NPR's business news starts with NASDAQ compensating clients.
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MONTAGNE: The NASDAQ stock exchange will pay $40 million in compensation for botched trades that occurred during Facebook's initial public offering. NASDAQ clients lost millions of dollars on Facebook's May IPO because of computer glitches. The opening trade was delayed by more than half an hour, and many investors were unsure if their trades had gone through.
You know, if Facebook were a Broadway show, they'd be firing the director and rewriting the script. Facebook share price closed this week at $27.72. That's more than a 25 percent drop from its initial public offering price. The social networks debut as a publically traded company last month has been panned, questioned and trouble by a Securities and Exchange Commission probe and shareholder lawsuits.
If unusually warm weather helped encourage job growth earlier this year, May was like a wet, cold rain. A report from the Labor Department on Friday showed that U.S. employers added just 69,000 jobs last month — far fewer than expected.