revenue for the state budget\u003c/a>, \u003ca href=\"http://blog.sfgate.com/ontheblock/2012/05/18/how-will-the-facebook-ipo-affect-local-real-estate/?tsp=1\">local real estate prices\u003c/a>, and the \u003ca href=\"http://www.mercurynews.com/business/ci_19862712\">general Bay Area economy\u003c/a>.\u003c/p>\n\u003cp>That may diminish whatever \u003ca href=\"http://bostonherald.com/news/columnists/view/20120520why_i_really_like_that_facebooks_ipo_fell_flat\">Schadenfreude\u003c/a> you -- who can't afford face cream right now let alone Facebook -- may be feeling over the following headlines referring to Facebook's big debut: \u003c/p>\n\u003cul>\n\u003cli>Faceplant for Facebook (\u003ca href=\"http://www.marketwatch.com/\">MarketWatch\u003c/a>)\u003c/li>\n\u003cli>Big Volume, Little Upside (\u003ca href=\"http://www.cnbc.com/\">CNBC\u003c/a>)\u003c/li>\n\u003cli>\u003ca href=\"http://dealbook.nytimes.com/2012/05/18/facebook-opens-at-42-05-in-debut-but-falls-quickly/?hp\">Scant Gain for Facebook Shares on First Day of Trading\u003c/a> (NY Times)\u003c/li>\n\u003cli>Facebook off to faltering public start (\u003ca href=\"http://www.ft.com/home/us\">Financial Times\u003c/a>)\u003c/li>\n\u003c/ul>\n\u003cp>Those all refer to the fact that shares of the highly anticipated offering finished just about a half-percent over the opening price -- and only with the \u003ca href=\"http://www.latimes.com/business/technology/la-fi-tn-facebook-trading-20120518,0,6622700.story\">help of big buy orders from the underwriter\u003c/a>, to boot. The Big Facebook Bang was also \u003ca href=\"http://dealbook.nytimes.com/2012/05/18/facebooks-debut-marred-by-trading-glitches/?hp\">marred by trading glitches\u003c/a> on the Nasdaq exchange.\u003c/p>\n\u003cp>A couple of days ago Sam Hamadeh, CEO of IPO research firm PrivCo, handed us \u003ca href=\"http://ww2.kqed.org/news/2012/05/16/analysis-facebook-ipo-worth-25-per-share/\">seven reasons to sit out the Facebook IPO\u003c/a>. Now that the IPO has launched, Hamadeh thinks the entire thing was a bit of a fiasco. Here's an edited transcript from my interview with him after the bell...\u003c/p>\n\u003cblockquote>\u003cp>\u003cstrong>JON BROOKS\u003c/strong>: So what happened today?\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH, PRIVCO CEO\u003c/strong>: The first trade was expected to go at 10am ET; at 9:15 early indications of the first clearing price was $45 per share. Once that price hit the tape, a lot of new sell orders came in hoping to get that price. That gradually kept ticking the shares down, unexpectedly. So they changed the first trade to 11 a.m.\u003c/p>\n\u003caside class=\"pullquote alignleft\">\n\u003cp>Obviously this is an enormous disappointment for people in the Bay Area... I think this probably represents the closing of the IPO window for awhile...\u003c/p>\n\u003c/aside>\n\u003cp>Throughout the day it seemed like a lot of people got extremely nervous. A lot of people were expecting an easy flip, that the stock could go up 50% or maybe 100%, and once that clearly wasn't happening, it very rapidly started to approach the IPO price of $38 per share. The underwriters actually had to step in and put in what are called supporting bids.\u003c/p>\n\u003cp>It's a standard part of the agreement that if necessary, underwriters will step in with their own capital and provide liquidity in the first hours or couple of days of trading.\u003c/p>\n\u003cp>All through the last half hour of trading you saw it trading consistently at 38,38.01, and all those buy orders were coming from the underwriters. They were effectively artificially supporting the price. Without them stepping in, the stock would have clearly dropped below the IPO price in what's called on Wall street a busted IPO, a trade below the offering price.\u003c/p>\n\u003cp>It's a big disappointment for almost anybody. But I can't say we were shocked given it was so overvalued.\u003c/p>\n\u003cp>As to why this happened, one of the missteps was first raising the price range. That clearly would have left some upside for other people. They got a little too greedy. Then two days ago, increasing the total offering by 25%, adding another $4 billion dollars-plus to this offering, really left almost no one left who didn't get to buy. And without anyone left, there just wasn't the demand there to support the stock. Very stunning development for most observers. \u003c!--more-->\u003c/p>\n\u003cp>\u003cstrong>JON BROOKS\u003c/strong>: How common is it for underwriters to have to step in to support the price?\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong>: It's not unusual to make the guarantee, but it is unusual to have to make good on it. The last major example is Zynga's IPO in December, when it went public at 10, shares immediately started plummeting and underwriters stepped in with a supporting bid at 9. It closed just above 9 per share. Still a busted IPO.\u003c/p>\n\u003cp>Clearly they had to step in today, and it augurs poorly for what will happen to the stock once that implicit guarantee goes away.\u003c/p>\n\u003cp>One thing to keep in mind, with an $18 billion float, there were 550 million shares traded today, which was bigger than the offering. That means every share traded hands 1 ½ times. The underwriting fee pool was only $190 million. So the underwriters can't risk more than they made on the deal. Their ability to keep it at $38 was very limited by just the size of it.\u003c/p>\n\u003cp>\u003cstrong>JON BROOKS\u003c/strong>: What about the dive in related social media stocks like Zynga, Pandora, and LinkedIn? How do you interpret that?\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong>: There's no question that companies had risen the last couple of weeks based on an expected Facebook IPO pop, or at least not fallen as much as they otherwise would have. I think a lot of investors got nervous once it became clear this pop wasn't coming; you saw a lot of shorting on those stocks.\u003c/p>\n\u003cp>Facebook isn't shortable; it doesn't have options that trade on it. So if you're trying to hedge, or lets' say you're an employee or an early investor and your shares are locked up for the next six months, the way to bet against Facebook would be to sell other companies as proxy investments.\u003c/p>\n\u003cp>Zynga is probably the closest proxy investment, given that some 11 to 12 percent of Facebook's revenues come from Zynga. Around 11:30 a.m., shortly after it became clear that this pop was going to not be a pop but in fact be a fizzle, massive short positions were initiated. In particular, one large hedge fund placed a massive negative bet on Zynga and it caused it to crash 14 percent in a matter of literally 60 seconds. When that happened it triggered Nasdaq rules to halt trading temporarily in any stock that falls over 10 percent in less than five mintues. That happened twice to Zynga today.\u003c/p>\n\u003cp>Clearly people wanted to get out of Facebook or at least hedge their position in it, and Zynga and some of the other social media stocks were the closest proxy investments to make bets against Facebook.\u003c/p>\n\u003cp>\u003cstrong>JON BROOKS\u003c/strong>: So do you think this is the official popping of whatever bubble there was?\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong>: Obviously this is an enormous disappointment for people in the Bay Area. Even if they didn't have stock in Facebook, they at least have stakes indirectly in social media companies they were hoping would get acquired, would be able to go public in the summer or after Labor Day, and the halo effect was supposed to carry into Spotify, Branchout, Airbnb and so forth.\u003c/p>\n\u003cp>I think to us at PrivCo this probably represents the closing of the IPO window for awhile, and any company that's going to try to go public is going to have to dial back on the proportion of the IPO that represents insider sales. Facebook got pretty greedy at the end, with 57 percent of the offering going to insider selling. That's a remarkable percentage. There's only two other IPOs in the past year according to our tracking that had more than 50 percent of the IPO go to insiders.\u003c/p>\n\u003cp>Second, no more raising the price range every few days. Third, no more raising the amount of shares being offered. All those games are over. Clearly Facebook overreached. I don't think this is the headline people wanted going into tomorrow's newspaper.\u003c/p>\n\u003cp>\u003cstrong>JON BROOKS\u003c/strong>: What happens Monday?\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong>: Morgan Stanley looks horrible right now. The Nasdaq looks horrible. There are people who own IPO shares or bought this morning – they \u003ca href=\"http://www.washingtonpost.com/national/nasdaq-glitch-delays-some-investors-of-facebook-ipo-from-knowing-if-trades-were-completed/2012/05/18/gIQAFY8MZU_story.html\">haven't even received trade confirmations\u003c/a> yet. There are millions of shares traded that aren't even technically cleared yet.\u003c/p>\n\u003cp>Nasdaq did make extra efforts to do a dress rehearsal, looping in all of the regional exchanges affiliated with it. But even with that you had some major hiccups, the trades not clearing, the delay in the opening, the Zynga flash crash. Morgan Stanley's embarrassed, Nasdaq's embarrassed. I think they're going to blame Facebook. They'll say these guys wer pulled kicking and screaming into this process. Mark Zuckerberg only showed up for two of the roadshow stops and barely took questions. He didn'teven bother to put on a dress shirt.\u003c/p>\n\u003cp>It was a massive IPO, 550 million shares traded, a new record. They're going to blame Facebook management.\u003c/p>\n\u003cp>And they made big compromises. Nasdaq gave Facebook a two –digit ticker symbol -- Nasdaq stocks are typically a four digits. They agreed to put them in the Nasdaq 100 a year early. They changed the rules just for Facebook, to get the deal. Morgan Stanley took a massive cut in fees. The fees for this deal were only 1.1 percent; the average IPO fees are between 5 and 8 percent of a deal. They did this becase they were hoping new tech IPOs would come to Nasdaq, Morgan Stanley would have bragging rights, getting it done and everyone making money. That's all gone now mostly. None of us watching are saying this is a beautifully executed day.\u003c/p>\u003c/blockquote>\n\u003cp>Well, not everyone was so glum. Some \u003ca href=\"http://storify.com/kqednews/facebook-ipo-it-s-complicated\">other reactions from around the web\u003c/a>, Storified by KQED's Ian Hill.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>Also take a look at our Fill in the Blank exercise: I think Faceboo's $104 billion valuation is...\u003c/p>\n\u003cp>[ad floatright]\u003c/p>\n\u003cp>http://storify.com/kqednews/i-think-facebook-s-dollar-104-billion-valuation-is\u003c/p>\n\n",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>\u003ca href=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/facebook-logo4.jpg\">\u003cimg class=\"alignright size-medium wp-image-65792\" title=\"facebook-logo\" src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/facebook-logo4-300x112.jpg\" alt=\"\" width=\"300\" height=\"112\">\u003c/a>Besides creating the potential for a new crop of 20-somethings to block your driveway with their Lamborghinis, the Facebook IPO has some other significant consequences riding on it. Like \u003ca href=\"http://ww2.kqed.org/news/2012/05/15/laos-target-price-for-facebook-45-per-share/\">revenue for the state budget\u003c/a>, \u003ca href=\"http://blog.sfgate.com/ontheblock/2012/05/18/how-will-the-facebook-ipo-affect-local-real-estate/?tsp=1\">local real estate prices\u003c/a>, and the \u003ca href=\"http://www.mercurynews.com/business/ci_19862712\">general Bay Area economy\u003c/a>.\u003c/p>\n\u003cp>That may diminish whatever \u003ca href=\"http://bostonherald.com/news/columnists/view/20120520why_i_really_like_that_facebooks_ipo_fell_flat\">Schadenfreude\u003c/a> you -- who can't afford face cream right now let alone Facebook -- may be feeling over the following headlines referring to Facebook's big debut: \u003c/p>\n\u003cul>\n\u003cli>Faceplant for Facebook (\u003ca href=\"http://www.marketwatch.com/\">MarketWatch\u003c/a>)\u003c/li>\n\u003cli>Big Volume, Little Upside (\u003ca href=\"http://www.cnbc.com/\">CNBC\u003c/a>)\u003c/li>\n\u003cli>\u003ca href=\"http://dealbook.nytimes.com/2012/05/18/facebook-opens-at-42-05-in-debut-but-falls-quickly/?hp\">Scant Gain for Facebook Shares on First Day of Trading\u003c/a> (NY Times)\u003c/li>\n\u003cli>Facebook off to faltering public start (\u003ca href=\"http://www.ft.com/home/us\">Financial Times\u003c/a>)\u003c/li>\n\u003c/ul>\n\u003cp>Those all refer to the fact that shares of the highly anticipated offering finished just about a half-percent over the opening price -- and only with the \u003ca href=\"http://www.latimes.com/business/technology/la-fi-tn-facebook-trading-20120518,0,6622700.story\">help of big buy orders from the underwriter\u003c/a>, to boot. The Big Facebook Bang was also \u003ca href=\"http://dealbook.nytimes.com/2012/05/18/facebooks-debut-marred-by-trading-glitches/?hp\">marred by trading glitches\u003c/a> on the Nasdaq exchange.\u003c/p>\n\u003cp>A couple of days ago Sam Hamadeh, CEO of IPO research firm PrivCo, handed us \u003ca href=\"http://ww2.kqed.org/news/2012/05/16/analysis-facebook-ipo-worth-25-per-share/\">seven reasons to sit out the Facebook IPO\u003c/a>. Now that the IPO has launched, Hamadeh thinks the entire thing was a bit of a fiasco. Here's an edited transcript from my interview with him after the bell...\u003c/p>\n\u003cblockquote>\u003cp>\u003cstrong>JON BROOKS\u003c/strong>: So what happened today?\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH, PRIVCO CEO\u003c/strong>: The first trade was expected to go at 10am ET; at 9:15 early indications of the first clearing price was $45 per share. Once that price hit the tape, a lot of new sell orders came in hoping to get that price. That gradually kept ticking the shares down, unexpectedly. So they changed the first trade to 11 a.m.\u003c/p>\n\u003caside class=\"pullquote alignleft\">\n\u003cp>Obviously this is an enormous disappointment for people in the Bay Area... I think this probably represents the closing of the IPO window for awhile...\u003c/p>\n\u003c/aside>\n\u003cp>Throughout the day it seemed like a lot of people got extremely nervous. A lot of people were expecting an easy flip, that the stock could go up 50% or maybe 100%, and once that clearly wasn't happening, it very rapidly started to approach the IPO price of $38 per share. The underwriters actually had to step in and put in what are called supporting bids.\u003c/p>\n\u003cp>It's a standard part of the agreement that if necessary, underwriters will step in with their own capital and provide liquidity in the first hours or couple of days of trading.\u003c/p>\n\u003cp>All through the last half hour of trading you saw it trading consistently at 38,38.01, and all those buy orders were coming from the underwriters. They were effectively artificially supporting the price. Without them stepping in, the stock would have clearly dropped below the IPO price in what's called on Wall street a busted IPO, a trade below the offering price.\u003c/p>\n\u003cp>It's a big disappointment for almost anybody. But I can't say we were shocked given it was so overvalued.\u003c/p>\n\u003cp>As to why this happened, one of the missteps was first raising the price range. That clearly would have left some upside for other people. They got a little too greedy. Then two days ago, increasing the total offering by 25%, adding another $4 billion dollars-plus to this offering, really left almost no one left who didn't get to buy. And without anyone left, there just wasn't the demand there to support the stock. Very stunning development for most observers. \u003c!--more-->\u003c/p>\n\u003cp>\u003cstrong>JON BROOKS\u003c/strong>: How common is it for underwriters to have to step in to support the price?\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong>: It's not unusual to make the guarantee, but it is unusual to have to make good on it. The last major example is Zynga's IPO in December, when it went public at 10, shares immediately started plummeting and underwriters stepped in with a supporting bid at 9. It closed just above 9 per share. Still a busted IPO.\u003c/p>\n\u003cp>Clearly they had to step in today, and it augurs poorly for what will happen to the stock once that implicit guarantee goes away.\u003c/p>\n\u003cp>One thing to keep in mind, with an $18 billion float, there were 550 million shares traded today, which was bigger than the offering. That means every share traded hands 1 ½ times. The underwriting fee pool was only $190 million. So the underwriters can't risk more than they made on the deal. Their ability to keep it at $38 was very limited by just the size of it.\u003c/p>\n\u003cp>\u003cstrong>JON BROOKS\u003c/strong>: What about the dive in related social media stocks like Zynga, Pandora, and LinkedIn? How do you interpret that?\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong>: There's no question that companies had risen the last couple of weeks based on an expected Facebook IPO pop, or at least not fallen as much as they otherwise would have. I think a lot of investors got nervous once it became clear this pop wasn't coming; you saw a lot of shorting on those stocks.\u003c/p>\n\u003cp>Facebook isn't shortable; it doesn't have options that trade on it. So if you're trying to hedge, or lets' say you're an employee or an early investor and your shares are locked up for the next six months, the way to bet against Facebook would be to sell other companies as proxy investments.\u003c/p>\n\u003cp>Zynga is probably the closest proxy investment, given that some 11 to 12 percent of Facebook's revenues come from Zynga. Around 11:30 a.m., shortly after it became clear that this pop was going to not be a pop but in fact be a fizzle, massive short positions were initiated. In particular, one large hedge fund placed a massive negative bet on Zynga and it caused it to crash 14 percent in a matter of literally 60 seconds. When that happened it triggered Nasdaq rules to halt trading temporarily in any stock that falls over 10 percent in less than five mintues. That happened twice to Zynga today.\u003c/p>\n\u003cp>Clearly people wanted to get out of Facebook or at least hedge their position in it, and Zynga and some of the other social media stocks were the closest proxy investments to make bets against Facebook.\u003c/p>\n\u003cp>\u003cstrong>JON BROOKS\u003c/strong>: So do you think this is the official popping of whatever bubble there was?\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong>: Obviously this is an enormous disappointment for people in the Bay Area. Even if they didn't have stock in Facebook, they at least have stakes indirectly in social media companies they were hoping would get acquired, would be able to go public in the summer or after Labor Day, and the halo effect was supposed to carry into Spotify, Branchout, Airbnb and so forth.\u003c/p>\n\u003cp>I think to us at PrivCo this probably represents the closing of the IPO window for awhile, and any company that's going to try to go public is going to have to dial back on the proportion of the IPO that represents insider sales. Facebook got pretty greedy at the end, with 57 percent of the offering going to insider selling. That's a remarkable percentage. There's only two other IPOs in the past year according to our tracking that had more than 50 percent of the IPO go to insiders.\u003c/p>\n\u003cp>Second, no more raising the price range every few days. Third, no more raising the amount of shares being offered. All those games are over. Clearly Facebook overreached. I don't think this is the headline people wanted going into tomorrow's newspaper.\u003c/p>\n\u003cp>\u003cstrong>JON BROOKS\u003c/strong>: What happens Monday?\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong>: Morgan Stanley looks horrible right now. The Nasdaq looks horrible. There are people who own IPO shares or bought this morning – they \u003ca href=\"http://www.washingtonpost.com/national/nasdaq-glitch-delays-some-investors-of-facebook-ipo-from-knowing-if-trades-were-completed/2012/05/18/gIQAFY8MZU_story.html\">haven't even received trade confirmations\u003c/a> yet. There are millions of shares traded that aren't even technically cleared yet.\u003c/p>\n\u003cp>Nasdaq did make extra efforts to do a dress rehearsal, looping in all of the regional exchanges affiliated with it. But even with that you had some major hiccups, the trades not clearing, the delay in the opening, the Zynga flash crash. Morgan Stanley's embarrassed, Nasdaq's embarrassed. I think they're going to blame Facebook. They'll say these guys wer pulled kicking and screaming into this process. Mark Zuckerberg only showed up for two of the roadshow stops and barely took questions. He didn'teven bother to put on a dress shirt.\u003c/p>\n\u003cp>It was a massive IPO, 550 million shares traded, a new record. They're going to blame Facebook management.\u003c/p>\n\u003cp>And they made big compromises. Nasdaq gave Facebook a two –digit ticker symbol -- Nasdaq stocks are typically a four digits. They agreed to put them in the Nasdaq 100 a year early. They changed the rules just for Facebook, to get the deal. Morgan Stanley took a massive cut in fees. The fees for this deal were only 1.1 percent; the average IPO fees are between 5 and 8 percent of a deal. They did this becase they were hoping new tech IPOs would come to Nasdaq, Morgan Stanley would have bragging rights, getting it done and everyone making money. That's all gone now mostly. None of us watching are saying this is a beautifully executed day.\u003c/p>\u003c/blockquote>\n\u003cp>Well, not everyone was so glum. Some \u003ca href=\"http://storify.com/kqednews/facebook-ipo-it-s-complicated\">other reactions from around the web\u003c/a>, Storified by KQED's Ian Hill.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>Also take a look at our Fill in the Blank exercise: I think Faceboo's $104 billion valuation is...\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cp>\u003ca href=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/facebook-logo3.jpg\">\u003cimg class=\"alignright size-medium wp-image-65780\" title=\"facebook-logo\" src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/facebook-logo3-300x112.jpg\" alt=\"\" width=\"228\" height=\"85\">\u003c/a>On their first day of trading, Facebook shares finished at $38.23, just about a half-percent above their opening price.\u003c/p>\n\u003cp>From AP:\u003c/p>\n\u003cblockquote>\u003cp>That means Facebook is worth about $104 billion, more than Amazon.com, McDonalds and storied Silicon Valley icons Hewlett-Packard and Cisco. But as many people looked for a big first-day pop in Facebook's share price, the single-digit increase was somewhat of a letdown.\u003c/p>\n\u003cp>``It wasn't quite as exciting as it could have been,'' said Nick Einhorn, an analyst with IPO advisory firm Renaissance Capital. ``But I don't think we should view it as a failure.''\u003c/p>\u003c/blockquote>\n\u003cp>Sam Hamadeh of PrivCo, an IPO research firm based in New York, doesn't quite see it that way. The other day he gave us \u003ca href=\"http://ww2.kqed.org/news/2012/05/16/analysis-facebook-ipo-worth-25-per-share/\">seven reasons not to buy Facebook\u003c/a>, and he thinks today's debut is a big fizzle. Here's one thing he had to say:\u003c/p>\n\u003cblockquote>\u003cp>The market was stunned that the underwriters actually had to step in with \"supporting bids\" to keep Facebook stock from falling below $38/share.\u003c/p>\u003c/blockquote>\n\u003cp>Will put up my interview with Hamadeh, after the market closed, shortly.\u003c/p>\n\u003cp>So...has the bubble popped? Tumbling badly today, these local companies:\u003c/p>\n\u003cul>\n\u003cli>\u003ca href=\"http://finance.yahoo.com/q?s=LNKD&ql=0\">LinkedIn\u003c/a> - down 6 percent\u003c/li>\n\u003cli>\u003ca href=\"http://finance.yahoo.com/q?s=yelp&ql=1\">Yelp\u003c/a> - down 12 percent\u003c/li>\n\u003cli>\u003ca href=\"http://finance.yahoo.com/q?s=P\">Pandora\u003c/a> down 7 percent\u003c/li>\n\u003cli>\u003ca href=\"http://finance.yahoo.com/q?s=ZNGA\">Zynga\u003c/a>- down 13 percent, trading halted twice\u003c/li>\n\u003cli>\n\u003c/ul>\n\u003cp>Hamadeh says many traders used short positions on these securities as a hedge against their Facebook shares, since Facebook stock is not shortable yet.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>\u003c!--more-->\u003c/p>\n\u003cp>\u003ca href=\"http://www.bloomberg.com/tv/\">\u003cstrong>Live coverage from Bloomberg TV here\u003c/strong>\u003c/a>.\u003c/p>\n\u003cp> \u003c/p>\n\u003cp>More \u003ca href=\"http://www.cnbc.com/id/24494689/\">live coverage, from CNBC\u003c/a>.\u003c/p>\n\u003cp>\u003ca href=\"http://www.coveritlive.com/mobile.php/option=com_mobile/task=viewaltcast/altcast_code=c2d4dd14e7\">Tweets\u003c/a> from journalists and others following today's Big Bang... Click on the play button to activate the stream...\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>\u003ciframe src=\"http://www.coveritlive.com/index2.php/option=com_altcaster/task=viewaltcast/altcast_code=c2d4dd14e7/height=550/width=470\" frameborder=\"0\" scrolling=\"no\" width=\"470px\" height=\"550px\">\u003c/iframe>\u003c/p>\n\n",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>\u003ca href=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/facebook-logo3.jpg\">\u003cimg class=\"alignright size-medium wp-image-65780\" title=\"facebook-logo\" src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/facebook-logo3-300x112.jpg\" alt=\"\" width=\"228\" height=\"85\">\u003c/a>On their first day of trading, Facebook shares finished at $38.23, just about a half-percent above their opening price.\u003c/p>\n\u003cp>From AP:\u003c/p>\n\u003cblockquote>\u003cp>That means Facebook is worth about $104 billion, more than Amazon.com, McDonalds and storied Silicon Valley icons Hewlett-Packard and Cisco. But as many people looked for a big first-day pop in Facebook's share price, the single-digit increase was somewhat of a letdown.\u003c/p>\n\u003cp>``It wasn't quite as exciting as it could have been,'' said Nick Einhorn, an analyst with IPO advisory firm Renaissance Capital. ``But I don't think we should view it as a failure.''\u003c/p>\u003c/blockquote>\n\u003cp>Sam Hamadeh of PrivCo, an IPO research firm based in New York, doesn't quite see it that way. The other day he gave us \u003ca href=\"http://ww2.kqed.org/news/2012/05/16/analysis-facebook-ipo-worth-25-per-share/\">seven reasons not to buy Facebook\u003c/a>, and he thinks today's debut is a big fizzle. Here's one thing he had to say:\u003c/p>\n\u003cblockquote>\u003cp>The market was stunned that the underwriters actually had to step in with \"supporting bids\" to keep Facebook stock from falling below $38/share.\u003c/p>\u003c/blockquote>\n\u003cp>Will put up my interview with Hamadeh, after the market closed, shortly.\u003c/p>\n\u003cp>So...has the bubble popped? Tumbling badly today, these local companies:\u003c/p>\n\u003cul>\n\u003cli>\u003ca href=\"http://finance.yahoo.com/q?s=LNKD&ql=0\">LinkedIn\u003c/a> - down 6 percent\u003c/li>\n\u003cli>\u003ca href=\"http://finance.yahoo.com/q?s=yelp&ql=1\">Yelp\u003c/a> - down 12 percent\u003c/li>\n\u003cli>\u003ca href=\"http://finance.yahoo.com/q?s=P\">Pandora\u003c/a> down 7 percent\u003c/li>\n\u003cli>\u003ca href=\"http://finance.yahoo.com/q?s=ZNGA\">Zynga\u003c/a>- down 13 percent, trading halted twice\u003c/li>\n\u003cli>\n\u003c/ul>\n\u003cp>Hamadeh says many traders used short positions on these securities as a hedge against their Facebook shares, since Facebook stock is not shortable yet.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"disqusTitle": "Analysis: 7 Reasons to Sit Out Facebook IPO, Including What Shares Are Currently Worth",
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"content": "\u003cp>\u003ca href=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/facebook-logo2.jpg\">\u003cimg class=\"alignright size-medium wp-image-65491\" title=\"facebook-logo\" src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/facebook-logo2-300x112.jpg\" alt=\"\" width=\"300\" height=\"112\">\u003c/a>Wow I almost got out of here without doing a post on Facebook. That company's shares, you may have heard, will start trading on Friday in the most anticipated IPO since someone first trotted out the wheel in 8,000 B.C.\u003c/p>\n\u003cp>There may be good reasons to buy Facebook stock besides the fact that a desperate California is counting on taxes generated from the IPO to help cobble together a budget. Facebook set the per-share range at $34 to $38, but yesterday the \u003ca href=\"http://ww2.kqed.org/news/2012/05/15/laos-target-price-for-facebook-45-per-share/\">Legislative Analyst's Office calculated state revenue for the next year assuming a share price of $45\u003c/a> six months out. At least \u003ca href=\"http://www.thestreet.com/quote/FB/details/analyst-ratings.html\">two stock analysts\u003c/a> -- not from the government -- are already \u003ca href=\"http://blogs.wsj.com/deals/2012/05/07/analysts-offer-bullish-views-on-facebook-ahead-of-ipo/\">bullish\u003c/a> on the 'Book, having weighed in with Buy ratings.\u003c/p>\n\u003cp>Sam Hamadeh is not one of them. He's the CEO of PrivCo, an IPO research firm based in New York. His advice: If on Friday you've got your finger on the buy button, take a cold shower or play some \u003ca href=\"http://apps.facebook.com/wordswithfriends/tracks.php?src=community&aff=wwfdotcom&crt=playnow\">Words With Friends\u003c/a> instead. His reasons why in this \u003ca href=\"http://www.kqed.org/news/story/2012/05/16/94242/listen_up_facebook_bulls_a_bear_speaks?category=bay+area\">interview\u003c/a> with KQED's Cy Musiker today...\u003c/p>\n\u003cblockquote>\u003cp>\u003cstrong>CY MUSIKER\u003c/strong>: One reason you're bearish: You did an analysis based on the company's 1st quarter results. You noted Facebook is having trouble making money off of advertising on mobile devices. Why is that an issue?\u003c/p>\n\u003caside class=\"pullquote alignleft\">Reasons to sit out the IPO\n\u003col>\n\u003cli>FB doesn't have good way to monetize mobile users yet, and more than half of users access the site that way.\u003c/li>\n\u003cli>FB costs are growing much faster than revenues.\u003c/li>\n\u003cli>Much of FB's growth in users coming from developing nations, which advertisers don't pay to target.\u003c/li>\n\u003cli>FB has been unable to show advertisers a direct translation from ads-viewed to purchases.\u003c/li>\n\u003cli>Increase in insider selling may be worrisome.\u003c/li>\n\u003cli>Most recent tech IPOs have tanked.\u003c/li>\n\u003cli>Current FB valuation should be $25 per share.\u003c/li>\n\u003c/ol>\n\u003c/aside>\n\u003cp>\u003cstrong>PRIVCO'S SAM HAMADEH\u003c/strong>: It's an issue because what we saw in the 1st quarter is that Facebook had its slowest revenue growth rate in its history, and in fact it showed one of the only quarter-to-quarter revenue declines in advertising in Facebook history. Facebook's ad revenue fell from the 4th quarter of 2011 to the 1st quarter of this year.\u003c/p>\n\u003cp>And one of the key reasons is that more and more users are accessing Facebook on mobile devices. Just based on space limitations, mobile devices can't show those seven ads per page that Facebook has been used to. It's a real issue.\u003c/p>\n\u003cp>\u003cstrong>CY MUSIKER\u003c/strong>: And more than one-half of users logon via smartphones and tablets.\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong>: That's correct, and as Facebook said in a recent filing late last week the move to mobile is happening much more rapidly and has caught Facebook off-guard. At this time Facebook doesn't have any strong ability to monetize mobile users the same way they do on the website. And so this rapid shift has continued in the 2nd quarter and they don’t see it abating anytime soon, if ever.\u003c/p>\n\u003cp>\u003cstrong>CY MUSIKER\u003c/strong>: You also raised a red flag in that much of the growth in Facebook users is coming from developing nations…\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong> That's a two-sided coin. On the one hand it represents an opportunity, of course. They're moving into developing markets early, countries like Cambodia, Nigeria, Vietnam. The downside is that those are cost centers for Facebook. Those users still upload photos and videos costing Facebook money to host them -- in fact we saw in the first quarter that Facebook's data server and hosting costs almost doubled from the prior quarter despite revenue growing just under 50%. \u003c!--more-->\u003c/p>\n\u003cp>So costs for Facebook are growing much faster than revenues, and one of the main reasons is that so many of the new users are coming from developing countries, and advertisers just don't pay to target those people at this point, or will any time soon really.\u003c/p>\n\u003cp>\u003cstrong>CY MUSIKER\u003c/strong>: A poll this week found Facebook users are reluctant to make purchases by clicking on Facebook ads, and GM announced yesterday that it plans to stop spending 10 million dollars on Facebook ads. Is that significant?\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong>: I can't think of a worse time for GM to make that announcement. To have right before the IPO one of the three biggest advertisers in America come out and say it's cancelling it's entire $10 million advertising spend is embarrassing to Facebook and of course it's concerning. A lot of advertisers look to those big advertisers like GM as sort of leadership to guide them where to spend their money.\u003c/p>\n\u003cp>\u003cstrong>CY MUSIKER\u003c/strong>: But \u003ca href=\"http://www.clickz.com/clickz/news/2174988/unlike-gm-ford-bullish-facebook-ads\">Ford mocked GM's decision\u003c/a>, and a lot of advertisers are entranced with the way Facebook lets them target their ads so effectively, because users voluntarily reveal so much about themselves.\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong>: I would say it's a mixed bag. There's no question a lot of advertisers feel like they have to be doing something on Facebook at a minimum, a little bit of spend just for learning. But the problem is that for the most part Facebook has been unable to show a direct translation from ads viewed to actual purchases. At some point they have to come up with more data and metrics the same way Google does and Nielsen does for TV advertising. They have to be able to show direct return on investment to advertisers.\u003c/p>\n\u003cp>\u003cstrong>CY MUSIKER\u003c/strong>: The \u003ca href=\"http://online.wsj.com/article/SB10001424052702303448404577407774136362662.html\">Wall Street Journal reports\u003c/a> a number of insiders are selling a significant share of their holdings. That includes some Facebook directors. Are they bailing on the company or just taking advantage of a chance for profits?\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong>: I think it's a combination of things. A good chunk of insider selling is tax-related. Zuckerberg is selling roughly $1 billion of stock into the IPO, but he's using some $900 million of it to pay taxes to California and the federal government. He is pocketing $142 million by PrivCo calculations.\u003c/p>\n\u003cp>But there is a lot of selling going on. It's starting to get to the point where it should be a little bit of a warning sign. At the same time, with demand being there, you can't really blame people for taking money off the table, especially at such a high valuation.\u003c/p>\n\u003cp>\u003cstrong>CY MUSIKER\u003c/strong>: In regard to recent tech IPOs, like Groupon, Yelp, etc., how well have investors done who have gotten in the first few days or weeks?\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong>: Except for LinkedIn, which has performed exceedingly well, every other company has performed quite poorly. Every investor who bought Groupon, Zynga, Pandora, etc on the first day of trading has lost money.\u003c/p>\n\u003cp>It's something to keep in mind: Just because a company is a good company doesn't make it a good investment. And I think people really should be cautious at such an expensive valuation for Facebook. You can still like Facebook and the trend it represents without buying it as an investment.\u003c/p>\n\u003cp>\u003cstrong>CY MUSIKER\u003c/strong>: What would you pay for Facebook shares?\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong>: PrivCo values it at $25 per share using pretty standard investment-banking-type methodologies. That's the fair value of Facebook stock today. Anything above that now would indicate overvaluation and a reason to sell not buy.\u003c/p>\n\u003cp>It will go to market around $38 and will probably open for trading well above that. Even if you're tempted to buy shares on the first day, use a limit order. At least set an upper limit, whether that's $45 or $50 so that you suddenly don't find yourself buying shares at $100 without realizing it.\u003c/p>\n\u003cp>\u003cstrong>CY MUSIKER\u003c/strong>: Are there signs of shorting yet?\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong>: Not a lot of signs of that. It would be a very risky short. If someone were to short, you might want to go long in what's called a pair trade. If you went short on Facebook, you'd go long on another company like a Google or a LinkedIn, without recommending a specific stock, so that if social media goes up, you have a hedge against it.\u003c/p>\u003c/blockquote>\n\u003cp>[ad fullwidth]\u003c/p>\u003cp>[ad floatright]\u003c/p>\n",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>\u003ca href=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/facebook-logo2.jpg\">\u003cimg class=\"alignright size-medium wp-image-65491\" title=\"facebook-logo\" src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/facebook-logo2-300x112.jpg\" alt=\"\" width=\"300\" height=\"112\">\u003c/a>Wow I almost got out of here without doing a post on Facebook. That company's shares, you may have heard, will start trading on Friday in the most anticipated IPO since someone first trotted out the wheel in 8,000 B.C.\u003c/p>\n\u003cp>There may be good reasons to buy Facebook stock besides the fact that a desperate California is counting on taxes generated from the IPO to help cobble together a budget. Facebook set the per-share range at $34 to $38, but yesterday the \u003ca href=\"http://ww2.kqed.org/news/2012/05/15/laos-target-price-for-facebook-45-per-share/\">Legislative Analyst's Office calculated state revenue for the next year assuming a share price of $45\u003c/a> six months out. At least \u003ca href=\"http://www.thestreet.com/quote/FB/details/analyst-ratings.html\">two stock analysts\u003c/a> -- not from the government -- are already \u003ca href=\"http://blogs.wsj.com/deals/2012/05/07/analysts-offer-bullish-views-on-facebook-ahead-of-ipo/\">bullish\u003c/a> on the 'Book, having weighed in with Buy ratings.\u003c/p>\n\u003cp>Sam Hamadeh is not one of them. He's the CEO of PrivCo, an IPO research firm based in New York. His advice: If on Friday you've got your finger on the buy button, take a cold shower or play some \u003ca href=\"http://apps.facebook.com/wordswithfriends/tracks.php?src=community&aff=wwfdotcom&crt=playnow\">Words With Friends\u003c/a> instead. His reasons why in this \u003ca href=\"http://www.kqed.org/news/story/2012/05/16/94242/listen_up_facebook_bulls_a_bear_speaks?category=bay+area\">interview\u003c/a> with KQED's Cy Musiker today...\u003c/p>\n\u003cblockquote>\u003cp>\u003cstrong>CY MUSIKER\u003c/strong>: One reason you're bearish: You did an analysis based on the company's 1st quarter results. You noted Facebook is having trouble making money off of advertising on mobile devices. Why is that an issue?\u003c/p>\n\u003caside class=\"pullquote alignleft\">Reasons to sit out the IPO\n\u003col>\n\u003cli>FB doesn't have good way to monetize mobile users yet, and more than half of users access the site that way.\u003c/li>\n\u003cli>FB costs are growing much faster than revenues.\u003c/li>\n\u003cli>Much of FB's growth in users coming from developing nations, which advertisers don't pay to target.\u003c/li>\n\u003cli>FB has been unable to show advertisers a direct translation from ads-viewed to purchases.\u003c/li>\n\u003cli>Increase in insider selling may be worrisome.\u003c/li>\n\u003cli>Most recent tech IPOs have tanked.\u003c/li>\n\u003cli>Current FB valuation should be $25 per share.\u003c/li>\n\u003c/ol>\n\u003c/aside>\n\u003cp>\u003cstrong>PRIVCO'S SAM HAMADEH\u003c/strong>: It's an issue because what we saw in the 1st quarter is that Facebook had its slowest revenue growth rate in its history, and in fact it showed one of the only quarter-to-quarter revenue declines in advertising in Facebook history. Facebook's ad revenue fell from the 4th quarter of 2011 to the 1st quarter of this year.\u003c/p>\n\u003cp>And one of the key reasons is that more and more users are accessing Facebook on mobile devices. Just based on space limitations, mobile devices can't show those seven ads per page that Facebook has been used to. It's a real issue.\u003c/p>\n\u003cp>\u003cstrong>CY MUSIKER\u003c/strong>: And more than one-half of users logon via smartphones and tablets.\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong>: That's correct, and as Facebook said in a recent filing late last week the move to mobile is happening much more rapidly and has caught Facebook off-guard. At this time Facebook doesn't have any strong ability to monetize mobile users the same way they do on the website. And so this rapid shift has continued in the 2nd quarter and they don’t see it abating anytime soon, if ever.\u003c/p>\n\u003cp>\u003cstrong>CY MUSIKER\u003c/strong>: You also raised a red flag in that much of the growth in Facebook users is coming from developing nations…\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong> That's a two-sided coin. On the one hand it represents an opportunity, of course. They're moving into developing markets early, countries like Cambodia, Nigeria, Vietnam. The downside is that those are cost centers for Facebook. Those users still upload photos and videos costing Facebook money to host them -- in fact we saw in the first quarter that Facebook's data server and hosting costs almost doubled from the prior quarter despite revenue growing just under 50%. \u003c!--more-->\u003c/p>\n\u003cp>So costs for Facebook are growing much faster than revenues, and one of the main reasons is that so many of the new users are coming from developing countries, and advertisers just don't pay to target those people at this point, or will any time soon really.\u003c/p>\n\u003cp>\u003cstrong>CY MUSIKER\u003c/strong>: A poll this week found Facebook users are reluctant to make purchases by clicking on Facebook ads, and GM announced yesterday that it plans to stop spending 10 million dollars on Facebook ads. Is that significant?\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong>: I can't think of a worse time for GM to make that announcement. To have right before the IPO one of the three biggest advertisers in America come out and say it's cancelling it's entire $10 million advertising spend is embarrassing to Facebook and of course it's concerning. A lot of advertisers look to those big advertisers like GM as sort of leadership to guide them where to spend their money.\u003c/p>\n\u003cp>\u003cstrong>CY MUSIKER\u003c/strong>: But \u003ca href=\"http://www.clickz.com/clickz/news/2174988/unlike-gm-ford-bullish-facebook-ads\">Ford mocked GM's decision\u003c/a>, and a lot of advertisers are entranced with the way Facebook lets them target their ads so effectively, because users voluntarily reveal so much about themselves.\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong>: I would say it's a mixed bag. There's no question a lot of advertisers feel like they have to be doing something on Facebook at a minimum, a little bit of spend just for learning. But the problem is that for the most part Facebook has been unable to show a direct translation from ads viewed to actual purchases. At some point they have to come up with more data and metrics the same way Google does and Nielsen does for TV advertising. They have to be able to show direct return on investment to advertisers.\u003c/p>\n\u003cp>\u003cstrong>CY MUSIKER\u003c/strong>: The \u003ca href=\"http://online.wsj.com/article/SB10001424052702303448404577407774136362662.html\">Wall Street Journal reports\u003c/a> a number of insiders are selling a significant share of their holdings. That includes some Facebook directors. Are they bailing on the company or just taking advantage of a chance for profits?\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong>: I think it's a combination of things. A good chunk of insider selling is tax-related. Zuckerberg is selling roughly $1 billion of stock into the IPO, but he's using some $900 million of it to pay taxes to California and the federal government. He is pocketing $142 million by PrivCo calculations.\u003c/p>\n\u003cp>But there is a lot of selling going on. It's starting to get to the point where it should be a little bit of a warning sign. At the same time, with demand being there, you can't really blame people for taking money off the table, especially at such a high valuation.\u003c/p>\n\u003cp>\u003cstrong>CY MUSIKER\u003c/strong>: In regard to recent tech IPOs, like Groupon, Yelp, etc., how well have investors done who have gotten in the first few days or weeks?\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong>: Except for LinkedIn, which has performed exceedingly well, every other company has performed quite poorly. Every investor who bought Groupon, Zynga, Pandora, etc on the first day of trading has lost money.\u003c/p>\n\u003cp>It's something to keep in mind: Just because a company is a good company doesn't make it a good investment. And I think people really should be cautious at such an expensive valuation for Facebook. You can still like Facebook and the trend it represents without buying it as an investment.\u003c/p>\n\u003cp>\u003cstrong>CY MUSIKER\u003c/strong>: What would you pay for Facebook shares?\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong>: PrivCo values it at $25 per share using pretty standard investment-banking-type methodologies. That's the fair value of Facebook stock today. Anything above that now would indicate overvaluation and a reason to sell not buy.\u003c/p>\n\u003cp>It will go to market around $38 and will probably open for trading well above that. Even if you're tempted to buy shares on the first day, use a limit order. At least set an upper limit, whether that's $45 or $50 so that you suddenly don't find yourself buying shares at $100 without realizing it.\u003c/p>\n\u003cp>\u003cstrong>CY MUSIKER\u003c/strong>: Are there signs of shorting yet?\u003c/p>\n\u003cp>\u003cstrong>SAM HAMADEH\u003c/strong>: Not a lot of signs of that. It would be a very risky short. If someone were to short, you might want to go long in what's called a pair trade. If you went short on Facebook, you'd go long on another company like a Google or a LinkedIn, without recommending a specific stock, so that if social media goes up, you have a hedge against it.\u003c/p>\u003c/blockquote>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cp>\u003ca href=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/facebook-logo1.jpg\">\u003cimg src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/05/facebook-logo1-300x112.jpg\" alt=\"\" title=\"facebook-logo\" width=\"300\" height=\"112\" class=\"alignright size-medium wp-image-65381\">\u003c/a>\u003ca href=\"https://www.google.com/search?q=facebook+ipo\">Speaking of the Big Facebook Bang\u003c/a>, the California Legislative Analyst's Office \u003ca href=\"http://www.lao.ca.gov/laoapp/budgetlist/PublicSearch.aspx?Yr=2012&KeyCol=596\">upped the estimate of the amount California will reap from the company going public\u003c/a>. The LAO puts the figure at $2.1 billion over the next 13 months if Governor Brown's tax plan passes in November. Without the higher tax rates, the amount falls to $1.6 billion. The governor's May budget revise assumed just $1.9 billion in Facebook revenue with the higher tax rates, and $1.4 billion under the current system. \u003c/p>\n\u003cp>The LAO calculated its totals by assuming a $38 IPO share price, rising to $45 in six months.\u003c/p>\n\u003cp>Facebook today \u003ca href=\"http://news.yahoo.com/facebook-ipo-bring-cash-change-025946510.html\">raised its IPO price\u003c/a> to between $34 to $38 per share, up from $28 to $35. Shares start trading on the Nasdaq on Friday, under the ticker symbol \u003cdel datetime=\"2012-05-15T22:54:58+00:00\">ZUCK\u003c/del> (Ha ha; the symbol is FB.)\u003c/p>\n\u003cp>\"The Facebook IPO is a really large set of financial transactions, and a large portion of the beneficiaries of those transactions live and work in California where Facebook is headquartered,\" Jason Sisney of the LAO's office told KQED's Peter Jon Shuler today. \"And so for the state of California that means these transactions will generate significant personal income tax revenues in the next few months. They will be a lot more if the share price climbs rapidly and stays there...and if more of those Facebook insiders are California taxpayers. We don't know for sure how many of them are, and we don't know for sure how many of them will undertake stock transactions related to the IPO. But we know enough from the filings to know the state revenue impact is going to be substantial. The key question is how big.\" \u003c!--more-->\u003c/p>\n\u003cp>Sisney said the most important factor determining the amount flowing into state coffers is what the share price is about six months from now, when a large volume of \u003ca href=\"https://scs.fidelity.com/webxpress/help/topics/learn_rsus.shtml\">restricted stock units\u003c/a> become exercisable. \"Those are likely to generate the bulk of the taxable income that would produce state revenues in the next year,\" Sisney said. \u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>Sisney also said that under certain scenarios, the state's take could be $1-2 billion dollars greater. \"If the share price were higher or if there were a lot more transactions by Californians than we guessed in this estimate,\" he said.\u003c/p>\n\u003cp>Hmmm, sounds a little like a CNBC analyst, \u003ca href=\"http://en.wikipedia.org/wiki/Dot-com_bubble\">circa 1999\u003c/a>. \u003c/p>\n\u003cp>Meanwhile, the general public is not quite so Facebook bullish. \u003ca href=\"http://www.marketplace.org/topics/business/many-americans-view-facebook-fad\">Marketplace reports\u003c/a>...\u003c/p>\n\u003cp>\u003ciframe src=\"http://www.marketplace.org/node/54342/player/storyplayer\" width=\"650\" height=\"200\" scrolling=\"no\">\u003c/iframe>\u003c/p>\n\u003cp>\u003cstrong>Update 4:15 p.m\u003c/strong>: \u003ca href=\"http://www.marketplace.org/topics/business/facebook-gets-pricier-some-pros-skip-ipo\">And some stock pros as well\u003c/a>...\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>\u003ciframe src=\"http://www.marketplace.org/node/54355/player/storyplayer\" width=\"650\" height=\"200\" scrolling=\"no\">\u003c/iframe>\u003c/p>\n\n",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>Sisney also said that under certain scenarios, the state's take could be $1-2 billion dollars greater. \"If the share price were higher or if there were a lot more transactions by Californians than we guessed in this estimate,\" he said.\u003c/p>\n\u003cp>Hmmm, sounds a little like a CNBC analyst, \u003ca href=\"http://en.wikipedia.org/wiki/Dot-com_bubble\">circa 1999\u003c/a>. \u003c/p>\n\u003cp>Meanwhile, the general public is not quite so Facebook bullish. \u003ca href=\"http://www.marketplace.org/topics/business/many-americans-view-facebook-fad\">Marketplace reports\u003c/a>...\u003c/p>\n\u003cp>\u003ciframe src=\"http://www.marketplace.org/node/54342/player/storyplayer\" width=\"650\" height=\"200\" scrolling=\"no\">\u003c/iframe>\u003c/p>\n\u003cp>\u003cstrong>Update 4:15 p.m\u003c/strong>: \u003ca href=\"http://www.marketplace.org/topics/business/facebook-gets-pricier-some-pros-skip-ipo\">And some stock pros as well\u003c/a>...\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>\u003ciframe src=\"http://www.marketplace.org/node/54355/player/storyplayer\" width=\"650\" height=\"200\" scrolling=\"no\">\u003c/iframe>\u003c/p>\n\n\u003c/div>\u003c/p>",
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"content": "\u003cp>NEW YORK (AP) Facebook is reporting, ahead of its initial public offering, expected in May, that its first-quarter net income fell as its revenue rose by comparison with a year earlier.\u003c/p>\n\u003cp>\u003ca href=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/04/facebook-logo.jpg\">\u003cimg src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/04/facebook-logo-300x112.jpg\" alt=\"\" title=\"facebook-logo\" width=\"300\" height=\"112\" class=\"alignleft size-medium wp-image-63133\">\u003c/a>Facebook Inc. said in a regulatory filing on Monday that its net income fell 12 percent to $233 million from $205 million in the three months that ended March 31. Net income attributable to common shareholders fell to $137 million from $153 million. That amounts to earnings of 9 cents per share in the latest quarter, down from 11 cents a year earlier.\u003c/p>\n\u003cp>The company said that higher expenses pushed down its earnings as its revenue rose 45 percent to $1.06 billion.\u003c/p>\n\u003cp>Facebook says it had 901 million monthly active users as of March 31, up from 680 million a year earlier.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\u003cp>\u003c/p>\n",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>NEW YORK (AP) Facebook is reporting, ahead of its initial public offering, expected in May, that its first-quarter net income fell as its revenue rose by comparison with a year earlier.\u003c/p>\n\u003cp>\u003ca href=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/04/facebook-logo.jpg\">\u003cimg src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/04/facebook-logo-300x112.jpg\" alt=\"\" title=\"facebook-logo\" width=\"300\" height=\"112\" class=\"alignleft size-medium wp-image-63133\">\u003c/a>Facebook Inc. said in a regulatory filing on Monday that its net income fell 12 percent to $233 million from $205 million in the three months that ended March 31. Net income attributable to common shareholders fell to $137 million from $153 million. That amounts to earnings of 9 cents per share in the latest quarter, down from 11 cents a year earlier.\u003c/p>\n\u003cp>The company said that higher expenses pushed down its earnings as its revenue rose 45 percent to $1.06 billion.\u003c/p>\n\u003cp>Facebook says it had 901 million monthly active users as of March 31, up from 680 million a year earlier.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cp>NEW YORK (AP) — Facebook is spending $1 billion to buy the photo-sharing company \u003ca href=\"http://instagr.am/\">Instagram\u003c/a>.\u003c/p>\n\u003cp>\u003ca href=\"http://instagr.am/\">\u003cimg src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/04/instagram.png\" alt=\"\" title=\"instagram\" width=\"120\" height=\"180\" class=\"alignleft size-full wp-image-61612\">\u003c/a>Instagram lets people apply filters to photos they snap with their mobile devices and share them with friends and strangers. Some of the filters make the photos look as if they've been taken in the 1970s or on Polaroid cameras.\u003c/p>\n\u003caside class=\"pullquote alignleft\">\n\u003cul>\n\u003cli>\u003ca href=\"https://www.facebook.com/zuck\">Mark Zuckerberg shares the news on his Facebook page\u003c/a>\u003c/li>\n\u003cli>\u003ca href=\"http://blog.instagram.com/post/20785013897/instagram-facebook\">Message from Instagram CEO Kevin Systrom\u003c/a>\n\u003c/li>\u003c/ul>\n\u003c/aside>\n\u003cp>``This is an important milestone for Facebook because it's the first time we've ever acquired a product and company with so many users,'' CEO Mark Zuckerberg wrote on his Facebook page. ``We don't plan on doing many more\u003cbr>\nof these, if any at all.''\u003c/p>\n\u003cp>Facebook said it plans to keep Instagram running independently. That's a departure from its tendency to buy small startups and integrate the technology or shut them down altogether just so it can hire talented engineers and developers.\u003c/p>\n\u003cp>``We think the fact that Instagram is connected to other services beyond Facebook is an important part of the experience,'' Zuckerberg wrote. ``We plan on keeping features like the ability to post to other social networks, the ability to not share your Instagrams on Facebook if you want, and the ability to have followers and follow people separately from your friends on Facebook.'' \u003c!--more-->\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>Facebook is paying cash and stock for San Francisco-based Instagram and hiring its roughly 10 employees. The deal is expected to close by the end of June.\u003c/p>\n\u003cp>Menlo Park, Calif.-based Facebook is expected to complete its initial public offering of stock next month. Getting Instagram is big win for Facebook as it works to harness people's growing obsession with their mobile devices and sharing every moment of their life.\u003c/p>\n\u003cp>Instagram was only available Apple devices until recently. An app for Android devices was released last week. \u003c/p>\n\u003cp>It's Facebook's largest acquisition to date.\u003c/p>\n\u003cp>Instagram lets people apply filters to photos they snap with their mobile devices. Some of these make the photos look as if they've been taken in the 1970s or on Polaroid cameras.\u003c/p>\n\u003cp>Facebook says it will keep Instagram running independently. Users will still be able to run it on rival social networks such as Twitter. That's a departure from Facebook's tendency to buy small startups and integrate the technology — or shut it down altogether.\u003c/p>\n\u003cp>The payment will be in cash and Facebook stock. Facebook is expected to complete its initial public offering of stock next month. The deal is expected to close by the end of June.\u003c/p>\n\u003cp>More from the \u003ca href=\"http://www.mercurynews.com/top-stories/ci_20356537/facebook-buy-mobile-photo-app-instagram-1-billion\">San Jose Mercury News\u003c/a> and \u003ca href=\"http://bits.blogs.nytimes.com/2012/04/09/facebook-acquires-photo-sharing-service-instagram/?hp\">NY Times\u003c/a>.\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>\u003cstrong>Update\u003c/strong>: Wow, Instagram has just 13 employees, \u003ca href=\"http://allthingsd.com/20120409/breaking-facebook-to-acquire-instagram-for-1-billion/\">Kara Swisher reports\u003c/a>. Her take...\u003c/p>\n\u003cblockquote>\u003cp>Photos are critically important for Facebook, which has been slow to innovate in the fast-growing mobile arena in the important consumer space. By contrast, Instagram has taken the arena by storm, with its delightful and elegant app and the motto, “Fast beautiful photo sharing.”\u003c/p>\n\u003cp>Consumers have responded (including me — it is the only non-communications app I use many times a day). The San Francisco-based company — with only 13 employees — had 30 million Apple iPhone users before it came to Google’s Android last week, where it got more than a million new users in just 12 hours.\u003c/p>\n\u003cp>Still, despite all the usage, Instagram still had not articulated a plan for, you know, making money. Now, that will presumably be Facebook’s problem to solve. \u003ca href=\"http://allthingsd.com/20120409/breaking-facebook-to-acquire-instagram-for-1-billion/\">Full post\u003c/a>\u003c/p>\u003c/blockquote>\n\n",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>NEW YORK (AP) — Facebook is spending $1 billion to buy the photo-sharing company \u003ca href=\"http://instagr.am/\">Instagram\u003c/a>.\u003c/p>\n\u003cp>\u003ca href=\"http://instagr.am/\">\u003cimg src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/04/instagram.png\" alt=\"\" title=\"instagram\" width=\"120\" height=\"180\" class=\"alignleft size-full wp-image-61612\">\u003c/a>Instagram lets people apply filters to photos they snap with their mobile devices and share them with friends and strangers. Some of the filters make the photos look as if they've been taken in the 1970s or on Polaroid cameras.\u003c/p>\n\u003caside class=\"pullquote alignleft\">\n\u003cul>\n\u003cli>\u003ca href=\"https://www.facebook.com/zuck\">Mark Zuckerberg shares the news on his Facebook page\u003c/a>\u003c/li>\n\u003cli>\u003ca href=\"http://blog.instagram.com/post/20785013897/instagram-facebook\">Message from Instagram CEO Kevin Systrom\u003c/a>\n\u003c/li>\u003c/ul>\n\u003c/aside>\n\u003cp>``This is an important milestone for Facebook because it's the first time we've ever acquired a product and company with so many users,'' CEO Mark Zuckerberg wrote on his Facebook page. ``We don't plan on doing many more\u003cbr>\nof these, if any at all.''\u003c/p>\n\u003cp>Facebook said it plans to keep Instagram running independently. That's a departure from its tendency to buy small startups and integrate the technology or shut them down altogether just so it can hire talented engineers and developers.\u003c/p>\n\u003cp>``We think the fact that Instagram is connected to other services beyond Facebook is an important part of the experience,'' Zuckerberg wrote. ``We plan on keeping features like the ability to post to other social networks, the ability to not share your Instagrams on Facebook if you want, and the ability to have followers and follow people separately from your friends on Facebook.'' \u003c!--more-->\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>Facebook is paying cash and stock for San Francisco-based Instagram and hiring its roughly 10 employees. The deal is expected to close by the end of June.\u003c/p>\n\u003cp>Menlo Park, Calif.-based Facebook is expected to complete its initial public offering of stock next month. Getting Instagram is big win for Facebook as it works to harness people's growing obsession with their mobile devices and sharing every moment of their life.\u003c/p>\n\u003cp>Instagram was only available Apple devices until recently. An app for Android devices was released last week. \u003c/p>\n\u003cp>It's Facebook's largest acquisition to date.\u003c/p>\n\u003cp>Instagram lets people apply filters to photos they snap with their mobile devices. Some of these make the photos look as if they've been taken in the 1970s or on Polaroid cameras.\u003c/p>\n\u003cp>Facebook says it will keep Instagram running independently. Users will still be able to run it on rival social networks such as Twitter. That's a departure from Facebook's tendency to buy small startups and integrate the technology — or shut it down altogether.\u003c/p>\n\u003cp>The payment will be in cash and Facebook stock. Facebook is expected to complete its initial public offering of stock next month. The deal is expected to close by the end of June.\u003c/p>\n\u003cp>More from the \u003ca href=\"http://www.mercurynews.com/top-stories/ci_20356537/facebook-buy-mobile-photo-app-instagram-1-billion\">San Jose Mercury News\u003c/a> and \u003ca href=\"http://bits.blogs.nytimes.com/2012/04/09/facebook-acquires-photo-sharing-service-instagram/?hp\">NY Times\u003c/a>.\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>\u003cstrong>Update\u003c/strong>: Wow, Instagram has just 13 employees, \u003ca href=\"http://allthingsd.com/20120409/breaking-facebook-to-acquire-instagram-for-1-billion/\">Kara Swisher reports\u003c/a>. Her take...\u003c/p>\n\u003cblockquote>\u003cp>Photos are critically important for Facebook, which has been slow to innovate in the fast-growing mobile arena in the important consumer space. By contrast, Instagram has taken the arena by storm, with its delightful and elegant app and the motto, “Fast beautiful photo sharing.”\u003c/p>\n\u003cp>Consumers have responded (including me — it is the only non-communications app I use many times a day). The San Francisco-based company — with only 13 employees — had 30 million Apple iPhone users before it came to Google’s Android last week, where it got more than a million new users in just 12 hours.\u003c/p>\n\u003cp>Still, despite all the usage, Instagram still had not articulated a plan for, you know, making money. Now, that will presumably be Facebook’s problem to solve. \u003ca href=\"http://allthingsd.com/20120409/breaking-facebook-to-acquire-instagram-for-1-billion/\">Full post\u003c/a>\u003c/p>\u003c/blockquote>\n\n\u003c/div>\u003c/p>",
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"title": "Facebook Graffiti Artist David Choe Gets His 15 Minutes and $200 Million Worth of Fame",
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"content": "\u003cp>By now you’ve heard that graffiti artist David Choe is going to be richer than you’ll ever be, thanks to his amazingly shrewd decision to accept stock in lieu of cash when he did his thing at Facebook HQ in the company’s early days.\u003c/p>\n\u003cp>From the \u003ca href=\"http://www.nytimes.com/2012/02/02/technology/for-founders-to-decorators-facebook-riches.html?pagewanted=2&_r=1&ref=technology\">New York Times\u003c/a>:\u003c/p>\n\u003cblockquote>\u003cp>In 2005, Mr. Choe was invited to paint murals on the walls of Facebook’s first offices in Palo Alto, Calif., by Sean Parker, then Facebook’s president. As pay, Mr. Parker offered Mr. Choe a choice between cash in the “thousands of dollars,” according to several people who know Mr. Choe, or stock then worth about the same.\u003c/p>\n\u003cp>Mr. Choe, who has said that at the time that he thought the idea of Facebook was “ridiculous and pointless,” nevertheless chose the stock. \u003c/p>\u003c/blockquote>\n\u003cp>And more from yesterday’s \u003ca href=\"http://latimesblogs.latimes.com/technology/2012/01/facebook-david-choe-graffiti.html\">LA Times\u003c/a>: \u003c/p>\n\u003cblockquote>\u003cp>Choe became infamous in Silicon Valley for allegedly being commissioned to spray-paint sexual graphics on the walls of Facebook’s first Palo Alto office in 2005 by the company’s founding president, Sean Parker. (If that really happened, though, it has been airbrushed out of the official Facebook history). Choe painted less — ahem — colorful murals for Facebook’s next digs in 2007, this time at the request of Chief Executive Mark Zuckerberg. When Facebook outgrew its office and moved again, it carved Choe’s artwork out of the walls and took the pieces to the new place, where they were proudly hung.\u003c/p>\u003c/blockquote>\n\u003cp>Now Choe’s Facebook shares are estimated north of $200 million, and he’s getting more publicity than Banksy. \u003ca href=\"http://www.youtube.com/watch?feature=player_embedded&v=mtY4FjTiRUM\">Here he is on Howard Stern\u003c/a>, explaining that he went for the Facebook shares over a payment of $60,000. \u003c/p>\n\u003cdiv style=\"text-align: center\">\u003ciframe loading=\"lazy\" width=\"480\" height=\"274\" src=\"http://www.youtube.com/embed/mtY4FjTiRUM\" frameborder=\"0\">\u003c/iframe>\u003c/div>\n\u003cp>\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>\u003ca href=\"http://stupiddope.com/2012/02/08/listen-david-choes-interview-on-howard-stern-video/\">More from the interview here\u003c/a>. \u003c/p>\n\u003cp>\u003c!--more-->\u003c/p>\n\u003cp>And here’s \u003ca href=\"http://abcnews.go.com/Business/facebooks-graffiti-artist-david-choes-life-unchanged-200/story?id=15543816#.TzVJF8iLKqx\">Choe’s interview with Barbara Walters\u003c/a>, in which he complains, “you can’t buy your privacy back. I was already doing okay, and to have this abstract amount of money now, I cannot buy my privacy back….Every news organization in the world is beating down the door, trying to get an interview…”\u003c/p>\n\u003cp>Thankfully for Choe, then, the end of the media cycle is usually nigh when the Taiwanese animators have gotten a hold of you…\u003c/p>\n\u003cdiv style=\"text-align: center\">\u003ciframe loading=\"lazy\" width=\"480\" height=\"274\" src=\"http://www.youtube.com/embed/ufiaXHN15SQ\" frameborder=\"0\">\u003c/iframe>\u003c/div>\n\u003cp>\u003c/p>\n\u003cp>Enjoy this video of \u003ca href=\"http://www.youtube.com/watch?feature=player_embedded&v=QfV665kWoSg\">Choe interfacing with Mark Zuckerberg\u003c/a> as they spray paint Facebook’s new HQ in Menlo Park. At one point, while the Zuck is in the midst of applying a stick figure, Choe says approvingly, ‘you got that s*** down.’ \u003c/p>\n\u003cdiv style=\"text-align: center\">\u003ciframe loading=\"lazy\" width=\"480\" height=\"274\" src=\"http://www.youtube.com/embed/QfV665kWoSg\" frameborder=\"0\">\u003c/iframe>\u003c/div>\n\u003cp>\u003c/p>\n\u003cp>You can see some \u003ca href=\"http://davechoe.blogspot.com/2012/01/zuck-1.html\">photos of the original Facebook mural\u003c/a> at Choe’s web site.\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>\u003cstrong>Update 2:00 p.m.\u003c/strong> KQED Spark actually has a \u003ca href=\"http://www.kqed.org/arts/programs/spark/profile.jsp?essid=4336\">2004 segment on Choe\u003c/a> from 2004, when he was working in the Bay Area. \u003c/p>\n\n",
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"id": "commonwealth-club",
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"info": "The Commonwealth Club of California is the nation's oldest and largest public affairs forum. As a non-partisan forum, The Club brings to the public airwaves diverse viewpoints on important topics. The Club's weekly radio broadcast - the oldest in the U.S., dating back to 1924 - is carried across the nation on public radio stations and is now podcasting. Our website archive features audio of our recent programs, as well as selected speeches from our long and distinguished history. This podcast feed is usually updated twice a week and is always un-edited.",
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"order": 9
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"airtime": "SUN 7:30pm-8pm",
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"tagline": "Where conversation and cultura meet",
"info": "What kind of no sabo word is Hyphenación? For us, it’s about living within a hyphenation. Like being a third-gen Mexican-American from the Texas border now living that Bay Area Chicano life. Like Xorje! Each week we bring together a couple of hyphenated Latinos to talk all about personal life choices: family, careers, relationships, belonging … everything is on the table. ",
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"order": 15
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"tagline": "Lessons from a lifetime in politics",
"info": "The Political Mind of Jerry Brown brings listeners the wisdom of the former Governor, Mayor, and presidential candidate. Scott Shafer interviewed Brown for more than 40 hours, covering the former governor's life and half-century in the political game – and Brown has some lessons he'd like to share. ",
"imageSrc": "https://cdn.kqed.org/wp-content/uploads/2024/04/The-Political-Mind-of-Jerry-Brown-Podcast-Tile-703x703-1.jpg",
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"order": 18
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"marketplace": {
"id": "marketplace",
"title": "Marketplace",
"info": "Our flagship program, helmed by Kai Ryssdal, examines what the day in money delivered, through stories, conversations, newsworthy numbers and more. Updated Monday through Friday at about 3:30 p.m. PT.",
"airtime": "MON-FRI 4pm-4:30pm, MON-WED 6:30pm-7pm",
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"source": "American Public Media"
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"masters-of-scale": {
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"title": "Masters of Scale",
"info": "Masters of Scale is an original podcast in which LinkedIn co-founder and Greylock Partner Reid Hoffman sets out to describe and prove theories that explain how great entrepreneurs take their companies from zero to a gazillion in ingenious fashion.",
"airtime": "Every other Wednesday June 12 through October 16 at 8pm (repeats Thursdays at 2am)",
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},
"mindshift": {
"id": "mindshift",
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"tagline": "A podcast about the future of learning and how we raise our kids",
"info": "The MindShift podcast explores the innovations in education that are shaping how kids learn. Hosts Ki Sung and Katrina Schwartz introduce listeners to educators, researchers, parents and students who are developing effective ways to improve how kids learn. We cover topics like how fed-up administrators are developing surprising tactics to deal with classroom disruptions; how listening to podcasts are helping kids develop reading skills; the consequences of overparenting; and why interdisciplinary learning can engage students on all ends of the traditional achievement spectrum. This podcast is part of the MindShift education site, a division of KQED News. KQED is an NPR/PBS member station based in San Francisco. You can also visit the MindShift website for episodes and supplemental blog posts or tweet us \u003ca href=\"https://twitter.com/MindShiftKQED\">@MindShiftKQED\u003c/a> or visit us at \u003ca href=\"/mindshift\">MindShift.KQED.org\u003c/a>",
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"order": 12
},
"link": "/podcasts/mindshift",
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"google": "https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkcy5tZWdhcGhvbmUuZm0vS1FJTkM1NzY0NjAwNDI5",
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"morning-edition": {
"id": "morning-edition",
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"info": "\u003cem>Morning Edition\u003c/em> takes listeners around the country and the world with multi-faceted stories and commentaries every weekday. Hosts Steve Inskeep, David Greene and Rachel Martin bring you the latest breaking news and features to prepare you for the day.",
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"onourwatch": {
"id": "onourwatch",
"title": "On Our Watch",
"tagline": "Deeply-reported investigative journalism",
"info": "For decades, the process for how police police themselves has been inconsistent – if not opaque. In some states, like California, these proceedings were completely hidden. After a new police transparency law unsealed scores of internal affairs files, our reporters set out to examine these cases and the shadow world of police discipline. On Our Watch brings listeners into the rooms where officers are questioned and witnesses are interrogated to find out who this system is really protecting. Is it the officers, or the public they've sworn to serve?",
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"order": 11
},
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"on-the-media": {
"id": "on-the-media",
"title": "On The Media",
"info": "Our weekly podcast explores how the media 'sausage' is made, casts an incisive eye on fluctuations in the marketplace of ideas, and examines threats to the freedom of information and expression in America and abroad. For one hour a week, the show tries to lift the veil from the process of \"making media,\" especially news media, because it's through that lens that we see the world and the world sees us",
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},
"link": "/radio/program/on-the-media",
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},
"pbs-newshour": {
"id": "pbs-newshour",
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},
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"tuneIn": "https://tunein.com/radio/PBS-NewsHour---Full-Show-p425698/",
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},
"perspectives": {
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"order": 14
},
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"planet-money": {
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"info": "The economy explained. Imagine you could call up a friend and say, Meet me at the bar and tell me what's going on with the economy. Now imagine that's actually a fun evening.",
"airtime": "SUN 3pm-4pm",
"imageSrc": "https://ww2.kqed.org/radio/wp-content/uploads/sites/50/2018/04/planetmoney.jpg",
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},
"link": "/radio/program/planet-money",
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"apple": "https://itunes.apple.com/us/podcast/planet-money/id290783428?mt=2",
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},
"politicalbreakdown": {
"id": "politicalbreakdown",
"title": "Political Breakdown",
"tagline": "Politics from a personal perspective",
"info": "Political Breakdown is a new series that explores the political intersection of California and the nation. Each week hosts Scott Shafer and Marisa Lagos are joined with a new special guest to unpack politics -- with personality — and offer an insider’s glimpse at how politics happens.",
"airtime": "THU 6:30pm-7pm",
"imageSrc": "https://cdn.kqed.org/wp-content/uploads/2024/04/Political-Breakdown-2024-Podcast-Tile-703x703-1.jpg",
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"order": 5
},
"link": "/podcasts/politicalbreakdown",
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"possible": {
"id": "possible",
"title": "Possible",
"info": "Possible is hosted by entrepreneur Reid Hoffman and writer Aria Finger. Together in Possible, Hoffman and Finger lead enlightening discussions about building a brighter collective future. The show features interviews with visionary guests like Trevor Noah, Sam Altman and Janette Sadik-Khan. Possible paints an optimistic portrait of the world we can create through science, policy, business, art and our shared humanity. It asks: What if everything goes right for once? How can we get there? Each episode also includes a short fiction story generated by advanced AI GPT-4, serving as a thought-provoking springboard to speculate how humanity could leverage technology for good.",
"airtime": "SUN 2pm",
"imageSrc": "https://cdn.kqed.org/wp-content/uploads/2024/04/Possible-Podcast-Tile-360x360-1.jpg",
"officialWebsiteLink": "https://www.possible.fm/",
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"source": "Possible"
},
"link": "/radio/program/possible",
"subscribe": {
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"spotify": "https://open.spotify.com/show/730YpdUSNlMyPQwNnyjp4k"
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},
"pri-the-world": {
"id": "pri-the-world",
"title": "PRI's The World: Latest Edition",
"info": "Each weekday, host Marco Werman and his team of producers bring you the world's most interesting stories in an hour of radio that reminds us just how small our planet really is.",
"airtime": "MON-FRI 2pm-3pm",
"imageSrc": "https://cdn.kqed.org/wp-content/uploads/2024/04/The-World-Podcast-Tile-360x360-1.jpg",
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