We study the effect of managerial career concerns on informational feedback from stockmarkets. We set up a model in which managers with career concerns can learn information from their own information production or from stock price feedback. A key insight from the model is that if managerial career concerns are high, a less frictional market induces more information production by both managers and speculators. As a result, although price informativeness improves, managers learn less from the stock market, contrasting with the classical view in the literature on stock price feedback. Exploiting a quasi-natural experiment, we document evidence consistent with model predictions.