Facebook! I Wanna Thank Yooooou!
May 18, 2012 § Leave a comment
One more time, for posterity. Also because Zuck needs to blame SOMEONE. From the LA Times:
Facebook Inc. shares got off to a rocky start in what has been the most highly anticipated initial public offering in history.
The stock jumped more than 10% in the first few minutes of trading. But then sellers swept into the market and that gain evaporated.
“It’s a total disaster because the stock is trading right at the IPO price,” said Francis Gaskins, editor of IPOdesktop.com in Marina del Rey. “They didn’t want that in a million years. A traditional IPO is up 10% or 15%.”
There had been hopes that Facebook’s IPO would be a shot in the arm to the broader markets. But that too appears to have fallen by the wayside.
Major U.S. stock indexes were all higher in the hours leading up to the public offering. Once Facebook shares began to weaken, however, so did the market.
The technology heavy Nasdaq fell 6.06, or 0.22%, to 2,807.70. The Dow Jones industrial average dropped 13.77, or 0.11%, to 12,428.57; and the Standard & Poor’s 500 index shed 0.69, or 0.6%, to 1,303.98.