NEW YORK, May 16, 2012 (Reuters) — NEW YORK, May 16 (Reuters) - TD Ameritrade and Fidelity's brokerage arm both stopped accepting orders of Facebook shares as of Tuesday evening, according to representatives. The Facebook profile of founder Mark Zuckerberg on a mobile phone is seen in this photo illustration taken in Lavigny May 16, 2012. Facebook Inc increased the size of its initial public offering by almost 25 percent, and could raise as much as $16 billion as strong investor demand for a share of the No.1 social network trumps debate about its long-term potential to make money. Facebook, founded eight years ago by Mark Zuckerberg in a Harvard dorm room, said on Wednesday it will add about 84 million shares to its IPO, floating about 421 million shares in an offering expected to be priced on Thursday. REUTERS/Valentin Flauraud Ads by Google Advertise here Lowest cost wind power New technology recently introduced OTCBB stock ticker MMMW www.massmegawatts.com Top 12 Stocks to Buy Now Panel of nation's leading analysts just announced their favorite picks www.StreetAuthority.com 5 Stocks to Buy in May Buy them, never sell them, and profit all year long... www.InvestingAnswers.com The Death of Wal-Mart New Motley Fool Report. Companies Poised to Profit from this Change. Fool.com/Canada
Morgan Stanley & Co did the same, according to three advisers at the firm who declined to be named because they are not permitted to speak to the press. E*Trade Financial also stopped accepting orders Tuesday evening, according to a client alert sent out Tuesday.
Wells Fargo & Co's brokerage arm, Wells Fargo Advisors, was stopping accepting new orders at 4:00 p.m. EDT Wednesday, according to two advisers at the firm.
A Morgan Stanley spokesman and a Wells Fargo spokeswoman declined to comment.
On Monday, Morgan Stanley told its advisers that it would cap the number of Facebook shares for each retail client to 500, according to four people familiar with the situation.
(Reporting by Jessica Toonkel; Editing by Gary Hill; Additional reporting by Jennifer Cummings, John McCrank, Joseph Giannone and Lauren Young)
Poster Comment:
Sounds like even the increased offering is oversubscribed. Seems to be lots o Bernanke dollars around.