Facebook (FB) Shuns BATS, NYSE for Nasdaq
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Facebook (Nasdaq: FB) opted to list its shares on the Nasdaq Stock Market according to reports out of the New York Times late Thursday. Though Facebook has yet to confirm the news with an amended S-1 filing, the move makes the most sense as the Nasdaq (Nasdaq: NDAQ) is generally the clear choice for tech giants, having about twice as many tech companies as the NYSE (NYSE: NYX).
The call is another blow to the NYSE and CEO Duncan Niederauer following a failed merger with Deutsche Boerse AG. Aside from good press, the listing of a company -- especially a large one like Facebook -- means more fees and a boost to trading revs.
To date, the four largest tech IPOs have been split: Nasdaq got Zynga (Nasdaq: ZNGA) and Groupon (Nasdaq: GRPN) while the NYSE captured LinkedIn (NYSE: LNKD) and Pandora (NYSE: P).
Despite the Facebook rumor, investors will be keeping an eye on the NYSE. Last quarter, the firm beat expectations with EPS of 50 cents and revenue of $628 million. For the upcoming reporting period, the Street is currently modeling EPS of 54 cents and revs of $629.4 million.
Facebook filed for an IPO on February 1st, with an initial maximum offering price of $5 billion. The social network giant is expected to go public sometime in May.
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The call is another blow to the NYSE and CEO Duncan Niederauer following a failed merger with Deutsche Boerse AG. Aside from good press, the listing of a company -- especially a large one like Facebook -- means more fees and a boost to trading revs.
To date, the four largest tech IPOs have been split: Nasdaq got Zynga (Nasdaq: ZNGA) and Groupon (Nasdaq: GRPN) while the NYSE captured LinkedIn (NYSE: LNKD) and Pandora (NYSE: P).
Despite the Facebook rumor, investors will be keeping an eye on the NYSE. Last quarter, the firm beat expectations with EPS of 50 cents and revenue of $628 million. For the upcoming reporting period, the Street is currently modeling EPS of 54 cents and revs of $629.4 million.
Facebook filed for an IPO on February 1st, with an initial maximum offering price of $5 billion. The social network giant is expected to go public sometime in May.
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