Many power tools use Lithium battery.Two new Snap-on 7.2-volt Lithium Series power tools are the 1/4-in. Quick Change screwdriver (CTS661) and the 3/8-in. impact wrench (CT661).
Both tools feature a removable 7.2-volt lithium battery for longer work periods, and both have a variable-speed toggle switch allowing the user to go quickly from forward to reverse. There's a brake for quick motor shutdown. They both have an over-current mechanism that protects the electronics and prevents overheating, and under-voltage protection that prevents the battery from being drawn down too low.
The CTS661 screwdriver offers 100 lb in. of torque, a faster free speed (400 rpm) than the CTS561CL, and a nine-position clutch.
With 70 lb ft of torque, an anvil stop, and a screened motor to keep debris out, the CT661 impact tool's small size allows it to get into tight spaces like under the dash or the firewall.
More about Li-ion,Ni-MH,Ni-MH power tool batteris ,such as Milwaukee Batteries, Craftsman Batteries, Dewalt batteries.
Wednesday, February 29, 2012
Sunday, February 26, 2012
New Camera - Nikon Digital Cameras
Nikon has Launched a load of new cameras on the market on this month. The first of the new cameras is the L810 that sports a 16.1-megapixel CCD image sensor and has a massive 26x optical zoom lens. That gives the camera and broad range of 22.5 to 585 mm giving the camera a wide range of usability in different usage scenarios. The camera will come in four colors including white, red, blue, and bronze. The L810 uses newly adopted lens-shift vibration reduction function to make images clearer. The camera also has a three-inch TFT LCD monitor on the rear and can be powered by normal AA batteries or lithium rechargeable digtal camera batteries.
The next camera is the L26 with five times optical zoom lens and 16.1-megapixel resolution. The L25 has the same zoom lens with the CCD image sensor sporting 10.1-megapixels. That is only difference between the two cameras with both sporting a three-inch rear LCD, a movie record button, and the ability to be powered by AA or rechargeable batteries. Both of the cameras will be offered in black, red, blue, and silver. Pricing and availability of these cameras is unknown.
Nikon also has the new P310 and P510 digital cameras to slip into the P-series and they have integrated lens-shift vibration reduction for clear images. The P310 has a wide-angle lens with an aperture of F/1.8 while the P510 has a wide-angle lens with a whopping 42 times optical zoom. That 42 times optical zoom gives the camera range of 24mm to 1000mm in 35mm equivalent. Both of these cameras use backside illuminated CMOS sensors and both have the same 16.1-megapixel resolution.
Both of these cameras also have a number of picture control settings for optimizing images before you shoot. Both can also record full HD movies with control over exposure and color settings and functional optical zoom. The rear LCDs are 3-inch and are designed for viewing outdoors and indoors. The big difference between these two cameras is zoom with the F310 getting 4.2 times optical zoom.
The last of the new Nikon digital cameras fall into the S-series and include six new cameras. The cameras include the S9300, S9200, S6300, S4300, S3300, and the S30. The two high-end cameras are the thin S9300 and S9200. Both of these cameras have 18 times optical zoom lenses and backside illuminated CMOS sensors with 16-megapixel image resolution. They also have lens-shift vibration reduction and multiple shooting modes including night and HDR modes. The cameras can also record full HD movies, have GPS, and have three-inch LCDs.
The S6300 has a 10 times optical zoom lens and uses a backside illuminated CMOS sensor with 16 megapixel resolution and lens-shift vibration reduction. This little camera can record full HD movies with stereo sound and has a number of in camera shooting and editing functions. The S4300 and S3300 or 14 megapixel resolution cameras will six times optical zoom lenses using lens-shift vibration reduction. They have three-inch rear LCD monitors that are touch sensitive and have automatic scene selector modes and more. These cameras are also available in a wide variety of colors.
The last of the new cameras is the S30 and it is made to be somewhat rugged with resistance against dust and water. The camera can be submerged to a depth of 3m, and can survive shooting photos with wet hands. It has three special effects modes, six filter effects, and three customizable functions.
Review other replacement Nikon batteies: Nikon EN-EL1 battery,Nikon EN-EL5 battery,Nikon EN-EL12 battery.
The next camera is the L26 with five times optical zoom lens and 16.1-megapixel resolution. The L25 has the same zoom lens with the CCD image sensor sporting 10.1-megapixels. That is only difference between the two cameras with both sporting a three-inch rear LCD, a movie record button, and the ability to be powered by AA or rechargeable batteries. Both of the cameras will be offered in black, red, blue, and silver. Pricing and availability of these cameras is unknown.
Nikon also has the new P310 and P510 digital cameras to slip into the P-series and they have integrated lens-shift vibration reduction for clear images. The P310 has a wide-angle lens with an aperture of F/1.8 while the P510 has a wide-angle lens with a whopping 42 times optical zoom. That 42 times optical zoom gives the camera range of 24mm to 1000mm in 35mm equivalent. Both of these cameras use backside illuminated CMOS sensors and both have the same 16.1-megapixel resolution.
Both of these cameras also have a number of picture control settings for optimizing images before you shoot. Both can also record full HD movies with control over exposure and color settings and functional optical zoom. The rear LCDs are 3-inch and are designed for viewing outdoors and indoors. The big difference between these two cameras is zoom with the F310 getting 4.2 times optical zoom.
The last of the new Nikon digital cameras fall into the S-series and include six new cameras. The cameras include the S9300, S9200, S6300, S4300, S3300, and the S30. The two high-end cameras are the thin S9300 and S9200. Both of these cameras have 18 times optical zoom lenses and backside illuminated CMOS sensors with 16-megapixel image resolution. They also have lens-shift vibration reduction and multiple shooting modes including night and HDR modes. The cameras can also record full HD movies, have GPS, and have three-inch LCDs.
The S6300 has a 10 times optical zoom lens and uses a backside illuminated CMOS sensor with 16 megapixel resolution and lens-shift vibration reduction. This little camera can record full HD movies with stereo sound and has a number of in camera shooting and editing functions. The S4300 and S3300 or 14 megapixel resolution cameras will six times optical zoom lenses using lens-shift vibration reduction. They have three-inch rear LCD monitors that are touch sensitive and have automatic scene selector modes and more. These cameras are also available in a wide variety of colors.
The last of the new cameras is the S30 and it is made to be somewhat rugged with resistance against dust and water. The camera can be submerged to a depth of 3m, and can survive shooting photos with wet hands. It has three special effects modes, six filter effects, and three customizable functions.
Review other replacement Nikon batteies: Nikon EN-EL1 battery,Nikon EN-EL5 battery,Nikon EN-EL12 battery.
Tuesday, February 21, 2012
Canon PowerShot Elph 310 HS Review
Canon did a great job to the camera - Canon PowerShot Elph 310 HS is a pocket-size 12-megapixel digital camera with an 8x optical zoom, 1080p video recording and a fun design. It has really good photo quality and lots of shooting options for a compact camera. It does have short digital camera battery life, which can limit its use on long day trips.
The design of the Canon PowerShot Elph 310 HS is quite good and is definitely a camera that you can slip into your pocket and carry around with you without any trouble. The camera has a sleek appearance and comes in five colors: blue, green, pink, purple and silver. We tested out the green model and we really liked the color and matte finish. The whole camera measures 3.8 x 2.2 x 0.9-inches (whd) and weighs about 0.3-pounds.
Canon switched up the location some of the controls on the Elph 310 HS to keep the streamlined, slim frame. For example, the menu button and shooting-mode switch are on the camera's right side, which is both unusual and clumsy. The only reason for this is probably to keep the backside of the camera from becoming too crowded. We also noticed that all of the controls on this camera are smaller than most others, so if you have big hands, you'll want to test it out first before you buy it.
For HDTV owners, you'll be happy to find a mini-HDMI output under a door also on the camera's right side. Here you can connect the camera to your HDTV via HDMI and watch HD movies that you shot with your camera. While we realize that probably most users won't use this feature, it's nice to have and doesn't usually come standard with compact cameras.
The three-inch LCD on the camera's backside looks good and is decent in direct sunlight, but it's not the best out there. The back also has a four-way navigation pad (which is very tiny) and a dedicated video record and playback buttons.
Canon includes a healthy amount of shooting options with the PowerShot Elph 310 HS. These modes are all automatic, however, so don't think you'll be doing any manual adjustments with this camera. The modes are where that switch on the camera's right side comes into play: one setting for Smart Auto and the other for everything else. The non-Smart Auto mode lets you access things like scene modes, creative effects/filters and other novelty modes. These modes also work for movies too, which some users might enjoy.
The specifications of the Canon PowerShot Elph 310 HS include a 12.1-megapixel resolution, an 8x optical zoom, aperture range of f3.0-5.9, focal length of 28-224mm (35mm equivalent) and both optical and digital image stabilization. Images are shot in JPEG format and have a maximum resolution of 4000 x 3000-pixels while videos are MOV files and have a 1080p full HD maximum resolution. This camera accepts SD/SDHC/SDXC memory cards.
We found this camera to be a little slow in terms of shot-to-shot times, which averaged about 2.3-seconds and 3.2-seconds with and without the flash, respectively. Power on to first shot was only about just over a second, which was rather odd when compared to the above 2.3-seconds.
Image quality with the Elph 310 HS in subjective image testing yielded very good results. Outdoor shots were crisp and vibrant while low-light shots were also quite good, even at higher ISO speeds. Noise reduction and image stabilization worked quite well and produced good quality shots. In comparison to other compact cameras, this one is definitely near the top.
Full 1080p HD video quality was also good and about the same as other similar cameras. We always mention when we review these type of cameras (and this one is no exception) is to not expect much in terms of video recording. These cameras produce video that are good enough only for Internet/social media use. The zoom lens does work while recording video, but it moves at reduced speed to avoid motor noise being picked up by the built-in microphone.
Battery life with this camera is rated at 210 shots (CIPA rating), which is less than the category average. That means if you intend on using it throughout a day of sightseeing, you may run out of battery life, especially if you use the LCD display.
More long life Canon battery pack review: Canon NB-1L NB-1LH battery,Canon NB-2LH battery,Canon NB-4L battery,POWERSHOT SX230 HS Canon battery,Canon NB-5L battery.
The design of the Canon PowerShot Elph 310 HS is quite good and is definitely a camera that you can slip into your pocket and carry around with you without any trouble. The camera has a sleek appearance and comes in five colors: blue, green, pink, purple and silver. We tested out the green model and we really liked the color and matte finish. The whole camera measures 3.8 x 2.2 x 0.9-inches (whd) and weighs about 0.3-pounds.
Canon switched up the location some of the controls on the Elph 310 HS to keep the streamlined, slim frame. For example, the menu button and shooting-mode switch are on the camera's right side, which is both unusual and clumsy. The only reason for this is probably to keep the backside of the camera from becoming too crowded. We also noticed that all of the controls on this camera are smaller than most others, so if you have big hands, you'll want to test it out first before you buy it.
For HDTV owners, you'll be happy to find a mini-HDMI output under a door also on the camera's right side. Here you can connect the camera to your HDTV via HDMI and watch HD movies that you shot with your camera. While we realize that probably most users won't use this feature, it's nice to have and doesn't usually come standard with compact cameras.
The three-inch LCD on the camera's backside looks good and is decent in direct sunlight, but it's not the best out there. The back also has a four-way navigation pad (which is very tiny) and a dedicated video record and playback buttons.
Canon includes a healthy amount of shooting options with the PowerShot Elph 310 HS. These modes are all automatic, however, so don't think you'll be doing any manual adjustments with this camera. The modes are where that switch on the camera's right side comes into play: one setting for Smart Auto and the other for everything else. The non-Smart Auto mode lets you access things like scene modes, creative effects/filters and other novelty modes. These modes also work for movies too, which some users might enjoy.
The specifications of the Canon PowerShot Elph 310 HS include a 12.1-megapixel resolution, an 8x optical zoom, aperture range of f3.0-5.9, focal length of 28-224mm (35mm equivalent) and both optical and digital image stabilization. Images are shot in JPEG format and have a maximum resolution of 4000 x 3000-pixels while videos are MOV files and have a 1080p full HD maximum resolution. This camera accepts SD/SDHC/SDXC memory cards.
We found this camera to be a little slow in terms of shot-to-shot times, which averaged about 2.3-seconds and 3.2-seconds with and without the flash, respectively. Power on to first shot was only about just over a second, which was rather odd when compared to the above 2.3-seconds.
Image quality with the Elph 310 HS in subjective image testing yielded very good results. Outdoor shots were crisp and vibrant while low-light shots were also quite good, even at higher ISO speeds. Noise reduction and image stabilization worked quite well and produced good quality shots. In comparison to other compact cameras, this one is definitely near the top.
Full 1080p HD video quality was also good and about the same as other similar cameras. We always mention when we review these type of cameras (and this one is no exception) is to not expect much in terms of video recording. These cameras produce video that are good enough only for Internet/social media use. The zoom lens does work while recording video, but it moves at reduced speed to avoid motor noise being picked up by the built-in microphone.
Battery life with this camera is rated at 210 shots (CIPA rating), which is less than the category average. That means if you intend on using it throughout a day of sightseeing, you may run out of battery life, especially if you use the LCD display.
More long life Canon battery pack review: Canon NB-1L NB-1LH battery,Canon NB-2LH battery,Canon NB-4L battery,POWERSHOT SX230 HS Canon battery,Canon NB-5L battery.
Tuesday, February 14, 2012
The Digital Camera with Double Exposure
For the digital photography classic techniques , you're may noticed the vanishing of double exposure photography the least. But a new digial camera, the Minimo, is a 3.2 megapixel, double exposure shooter that will help bring it back. And you won't burn so much money on film this time.
Elegantly stitching together two digital photos in Photoshop is easy enough, but actually nailing a double exposure on film is both expensive and incredibly difficult. The Minimo is a happy compromise between the two worlds. The best part about double exposure photos is the element of surprise. You never know what you're going to get, and sometimes the resulting picture is more beautiful for its flaws—more beautiful than what you would have shot intentionally.
The Double Exposure Camera Gone DigitalThe Minimox Double Exposure Digi cam is smaller than the palm of your hand and weights just 1.1 oz, making it tiny enough to port around everywhere you go. The camera isn't a high-resolution beast, but its limitations are well-suited to vintage style snapshots with high color saturation. The sensitivity is permanently set at ISO 100 and the camera automatically sets the shutter speed from 1/8 to 1/5000 of a second. An added bonus, the 640 x 480 video in case your nostalgic photo excursions warrant a little impromptu movie-making as well.
A nice digital camera need to one more than a battery.If you have too digital camera battery and more, you don't worry catch beautiful view.I think you may interesting in KAA2HR Kodak battery, KLIC-7001 Kodak battery, EN-EL5 Nikon battery, EN-EL12 Nikon battery and order brand new digital camera batteries.
Elegantly stitching together two digital photos in Photoshop is easy enough, but actually nailing a double exposure on film is both expensive and incredibly difficult. The Minimo is a happy compromise between the two worlds. The best part about double exposure photos is the element of surprise. You never know what you're going to get, and sometimes the resulting picture is more beautiful for its flaws—more beautiful than what you would have shot intentionally.
The Double Exposure Camera Gone DigitalThe Minimox Double Exposure Digi cam is smaller than the palm of your hand and weights just 1.1 oz, making it tiny enough to port around everywhere you go. The camera isn't a high-resolution beast, but its limitations are well-suited to vintage style snapshots with high color saturation. The sensitivity is permanently set at ISO 100 and the camera automatically sets the shutter speed from 1/8 to 1/5000 of a second. An added bonus, the 640 x 480 video in case your nostalgic photo excursions warrant a little impromptu movie-making as well.
A nice digital camera need to one more than a battery.If you have too digital camera battery and more, you don't worry catch beautiful view.I think you may interesting in KAA2HR Kodak battery, KLIC-7001 Kodak battery, EN-EL5 Nikon battery, EN-EL12 Nikon battery and order brand new digital camera batteries.
Friday, February 10, 2012
GPS Functionality Digital Camera: Pentax Digital Camera
Pentax is now introducing the successors to its colorful and ruggedized shooters. And while its macho design hasn't changed much, the newcomers usher in a host of predictable spec bumps. Pentax Ricoh Imaging has expanded its range of Pentax WG adventure camera series with two 13th generation water-proof, crush-proof and shock-proof digital compact cameras, the Pentax Optio WG-2 GPS and the Pentax Optio WG-2.
The PENTAX WG-2 features six LED lights, a backlit 16 MP sensor, and shoots underwater to 40 feet with 1080p video. (Photo: Business Wire)
The durable, rugged camera models feature enable high-sensitivity shooting and full HD video recording at 1080p / 30fps. Water-proof up to 40 ft, crush-resistant to a maximum weight of 220 LBF, cold-proof up to 14°F and dust-proof, the Optio WG-2 models feature 16 MP back-lit CMOS sensor for enhanced image resolution with better noise performance, color accuracy and light sensitivity in dim-lit or night settings; a digital microscope mode, which uses a detachable macro focus ring and six macro LEDs for unmatched macro lighting and also include Pixel Track and Movie Shake Reduction to ensure blur-free, sharp video and image capture in all lighting conditions. The WG-2 cameras support SDHC/SDXC/ SD storage and feature a rechargeable Li-Ion digital camera battery D-LI92 battery, an inbuilt flash and an HDMI port to enable viewing of the images and videos on HDTV. Additionally, the cameras offer an ISO sensitivity of 125-6400, feature wide-angle 5X internal optical zoom lens and an autofocus assist lamp. Face detection technology helps detect blinks and smiles to capture the right portrait. An extended dynamic range enhances image quality with shadow and highlight details.
Many other brand new digital camera batteries' informatiom: Canon NB-5L battery, CASIO NP-40 battery, SAMSUNG SLB-1137 battery, PANASONIC DMW-BCG10PP battery and so.
The PENTAX WG-2 features six LED lights, a backlit 16 MP sensor, and shoots underwater to 40 feet with 1080p video. (Photo: Business Wire)
The durable, rugged camera models feature enable high-sensitivity shooting and full HD video recording at 1080p / 30fps. Water-proof up to 40 ft, crush-resistant to a maximum weight of 220 LBF, cold-proof up to 14°F and dust-proof, the Optio WG-2 models feature 16 MP back-lit CMOS sensor for enhanced image resolution with better noise performance, color accuracy and light sensitivity in dim-lit or night settings; a digital microscope mode, which uses a detachable macro focus ring and six macro LEDs for unmatched macro lighting and also include Pixel Track and Movie Shake Reduction to ensure blur-free, sharp video and image capture in all lighting conditions. The WG-2 cameras support SDHC/SDXC/ SD storage and feature a rechargeable Li-Ion digital camera battery D-LI92 battery, an inbuilt flash and an HDMI port to enable viewing of the images and videos on HDTV. Additionally, the cameras offer an ISO sensitivity of 125-6400, feature wide-angle 5X internal optical zoom lens and an autofocus assist lamp. Face detection technology helps detect blinks and smiles to capture the right portrait. An extended dynamic range enhances image quality with shadow and highlight details.
Many other brand new digital camera batteries' informatiom: Canon NB-5L battery, CASIO NP-40 battery, SAMSUNG SLB-1137 battery, PANASONIC DMW-BCG10PP battery and so.
Wednesday, February 1, 2012
Facebook IPO News
Wealthy investors aren’t clamoring for a piece of Facebook Inc.’s initial public offering because some own the stock through private transactions while others shy away from risky technology deals, according to advisers.
“It’s kind of the late arrivals who get excited around the time of the IPO,” said Jason Thomas, chief investment officer of Aspiriant, whose clients on average have about $10 million under management with the Los Angeles-based firm. “Our clients remember the tech bubble very well, and are appropriately skeptical of being the last money in.”
Facebook, the world’s biggest social-networking service, filed yesterday to raise as much as $5 billion in the largest Internet IPO. Morgan Stanley, Goldman Sachs Group Inc., JPMorgan Chase & Co., Bank of America Corp., Barclays Plc and Allen & Co. were hired to handle the deal for the Menlo Park, California- based company. The $5 billion figure is a placeholder used to calculate fees and may change.
Based on recent IPOs, investors who are able to buy in at the offering price once it’s determined could be looking at below-average returns if they seek to buy and hold. They may face a large tax bite if they sell into an early run-up in the stock price.
Ed Reinhart, 41, holds about 5 percent to 10 percent of his personal portfolio in Facebook after buying shares in 2010 through SharesPost Inc., a secondary market for private-company stock. He said he likes the company’s revenue-growth prospects and isn’t looking to increase his position in the initial offering.
Buying the Hype
“You don’t want to buy into the hype,” said Reinhart, who lives in Yakima, Washington, and is a managing partner for Capital Advisors Wealth Management, which works with institutional retirement plans. “I think it would be very wise for individual investors to stay back and let some of this steam escape, and see where all of this shakes out.”
SharesPost and SecondMarket Holdings Inc. facilitate transactions in private-company stock for accredited investors. That generally means individuals with assets of greater than $1 million, excluding a primary residence, or those earning more than $200,000 annually. SharesPost has offered transactions in Facebook shares since 2009.
Investors holding private-company stock at the time of an IPO generally are not permitted to sell their holdings for a certain period of time after the offering, generally as long as 180 days, according to Tim Sullivan, managing director of SharesPost.
Venture-Capital Firms
Goldman Sachs in January 2011 halted a planned offering of Facebook shares to U.S. investors on concerns that media attention about the deal could violate rules limiting the marketing of private securities. Instead Goldman Sachs restricted the offering to non-U.S. investors, with Facebook raising $1.5 billion through Goldman Sachs clients and funds along with Digital Sky Technologies.
Some clients of Constellation Wealth Advisors LLC have invested in Facebook through venture-capital funds or the secondary market, said David Arizini, a managing director and partner at the firm in Menlo Park, California, whose investors generally have at least $10 million in investable assets.
Signature, which oversees about $2.1 billion for families, has been invested in private equity and hedge funds that have owned Facebook for a few years, said Andrew Gorczyk, a portfolio manager for the Norfolk, Virginia-based firm. He declined to name the specific firms or funds.
Most clients haven’t expressed an interest in Facebook, said John Jennings, senior vice president of St. Louis Trust Co., a multifamily office based in St. Louis, which oversees about $3 billion for clients with an average of $75 million under management.
‘Quick Buck’
“It’s more exciting than having another muni bond in your portfolio,” Jennings said. “But the way we invest, we’re not going to load up on Facebook and try to make a quick buck.”
While some companies go public and do extremely well, the “odds are against you,” as some firms start trading at a high price point and then underperform or fail, said Scott Schermerhorn, chief investment officer at Granite Investment Advisors in Concord, New Hampshire, which manages about $500 million.
Shares of Groupon Inc. gained about 31 percent in their first day of trading after the firm’s November IPO, and have since fallen about 22 percent as of Jan. 31, according to data compiled by Bloomberg.
Stocks of companies that held U.S. IPOs in 2011 lost about 1.1 percent on average from their offerings through Jan. 30, according to data compiled by Bloomberg. The Standard & Poor’s 500 Index returned about 5.1 percent over the year through Jan. 30, including reinvestment of dividends.
Google Shares
Shares of Google Inc. jumped 18 percent on their first day of trading after the company went public in August 2004 and have risen more than 500 percent since, Bloomberg data show.
Many investors may already have exposure to Facebook even if they haven’t deliberately acquired shares through the secondary market or a private fund. About 50 mutual funds have reported stakes in the company, according to Chicago-based Morningstar Inc.
Funds managed by T. Rowe Price Group Inc. held about $408 million in Facebook at the end of December, according to spokesman Robert Benjamin. Morgan Stanley Institutional Fund Opportunity Portfolio held about 3.7 percent of assets in Facebook as of December, making it the fund’s ninth largest holding, according to the Morgan Stanley website.
Asking for Shares
Fidelity Contrafund held about $87 million in Facebook’s Class B shares in December, according to the fund’s monthly holdings report. That amounts to about a 12 basis-point allocation for the fund, which had assets of about $73 billion in December, according to spokeswoman Sophie Launay. A basis point is 0.01 percentage point.
People who have a broker may be able to ask for shares and the allocation may be determined by how much business they did at that investment banking or brokerage firm, said Todd Morgan, senior managing director at Los Angeles-based Bel Air Investment Advisors, which manages about $6 billion. Investors trying to obtain shares now may not gain access to a large enough allocation to have an impact on their portfolios, he said.
“It is difficult for most investors to access shares at the IPO price,” Kathleen Smith, principal of IPO investment adviser Renaissance Capital LLC, said in an e-mail. “Even the best institutional clients of Wall Street only get a small portion of their order filled at the offering price.”
‘Feeding Frenzy’
Interested investors should study Facebook’s financial information in the prospectus, including its growth rate, sales margins and cash on the balance sheet, and wait until the Facebook IPO has begun trading, Smith said. Facebook is considering a valuation of $75 billion to $100 billion, two people with knowledge of the matter said last week.
“People get caught up in the feeding frenzy that surrounds these opportunities,” said Gerri Walsh, vice president of investor education for the Financial Industry Regulatory Authority, the self regulator for the securities industry. “When a potential IPO is highly publicized and well-covered, people think that any way into that deal might be a legitimate way.”
The U.S. Securities and Exchange Commission in November filed an emergency enforcement action to stop what it said was a fraudulent scheme targeting investors trying to gain access to pre-IPO technology companies such as Facebook and Groupon.
Higher Tax Rates
Managers of the Praetorian Global Fund falsely claimed that their fund and related entities owned “shares worth tens of millions of dollars in privately held companies that were expected to soon hold an initial public offering,” according to an SEC statement. The individuals claimed that client funds were held in escrow while in fact they were being transferred to the managers’ personal accounts, the SEC said in the statement.
While investors should be aware of the risks of trying to get a piece of the Facebook action this late in the game, their interest is understandable, said Aspiriant’s Thomas.
“Our Silicon Valley clients have been outbid for houses by Google employees often enough,” Thomas said.
Those who do obtain shares at the offering price and sell into an initial jump could face higher tax rates on their profits. Gains on stocks held one year or less generally are taxed at an individual’s ordinary rate, currently as high as 35 percent, while long-term gains usually are taxed at a maximum levy of 15 percent, according to the U.S. Internal Revenue Service.
“It’s kind of the late arrivals who get excited around the time of the IPO,” said Jason Thomas, chief investment officer of Aspiriant, whose clients on average have about $10 million under management with the Los Angeles-based firm. “Our clients remember the tech bubble very well, and are appropriately skeptical of being the last money in.”
Facebook, the world’s biggest social-networking service, filed yesterday to raise as much as $5 billion in the largest Internet IPO. Morgan Stanley, Goldman Sachs Group Inc., JPMorgan Chase & Co., Bank of America Corp., Barclays Plc and Allen & Co. were hired to handle the deal for the Menlo Park, California- based company. The $5 billion figure is a placeholder used to calculate fees and may change.
Based on recent IPOs, investors who are able to buy in at the offering price once it’s determined could be looking at below-average returns if they seek to buy and hold. They may face a large tax bite if they sell into an early run-up in the stock price.
Ed Reinhart, 41, holds about 5 percent to 10 percent of his personal portfolio in Facebook after buying shares in 2010 through SharesPost Inc., a secondary market for private-company stock. He said he likes the company’s revenue-growth prospects and isn’t looking to increase his position in the initial offering.
Buying the Hype
“You don’t want to buy into the hype,” said Reinhart, who lives in Yakima, Washington, and is a managing partner for Capital Advisors Wealth Management, which works with institutional retirement plans. “I think it would be very wise for individual investors to stay back and let some of this steam escape, and see where all of this shakes out.”
SharesPost and SecondMarket Holdings Inc. facilitate transactions in private-company stock for accredited investors. That generally means individuals with assets of greater than $1 million, excluding a primary residence, or those earning more than $200,000 annually. SharesPost has offered transactions in Facebook shares since 2009.
Investors holding private-company stock at the time of an IPO generally are not permitted to sell their holdings for a certain period of time after the offering, generally as long as 180 days, according to Tim Sullivan, managing director of SharesPost.
Venture-Capital Firms
Goldman Sachs in January 2011 halted a planned offering of Facebook shares to U.S. investors on concerns that media attention about the deal could violate rules limiting the marketing of private securities. Instead Goldman Sachs restricted the offering to non-U.S. investors, with Facebook raising $1.5 billion through Goldman Sachs clients and funds along with Digital Sky Technologies.
Some clients of Constellation Wealth Advisors LLC have invested in Facebook through venture-capital funds or the secondary market, said David Arizini, a managing director and partner at the firm in Menlo Park, California, whose investors generally have at least $10 million in investable assets.
Signature, which oversees about $2.1 billion for families, has been invested in private equity and hedge funds that have owned Facebook for a few years, said Andrew Gorczyk, a portfolio manager for the Norfolk, Virginia-based firm. He declined to name the specific firms or funds.
Most clients haven’t expressed an interest in Facebook, said John Jennings, senior vice president of St. Louis Trust Co., a multifamily office based in St. Louis, which oversees about $3 billion for clients with an average of $75 million under management.
‘Quick Buck’
“It’s more exciting than having another muni bond in your portfolio,” Jennings said. “But the way we invest, we’re not going to load up on Facebook and try to make a quick buck.”
While some companies go public and do extremely well, the “odds are against you,” as some firms start trading at a high price point and then underperform or fail, said Scott Schermerhorn, chief investment officer at Granite Investment Advisors in Concord, New Hampshire, which manages about $500 million.
Shares of Groupon Inc. gained about 31 percent in their first day of trading after the firm’s November IPO, and have since fallen about 22 percent as of Jan. 31, according to data compiled by Bloomberg.
Stocks of companies that held U.S. IPOs in 2011 lost about 1.1 percent on average from their offerings through Jan. 30, according to data compiled by Bloomberg. The Standard & Poor’s 500 Index returned about 5.1 percent over the year through Jan. 30, including reinvestment of dividends.
Google Shares
Shares of Google Inc. jumped 18 percent on their first day of trading after the company went public in August 2004 and have risen more than 500 percent since, Bloomberg data show.
Many investors may already have exposure to Facebook even if they haven’t deliberately acquired shares through the secondary market or a private fund. About 50 mutual funds have reported stakes in the company, according to Chicago-based Morningstar Inc.
Funds managed by T. Rowe Price Group Inc. held about $408 million in Facebook at the end of December, according to spokesman Robert Benjamin. Morgan Stanley Institutional Fund Opportunity Portfolio held about 3.7 percent of assets in Facebook as of December, making it the fund’s ninth largest holding, according to the Morgan Stanley website.
Asking for Shares
Fidelity Contrafund held about $87 million in Facebook’s Class B shares in December, according to the fund’s monthly holdings report. That amounts to about a 12 basis-point allocation for the fund, which had assets of about $73 billion in December, according to spokeswoman Sophie Launay. A basis point is 0.01 percentage point.
People who have a broker may be able to ask for shares and the allocation may be determined by how much business they did at that investment banking or brokerage firm, said Todd Morgan, senior managing director at Los Angeles-based Bel Air Investment Advisors, which manages about $6 billion. Investors trying to obtain shares now may not gain access to a large enough allocation to have an impact on their portfolios, he said.
“It is difficult for most investors to access shares at the IPO price,” Kathleen Smith, principal of IPO investment adviser Renaissance Capital LLC, said in an e-mail. “Even the best institutional clients of Wall Street only get a small portion of their order filled at the offering price.”
‘Feeding Frenzy’
Interested investors should study Facebook’s financial information in the prospectus, including its growth rate, sales margins and cash on the balance sheet, and wait until the Facebook IPO has begun trading, Smith said. Facebook is considering a valuation of $75 billion to $100 billion, two people with knowledge of the matter said last week.
“People get caught up in the feeding frenzy that surrounds these opportunities,” said Gerri Walsh, vice president of investor education for the Financial Industry Regulatory Authority, the self regulator for the securities industry. “When a potential IPO is highly publicized and well-covered, people think that any way into that deal might be a legitimate way.”
The U.S. Securities and Exchange Commission in November filed an emergency enforcement action to stop what it said was a fraudulent scheme targeting investors trying to gain access to pre-IPO technology companies such as Facebook and Groupon.
Higher Tax Rates
Managers of the Praetorian Global Fund falsely claimed that their fund and related entities owned “shares worth tens of millions of dollars in privately held companies that were expected to soon hold an initial public offering,” according to an SEC statement. The individuals claimed that client funds were held in escrow while in fact they were being transferred to the managers’ personal accounts, the SEC said in the statement.
While investors should be aware of the risks of trying to get a piece of the Facebook action this late in the game, their interest is understandable, said Aspiriant’s Thomas.
“Our Silicon Valley clients have been outbid for houses by Google employees often enough,” Thomas said.
Those who do obtain shares at the offering price and sell into an initial jump could face higher tax rates on their profits. Gains on stocks held one year or less generally are taxed at an individual’s ordinary rate, currently as high as 35 percent, while long-term gains usually are taxed at a maximum levy of 15 percent, according to the U.S. Internal Revenue Service.
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