Over the next two days, Morgan Stanley and the other underwriters called their top institutional clients, including mutual-fund giants Fidelity and Capital Research and Management, saying their analysts had lowered Facebook's earnings and revenue estimates, according to people familiar with the matter.

WSJ: Morgan Stanley Was 'Driver' on Facebook's Wild IPO Ride

Special Offer: Before you make new IRA contributions or rebalance your 401(k), double check to see which Fidelity funds--and fund managers--are the best places to put your capital.

FORBES: Gurus Square Off On Rates

Joel Tillinghast, a longtime Fidelity stock fund manager who is writing a book about investing, asked how they think about companies' returns on capital.

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In the past, Janus Capital Group has added its entire bill for ICI dues to the expenses fund investors' pay, and Fidelity Investments has added an undisclosed portion.

FORBES