May 24 (Reuters) – Morgan Stanley will adjust
thousands of trades to ensure no limit orders will be filled at
more than $43 a share for Facebook stock from last
Friday’s botched initial public offering, the firm told its
brokers on Thursday, a person familiar with the call said.
The source, a broker who could not speak for attribution,
said the firm again insisted that the trading problems were
Nasdaq-related. Andy Saperstein, head of the firm’s
Morgan Stanley Smith Barney unit, said the adjustments will
likely be made on Friday, according to an adviser who listened
to the call.
Saperstein took no questions during the call, which started
at 4 p.m. EDT (2000 GMT) and lasted about ten minutes, according
to two advisers who listened to the call. He made no apology,
and told brokers to follow procedure and go directly to their
service manager if they had any outstanding issues, two advisers
told Reuters.
