Facebook’s stock was climbing after an upgrade from an analyst who believes Wall Street was underestimating the company’s potential to grow revenue.
Regulators are examining whether Morgan Stanley, the investment bank that shepherded Facebook through its highly publicized stock offering last week, selectively informed clients of an analyst’s negative report about the company before the stock started trading.
California’s plan for a $98 billion high-speed rail system to connect Northern and Southern California does not comply with some parts of the 2008 ballot measure voters approved to provide the seed money, providing the latest obstacle for the embattled project, according to the state’s legislative analyst.
The Legislative Analyst’s Office on Wednesday released a gloomy state fiscal outlook. It says tax revenue will fall short of the state’s projections, which could trigger midyear cuts to public schools, colleges and health care programs.