Techmeme
May 18, 2012, 9:25 PM

Top News

John Paczkowski / AllThingsD:
The Price Is Right: Facebook Closes Near Opening Price  —  After the weeks of private equity dealmaker palm rubbing and investor anticipation that preceded it, Facebook's IPO on Friday was something of an anticlimax.  Shares in the newly public company rose to $45 before closing at $38.23.
Dan Primack / Fortune:
38 Special: Facebook bankers got it right  —  Facebook shares stay flat, and that's okay.  —  FORTUNE — Facebook (FB) shares didn't pop. They didn't crumble.  They closed the day at $38.23 per share, or less than a percentage point higher than where the company's IPO had priced last night.
Kim-Mai Cutler / TechCrunch:
Bankers Got Too Aggressive With Pricing Facebook As They Struggled To Keep Shares Above $38  —  The underwriters of Facebook's $16 billion debut on NASDAQ fought to the finish to keep the company's shares above last night's final price of $38 a share.  Shares closed at $38.23 today.
Alexei Oreskovic / Reuters:
Historic Facebook IPO marred by trading glitches  —  (Reuters) - For a company that is dramatically upending business strategies and social relationships around the world, Facebook Inc made a surprisingly modest debut on the Nasdaq on Friday as a sky-high valuation and trading glitches capped the stock's rise.
Larry Dignan / CNET:
How Facebook's bankers saved an IPO, kept shares above $38  —  Facebook's IPO was a roaring success — for Facebook.  Investors aren't quite sure what to make of it after Facebook's underwriters repeatedly stepped in to make sure shares didn't fall below the $38 mark.
David Garcia / TechCrunch:
How Facebook Hacked The NASDAQ Button  —  Editor's note: Some savvy Facebook engineers rigged the NASDAQ button to automatically post “Mark Zuckerberg has listed a company on NASDAQ - FB” to the CEO's Timeline as he rung the bell to open the NASDAQ's day of trading.
Kim-Mai Cutler / TechCrunch:
Bloomberg:
Facebook Sued For $15 Billion In Suit Over User Tracking  —  Facebook Inc. (FB), which is scheduled to begin trading today, was sued by users of its social network in an amended class-action case claiming the company invaded their privacy by tracking Internet usage and seeking $15 billion.
Om Malik / GigaOM:
Facebook buys Karma app  —  The newly public Facebook says it is buying Karma, a mobile social gifting app.  The news was released via Karma's blog.  As we first posted, Karma was founded by Lee Linden and Ben Lewis who in their past life were co-founders of Tapjoy, that was acquired …
Reuters:
Worries mount as Nokia burns through cash  —  Nokia Oyj is tearing through its cash reserves at an unsustainable rate, raising what some analysts say are serious questions about the struggling Finnish phone maker's ability to stabilize its finances in the months ahead.
Florian Mueller / FOSS Patents:
ITC orders import ban against Motorola Android devices that infringe a Microsoft patent  —  The United States International Trade Commission ("USITC", or just “ITC") today ordered an import ban against all Android-based Motorola Mobility devices that infringe a particular Microsoft patent …
Cotton Delo / AdAge:
Foursquare Hires Former iAd Exec as Revenue Chief  —  Steven Rosenblatt Is Longtime Mobile Exec From Quattro Wireless  —  A month after Ad Age learned that Foursquare will soon launch advertising products, the company has hired its first-ever monetization lead.
Stu Horvath / Wired:
The Imagination Engine: Why Next-Gen Videogames Will Rock Your World  —  An image from Epic Games' upcoming Unreal Engine 4 demo.  Image: Courtesy of Epic Games  —  When Tim Sweeney is out in the world discussing pedestrian things—the sweet tea at a particular barbecue restaurant, say …
Liz Gannes / AllThingsD:
SceneTap Interview: San Francisco's Least Welcome Start-Up Explains Itself (Video)  —  Late yesterday afternoon, I was supposed to meet SceneTap CEO Cole Harper at a bar in San Francisco, so I could get an in-person view of his company's nightlife monitoring system that was set to debut today at various local venues.
Somini Sengupta / New York Times:
Reticent Rich: Preferred Style in Silicon Valley  —  MENLO PARK, Calif. — Wealth is here if you know where to find it.  —  Fabulous home theaters are tucked into the basements of plain suburban houses.  Bespoke jeans that start at $1,200 can be detected only by a tiny red logo on the button.
Tom Warren / The Verge:
Microsoft's ‘buy a PC, get a free Xbox 360’ deal returns for students on May 20th  —  Microsoft is announcing the return of its buy a PC and get a free Xbox 360 deal for students this week.  Students in the US who purchase a qualifying PC worth $699 or more at certain retailers will get a 4GB Xbox 360 for free from May 20th onwards.
Wall Street Journal:
Groupon Stock Spike Probed  —  Wall Street Regulator Is Reviewing Jump Monday Before Firm's Earnings Release  —  A Wall Street regulator is examining trading in Groupon Inc. that sent its stock price soaring hours before a favorable earnings announcement Monday, according to a person familiar with the matter.
Reuters:
ZTE confirms security hole in U.S. phone  —  (Reuters) - ZTE Corp, the world's No.4 handset vendor and one of two Chinese companies under U.S. scrutiny over security concerns, said one of its mobile phone models sold in the United States contains a vulnerability that researchers say could allow others to control the device.

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Miyoung Kim / Reuters: