This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

The Five Dumbest Things on Wall Street This Week: May 25

Stocks in this article: JPM NDAQ FB CHK MS EXPR

5. Greifeld Loses Face

Good grief Greifeld! Get a grip man!

Nasdaq OMX Group (NDAQ) CEO Robert Greifeld told a group of reporters Sunday that overall, the first day of trading in Facebook (FB) was "successful" despite the IPO being opened 25 minutes late on Friday due to technical glitches, as well as mass confusion over order confirmations. Shares of the social networking giant, which priced at $38 a share, closed Thursday at $33.03, 13% below the offer price.

Be real Bob. "Successful"? Not since Walt Disney's (DIS) John Carter have we seen such an awful opening. Not since North Korea lobbed a rocket into the Pacific have we witnessed a launch that bad. Not since the failed BATS IPO in March have we seen an exchange exhibit such incompetence.

Wait a second! On second thought, you probably missed that BATS IPO, because if you had witnessed that catastrophe then you surely would have been better prepared for Facebook's public debut, which was only the biggest tech IPO ever after all.

Of course it's understandable that Greifeld would try and find a pony somewhere in the massive pile of manure that was his exchange's performance. Seriously, what else can the guy say after a debacle like that? All the spin doctors in Washington D.C. couldn't put a positive twist on that spectacular flop.

Not that he didn't try.

Greifeld threw himself on the mercy of the press, confessing he was "humbly embarrassed" by the technical problems that fouled up what should have been not only Facebook's big day, but Nasdaq's as well considering the exchange battled ferociously to snatch the listing from the now-gloating NYSE Euronext (NYX).

He explained that an unexpected swarm of order cancellations interfered with the process and that system tests ahead of the admittedly massive 400 million share offering failed to detect potential problems.

Greifeld also groveled to reporters that "this was not our finest hour" and "we're not happy with our performance" in addition to a host of other platitudes that won't mean squat when the lawsuits hit. And trust us, they are going to start hitting in a big way.

But in the end, all his excuses and apologies won't make up for the fact that Nasdaq crashed Facebook's coming-out party. And as a result it's going to be a long time before it gets friended by Wall Street wannabes again.

1 of 5

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs