It only rose 23 cents from its initial asking price and was actually prevented from falling below that price when the Underwriters bought Facebook's stock to keep it from falling below the IPO price.
http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/05/18/bloomberg_articlesM44NGO6K50YQ01-M48IL.DTL
I think they are counting on their users, to buy unconditionally. Regardless of true value.
I think it's because I took the day off.
"Friend me" if you want:
lol you wouldn't like my posts.lol
Not exactly on topic, a corollary on the IPO topic. From the NY Times Dealbook, an interesting visual of IPO performance since 1980
If I'm going to own a company as dumb money I would like it to actually produce something tangible. It's just a matter of principle.
So Facebook owns server farms, big deal; the government owns server farms for crying out loud.
Facebook has some obstacles in its path.
Down to 33.83 at 10:28
Probably will close even lower. IMHO.B-)
Turns out that while the IPO syndicate was pushing Facebook on their retail clients, they were cutting revenue projections in information given only to their larger institutional clients.
Insight: Morgan Stanley cut Facebook estimates just before IPO
What a beating!
"I'm not impressed with the market's smarts, but I am impressed with it's harshness"
~Thomas Hoenig~
I just liked the quote and wanted to post it.
MS may get downgraded three notches in June by Moodys or Fitch. They will need some capital for margins calls, correct?