Speaking of Facebook, the IPO continues to be labelled a disaster, as the fallout from the troubled offering continues. On Tuesday NASDAQ OMX Group (NDAQ) announced that it's working to compensate investors for the exchange's technological blunders.
The board of the Nasdaq OMX Group has approved a "voluntary accommodations fund" of approximately $40 million. The Securities and Exchange Commission still has to review the proposal, but approximately $13.7 million would be paid in cash to member firms. Original estimates put the payout as high as $100 million, or perhaps greater.
The rest of the money would go toward crediting members to reduce trading costs. The payments are expected to be delivered within six months for the vast majority of firms, the exchange operator said.
Salesforce.com (CRM) finalized its acquisition of Buddy Media on Monday, purchasing the social enterprise software company for $689 million. Buddy Media, which counts Ford (F), HP (HPQ) and L'Oreal among its customers, helps firms exploit their social media marketing with a technology platform that measures the effectiveness of their efforts and lets them test new initiatives. The Buddy Media deal adds a key string to the Salesforce.com social media bow, according to CEO Marc Benioff. "Salesforce.com now has the number one players in social listening and marketing - Radian6 and Buddy Media," he explained, in a statement. "With CMOs surpassing CIOs in spend on technology within the next five years, our Marketing Cloud leadership will allow us to capitalize on this massive opportunity." Salesforce will pay approximately $687 million in cash and Salesforce.com equity for Buddy Media. The acquisition is expected to close during the company's fiscal third quarter. Shares of Salesforce ended the week up 4.2% at $136.49.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV