Barack Obama, Bill Clinton, Bono, Jon Stewart, Stephen Colbert and many others taped a video for the event in which they each tried to sum up Jobs’ accomplishments in five words, though some squeezed in a few extra words.

The Webby’s segment kicked off with an introduction from John Hodgman and Justin Long, the actors who appeared in Apple’s famous Mac vs. PC commercials, followed by a speech from Richard Dreyfuss who did the voiceover for Apple’s Think Different ads.

You can watch the whole segment from the Webby’s below. The video tribute starts at the 5:45 mark.

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Apple is testing at least two new iPhone prototypes at its headquarters, both of which have a larger 3.95-inch screen, according to a report from 9To5Mac.com.

The Apple-focused tech blog reports hearing from sources at Apple that the screen width of the two prototypes is 1.95 inches, the same as the iPhone 4S. However, the screen’s resolution is higher (640X1136).

Apple is also reportedly working on a new iOS for the larger screen that would an extra row of icons on the home screen, among other changes, according to 9To5Mac.

It’s uncertain which prototype (if either) will end up making it to market, but this confirms previous reports that the next iPhone’s screen will be about 4-inches.

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May 22 (Bloomberg) — Let the Facebook Inc. finger-pointing begin.

After one of the most anticipated initial public offerings in history, Facebook’s 11 percent drop yesterday prompted investors to fault everything from Morgan Stanley’s role as lead underwriter, to the company’s greed and the Nasdaq Stock Market.

“It was like the gang that couldn’t shoot straight,” said Michael Mullaney, who helps manage $9.5 billion as chief investment officer at Fiduciary Trust in Boston. He said he placed Facebook orders for clients. “The underwriters mis- estimated what actual demand was, and there was pure execution failure coming out of the Nasdaq.”

Taking the most heat is Morgan Stanley, said Mullaney. The bank was lead underwriter among the 33 firms Facebook hired to manage the $16 billion sale of stock. The bank decided with Facebook executives to boost the size and price days before the May 17 IPO, ignoring advice from some co-managers, said people with knowledge of the matter, who declined to be identified because the process was private. Morgan Stanley talked with few of its fellow underwriters aside from JPMorgan Chase & Co. and Goldman Sachs Group Inc. throughout the IPO, one person said.

“They overplayed the enthusiasm and probably just misread the atmosphere of the marketplace,” said Keith Wirtz, who oversees $15 billion as chief investment officer at Fifth Third Asset Management in Cincinnati and bought some stock in the IPO.

Blame Game

Facebook increased the number of shares being sold in the IPO by 25 percent last week to 421.2 million and raised its asking price to a range of $34 to $38 from $28 to $35. Had Facebook kept the original terms, investors may have had a better shot at a first-day pop. Instead, the stock was little changed in its debut because Morgan Stanley intervened to prevent it from falling below the IPO price. The shares closed at $34.03 yesterday.

Some investors say they felt misled by the underwriters. According to one London-based fund manager who asked not to be named, bankers indicated demand was so strong that he placed a bigger order than he thought he would get, leaving him with 40 percent more Facebook shares than anticipated. He sold most of that stock on the first day of trading.

The decision to boost the price range reflected the demand in the market, said a person involved in the process. Michael DuVally, a spokesman for Goldman Sachs, and Pen Pendleton, a spokesman for Morgan Stanley, declined to comment. Jennifer Zuccarelli, a spokeswoman for JPMorgan, declined to comment.

Morgan Stanley and Facebook consider problems with Nasdaq OMX Group Inc.’s computer systems among the reasons for the IPO’s performance so far, according to people familiar with the matter. Nasdaq’s trading platform was overwhelmed by order cancellations and updates that made the stock-market operator unable to finish the auction required to open trading. The U.S. Securities and Exchange Commission said it will review the trading.

Opening Auction

Nasdaq Chief Executive Officer Robert Greifeld said on a call with reporters on May 20 about the glitch that the opening delay “had no apparent impact on the stock price,” noting the share decline began after all brokers had received confirmation about their trades in the opening auction. Robert Madden, a spokesman for Nasdaq OMX, declined to comment beyond Greifeld’s statement.

Nasdaq said in a notice yesterday it delivered all outstanding execution and cancellation messages to brokers for their IPO cross orders at 1:50 p.m. Facebook declined 5.9 percent after 1:50 p.m.

‘Mispriced’ Market Value

Facebook CEO Mark Zuckerberg and the early backers should be held accountable for the stock drop, said Francis Gaskins, president of researcher IPOdesktop.com in Marina Del Rey, California. Goldman Sachs, Accel Partners, Digital Sky Technologies and other existing holders boosted the number of IPO shares they offered in Facebook on May 16, a day after the company increased its price range.

“It’s a combination of Zuckerberg’s ego for that $100 billion market cap, and the shareholders selling who wanted an exit,” said Gaskins. “Somehow it just missed them that this was mispriced.”

Larry Yu, a spokesman for Menlo Park, California-based Facebook, declined to comment. Rich Wong, a partner at Palo Alto-based Accel Partners, and Yuri Milner, founder of Digital Sky Technologies in Moscow, didn’t respond to requests for comment.

Facebook Chief Financial Officer David Ebersman was the point person on the deal, while Zuckerberg and Chief Operating Officer Sheryl Sandberg weighed in on major decisions throughout the process, people said. At Morgan Stanley, Dan Simkowitz, chairman of global capital markets, was one of the main bankers on the offering. Michael Grimes, global co-head of technology investment banking at Morgan Stanley, also played a key role.

Paper Into Cash

Underwriters did accomplish part of what they set out to do: turn paper into cash for pre-IPO holders.

“It was successful for the liquidating owners, absolutely, because they got all that and then some,” said Peter Sorrentino, a fund manager who helps oversee $14.7 billion at Huntington Asset Advisors in Cincinnati.

For the investors it was a different story.

“I shame the people who were lining up to buy the thing,” said Sorrentino, whose firm didn’t buy stock in the IPO and tried to talk clients out of purchases. “The financials were there, do the math. Everyone wanted to be caught up in the glamour offering of the year. People just had stars in their eyes.”

 SEE ALSO: Now That Everyone Has Sobered Up, Let’s Figure Out What Facebook Is Actually Worth…

–With assistance from Zijing Wu in London, Nina Mehta and Whitney Kisling in New York, Brian Womack and Ari Levy in San Francisco and Olga Kharif in Portland. Editors: Larry Reibstein, Jennifer Sondag and Elizabeth Wollman

To contact the reporters on this story: Serena Saitto in New York at ssai...@bloomberg.net; Lee Spears in New York at lspe...@bloomberg.net Joseph Ciolli in New York at jcio...@bloomberg.net

To contact the editor responsible for this story: Tom Giles at tgil...@bloomberg.net

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The company had previously tried this weekend, but the rocket failed at launch.

You can watch a full, long replay on the SpaceX site or you can watch this shorter version that we found on YouTube.

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The earnings season naysayers are quick to point to Apple’s size and staggering growth rate as key to corporate profit growth during the first quarter.

As such, it has become popular to talk about earnings growth ex-Apple, which is far below the inclusive growth rate.

However, it is a mistake to think about earnings by just excluding Apple, argues Citigroup’s Steve Wieting.

“Within this backdrop of high profits and moderate growth, some have asserted that the bulk of the earnings expansion is now merely an idiosyncratic case of a thriving Apple Inc. But 66% of firms reporting 1Q EPS showed increases over the past year, still a quite high ratio of firms that are expanding profits.

“Total operating EPS were 6.6% above a year ago without Apple’s 1Q results included. But the IT firm’s sales come at the expense of other producers competing for consumer dollars, and should not be viewed in isolation as generating a fourth of all profit gains.”

In other words, if you remove earnings from Apple, then you must add some earnings somewhere else.

Wieting further notes that the same mistake would produce the opposite effect if you talked about earnings ex-Exxon, another considerably large force in the S&P 500.

“If one were to pull out Exxon-Mobil’s small profit decline from the total, S&P 500 EPS would have risen 9.9% from the year ago, thus showing no slowdown in profits at all. Yet this similarly distorts the aggregate results.”

Having said that, Wieting acknowledges that earnings growth is decelerating, albeit at a less severe rate than he previously expected.

See Also – JPMORGAN: One Of These 15 Companies Could Be The Next Apple >

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The California Senate passed a bill today that would let autonomous vehicles roam the state’s roads and highways.

California Senate Bill 1298 passed in a unanimous vote of 37-0, reports Wired. The bill outlines safety and performance standards for self-driving cars, such as the one famously demonstrated by Google. The bill now heads to the State Assembly where it is expected to pass, perhaps within the next month, says Wired.

It’s not quite as far reaching as the bill passed in Nevada, which approved self-driving cars on its roads. This bill outlines a method to let the California Highway Patrol test these cars. Arizona, Hawaii, Florida and Oklahoma are all in the process of passing similar bills.

If you’ve never seen these things in action, take a minute and watch the video of a blind man being driven around town in one of Google’s cars. It’s awesome!

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