NEW YORK —
On Monday, Twitter raised the price range to $23 and $25 per share, signaling an enthusiastic response from prospective investors. That its final price was above the expected range bodes well for the company.
As is customary on the NYSE, there will be a human designated to ensure that Thursday's IPO is not marred by technical glitches. Earlier on Wednesday, Barclays Capital said Twitter had hired it to be its "designated market maker," a critical role when a stock starts trading. A DMM is an experienced trader who supervises the trading of a company's stock on the NYSE. If technical problems arise, the NYSE uses DMMs to bypass electronic trading systems, allowing people to trade a company's stock. That is not possible on all-electronic stock exchanges such as the Nasdaq.
Twitter's shares enter a frothy market. The Dow Jones industrial average closed at a record high on Wednesday, up 128 points, or 0.8 percent, to 15,746. The Standard & Poor's 500 index rose seven points, or 0.4 percent, to 1,770, just one point below its own all-time high.