Business

Smaller brokers lukewarm on Twitter IPO

Twitter has set a relatively modest price range for its closely watched initial public offering, but some financial advisers say their retail clients are not clamoring to invest in the social media phenomenon.

“Nary a tweet,” says William Baldwin, president of Pillar Financial Advisors, when asked about client interest in the deal.

Out of 29 broker-dealers and independent advisers contacted by Reuters, 23 said they are not recommending Twitter shares. Only one said he would recommend it — and only to certain clients. Five others said they would wait to snap up the stock if it plunges after it begins to trade on the NYSE.

In a related matter, Twitter announced it had hired former NBC executive Vivian Schiller to head its news operation.