Several brokerages stop taking Facebook IPO orders

Reuters News
Posted: May 18, 2012 12:07 PM

NEW YORK (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.

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.

Enough's Enough
Walter E. Williams

(Reporting by Jessica Toonkel; Editing by Gary Hill; Additional reporting by Jennifer Cummings, John McCrank, Joseph Giannone and Lauren Young)