NYSE: 'We Won't FaceBungle Twitter's IPO' (And Other Quotes Of The Week)
Image via CrunchBaseWhere to start with this week's endless storylines?
The temporary end of government interruptus, Twitter's listing exchange drama, earnings high and low, NSA-worthy scrutiny of the ObamaCare website, resumed tapering conjecture, Hollywood's latest casting furor, and the intransigence of yet another Washington institution (this time the football team), to mention just a few.
Amidst all the drama, the broad equity markets rocketed to yet another all-time high, while the Nasdaq reached levels not seen since 2000. For the week, the Dow put in a gain of +1.1%, the S&P +2.4%, and the Nasdaq led all, soaring +3.2%. While a 'relief rally' was not unexpected, the ferocity of the week-ending rally surprised many, and perhaps the growing expectation of Fed tapering now being 'delayed out to March 2014' ( Bloomberg) may have had a great deal to do with the market optimism.
With so much turf to cover, let's get right to it.
- 'The New York Stock Exchange will allow trading firms to test their systems in preparation for Twitter initial public offering, as market participants seek to prevent technical failures like those that marred Facebook 's debut last year.' - WSJ
Earlier in the week, Forbes reported on the selection of the NYSE as Twitter's listing exchange:
In an updated S-1 filing Tuesday, Twitter revealed that it will list its shares on the NYSE under its already-proposed ticker symbol of TWTR. The news is a blow to the NASDAQ, which misses out a high-profile tech offering, once almost exclusively its domain.
NYTimes Dealbook had an interesting analysis this week of Twitter's potential valuation, saying in part:
It may be a stretch to suggest investors will immediately value a Twitter user as highly as a Facebook regular. But suppose they did: each of Facebook's current 1.2 billion monthly users is worth more than $100. Apply that to 232 million twitterers, and a figure well above $20 billion comes up.
However, the vast majority of the week's stories emanated from Washington and the aftermath of the government 'partial shutdown.'
- 'We fought the good fight, we just didn't win.' -House Speaker John Boehner ( CNN) announcing his support for the Senate shutdown deal, and referring to both the debt ceiling debate and the Affordable Care Act. (Might losing 40 rounds in a 40-round fight be stretching the definition of 'a good fight'?)
Mr. Boehner nonetheless still vowed to 'fight another day,' amidst varying other Republican reactions (AP):
Senate Republican Leader Mitch McConnell on using a future shutdown threat as a tactic, 'I think we have now fully acquainted our new members with what a losing strategy that is.'
But Sen. Ted Cruz was having few regretful thoughts: 'I will continue to do anything I can to stop the train wreck that is ObamaCare,' while criticizing the 'lack of support' from the Senate and not entirely ruling out another shutdown.
Sen. John McCain disagreed to put it mildly: 'There are many ironies here, with the fiasco of the rollout (ObamaCare), being overshadowed by internecine (GOP) warfare.' ( CNN/USA Today- 'Republicans take fight to each other') He added, regarding the President's somewhat contentious post-shutdown speech, 'It might not be in the President's DNA to be magnanimous.'
Many on the right feel President Obama was indeed far from conciliatory (and who can really blame him?), with Larry Kudlow writing, 'Obama is interested in busting the GOP in 2014. He's not interested in true budget restraint or other economic-growth measures.'
Sen. Lindsay Graham may have said it best on Face the Nation this morning, 'The effort to repeal ObamaCare has been as ill-conceived as the legislation itself.'
The same program commented on the flap over the Affordable Care Act websites, noting that the White House as recently as last night continued to blame issues on 'unanticipated high demand (17 million unique visitors since Oct. 1),' while quoting former White House Press Secretary Robert Gibbs as saying the websites' performance has been 'excruciatingly embarrassing.'
Separately, Kathleen Sebelius, the administration's secretary of health and human services, has supposedly confided that 'it is getting hard to take the hits.' (And she does not mean website hits.) But according to Atlantic Wire, 'Kathleen Sebelius won't quit over rocky ObamaCare rollout,' although saying, 'I am the first to admit that the launch was rockier than we would have liked.' The call has been growing for Sebelius to report to Congress about the launch's woes and per Fox News today, Sen. Dick Durbin, D-Ill., the chamber's No. 2 Democrat, said, 'Ultimately, Secretary Sebelius will testify.'
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