Facebook IPO date uncertain: report

SAN FRANCISCO (MarketWatch) — Facebook Inc.’s expected May 18 debut as a public company is not a foregone conclusion because of a delay in regulatory approval, according to a media report Friday.

Facebook FB 0.00%  is still awaiting the approval of the company’s latest S-1 registration filing by the Securities and Exchange Commission, business network CNBC said

Separately, Morningstar said the buzz around Facebook IPO makes sense given the company’s potential, but its analysts pointed out that investors may be underestimating the business challenges.

Facebook is expected to sell 180 million shares with a proposed range of $28 to $35 a share in a deal that values the company at up to $96 billion. Insiders and other stakeholders are expected to sell more than 157 million shares in the offering.

In its report, Morningstar analysts said “the enthusiasm for Facebook is not misplaced, but the market may be underestimating several near-term challenges for the company.”

Morningstar said set a “fair-value estimate” price for Facebook at $32, “suggesting that the valuation at the proposed offer price leaves limited upside for long-term fundamental investors.”

“Given the frenzy surrounding the deal, we would not be surprised to see the stock trade above its intrinsic value in the aftermarket,” the report added.

One challenge the analysts cited was the “lack of standards or best practices for advertisers to measure” returns on investments.

“The most common theme we heard in talking to advertisers and agencies was the lack of standards and clear ROI in running social-advertising campaigns,” according to Morningstar.

The firm also pointed to “concerns about capital allocation,” noting that co-founder and Chief Executive Mark Zuckerberg “controls approximately 57% of the voting shares of the company.”

The analysts cited Facebook’s acquisition of Instagram, a mobile-photo sharing service, citing reports that “the deal happened with very little involvement” from the board.

“If Mr. Zuckerberg loses discipline in allocating the company’s capital, there can be no guarantee that any such mechanism would prevent the company from destroying shareholder value,” the report said.

Morningstar also called China “the wild card” for Facebook. “Currently, Facebook is blocked in China, and it’s unclear that the company will be able to successfully launch there. Disregarding China, we expect growth in Internet users to be much slower than it was a decade ago when companies like Google GOOG -1.37%  went public, limiting the growth opportunity for Facebook.” 

Jonathan and Charlotte Semi Finals

This is the act from Britain's Got Talent.


Jonathan is the powerhouse but what's so special about this act? I mean we have seen tonnes of great opera singers on the talent shows already. Susan Boyle, Paul Potts etc.


What's so unique about this act is the fact that there's a duo. A little summary about how this act came about. Charlotte was the one that encouraged Jonathan to go on the stage. Without Charlotte, basically we wouldn't witness Jonathan's amazing talent.


Simon Cowell as usual, thought that Charlotte was holding Jonathan back and that he should dump her. But he refused to and said that because they came here as a duo, they are going to stay here as a duo.


That was extremely touching, genuine and believable to me. It was so true. It was real friendship and a touch of love.


Hence, the music they produce is not just of top technical quality, but also full of emotions and a story was being built up throughout this competition.

American Express Internship

Today, I'm here to blog about my internship at American Express.




In actual fact, it has yet to begin. Officially, it starts on the 14 May 2012 next week. However, I must say that I'm extremely impressed already.


Just last Friday, I already met up with my supervisor to talk about the brief layout and scope of the project that I will be working on and afterwhich, we went out for some coffee at Coffeebean where we coincidentally met a lot of big shots.


Then, the following Monday, which was yesterday, I met up with him and the Marketing Director and her intern at Starbucks. The agenda was simple. It was a meet-up to get us acquainted. To be honest, I have done a couple of internships now and never have my bosses been so enthusiastic and caring before.


I'm already feeling important when the internship has yet to start. This really shows how much American Express puts their emphasis on personal development. It really shows you that the bosses really do care about their employees, even the interns!


We talked about everything under the sun and the session was really casual. I felt really at ease talking with them, with all the laughter and stuff. It really put you at ease.


I'm really pumped up about the starting of the internship already and I am extremely confident that this is going to be awesome!


Can't wait for next Monday!

Winners of the Sony World Photography Awards