Friday, May 18, 2012 5:00 PM EDT
The tale of the tape is ugly for Facebook
BOYD ERMAN
The tale of the trading tape for Facebook’s first day on the market shows just how weak the debut was.
Exhibit A, of course, is the price. The stock debuted at $38, and after an initial pop, finished the regular trading day at just $38.23.
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Friday, May 18, 2012 2:40 PM EDT
Scotia hires new derivatives strategist
TIM KILADZE
The asset management arm of Bank of Nova Scotia BNS-T has hired Damian Hoang as a senior derivatives strategist to assist some of its well-known money managers.
Mr. Hoang heads over from Bank of America Merrill Lynch where he was part of the cross-asset solutions group. His work has focused on hedging and alpha strategies (or in other words, beating the market). He also has a degree in computer engineering, which shows just how much the trading environment is changing.
Mr. Hoang, who will officially work for Dynamic Funds, which was acquired by Scotia, starts next week.
Friday, May 18, 2012 12:27 PM EDT
Afternoon meeting: Australia's funding markets closed?
Can't miss stories from the web
Australia's funding markets closed?
In a worrying echo of the global financial crisis, Australia and New Zealand Banking Group says volatile conditions in global markets have caused the wholesale funding market for Australian banks to freeze. Again.
Friday, May 18, 2012 12:00 PM EDT
After vote, CP to hold less weight in TSX
TIM KILADZE
The make-up of Canadian Pacific Railway Ltd.’s board isn’t the only thing getting changed after activist investor Bill Ackman and his slate of directors were voted in on Thursday. As of next week, CP’s weighting in the S&P/TSX Composite Index will also get shuffled.
Friday, May 18, 2012 2:29 PM EDT
Oil industry expects low deal volumes: survey
CARRIE TAIT
International oil and gas executives are often portrayed as a hubristic bunch, but when it comes to mergers and acquisitions, the big wheels are shying away from deals.
Only 31 per cent of energy executives expect to chase an acquisition in the next year, according to a survey conducted by Ernst & Young. This is down from 48 per cent in October, and the lowest point since 2009.
Friday, May 18, 2012 9:14 AM EDT
Hidden oil sands growth bodes ill for crude
NATHAN VANDERKLIPPE
Those expectations of meteoric growth in the oil sands? Too modest, according to a new analysis by CIBC World Markets Inc., which says the official industry projections may be conservative by 500,000 to a million barrels a day.
In other words, where the Canadian Association of Petroleum Producers suggests oil sands output could surge by 1.4-million a day between 2011 and 2020, CIBC’s read of the numbers suggests it could be more like two-million to 2.5-million – an analysis that portends financial difficulties for an oil patch that sees prices nosedive when there’s too much oil and not enough pipe.
Friday, May 18, 2012 9:17 AM EDT
CP fight puts other boards on notice
BOYD ERMAN
Canadian directors are now on notice: No matter how large the company, no matter how many big names on your board, nobody is immune from a shareholder possessing the power of will, cash and argument.
Friday, May 18, 2012 12:02 PM EDT
MI Developments seeks more distance from Magna
TIM KILADZE AND JACQUELINE NELSON
For MI Developments Inc., the real estate play tied to Magna International, what better way to break ties with its turbulent past than to change its name and move out of Magna’s neighbourhood?
Thursday, May 17, 2012 5:05 PM EDT
Stock dilution hammers 5N Plus shares
SEAN SILCOFF
This story has been updated to include new quotes, stock prices
Two days after the stock of Montreal specialty metals company 5N Plus Inc. popped 8 per cent on steady results, the stock has more than given back those gains in heavy trading Thursday after the company announced a $40-million bought deal that will dilute the stock by 18 per cent.
Thursday, May 17, 2012 2:37 PM EDT
Afternoon meeting: Goldman plans big Facebook selloff
Can't miss stories from the web
Goldman plans big Facebook selloff
Goldman Sachs Group Inc. and its funds announced plans to offload about $1-billion of Facebook Inc. (about half their stake) at the time of the IPO. That’s more than twice what they originally planned.
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Streetwise Contributors
Boyd Erman
Boyd Erman is a long-time business journalist who has worked at Dow Jones, Bloomberg, and the National Post before joining the Globe and Mail. Over the years, his areas of coverage have included economics, monetary policy, debt markets and corporate finance.
In addition, he is a regular commentator and guest host on Business News Network.
Tim Kiladze
Tim Kiladze is a business reporter with The Globe and Mail. Before graduating from Columbia University’s Graduate School of Journalism, he worked in equity capital markets at National Bank Financial and fixed-income sales and trading at RBC Dominion Securities. Tim has a Bachelor of Commerce in finance from McGill University.
Tara Perkins
Tara Perkins has been a business reporter since 2004, following a brief stint as overnight editor of globeandmail.com. She has been writing for the Globe's business section since the spring of 2007, covering the banking sector during the course of the financial crisis. Prior to that, she worked for the Toronto Star. Tara has a Bachelor of Journalism from Ryerson University and a Bachelor of Commerce from the University of Guelph.
Grant Robertson
Grant Robertson joined The Globe and Mail as a business reporter in 2005 after five years as a business writer at the Calgary Herald. His areas of coverage have included the oil and gas industry, the transportation sector and media & telecom. He now covers the banking sector for The Report on Business and writes for Report on Business Magazine.
Jeff Gray
Jeff Gray covers legal affairs for The Report on Business. For five years, he covered Toronto’s city hall and wrote a column about urban transportation. In 2002, he worked for the world desk of BBC News Online in London and freelanced for The Globe. In 2000, he helped launch The Globe’s first breaking-news website. He started at The Globe in 1998.
David Parkinson
David Parkinson has been covering business and financial markets since 1990, and has been with The Globe and Mail since 2000. A Calgary native, he received a Southam Fellowship from the University of Toronto in 1999-2000, studying international political economics.
