Facebook’s initial public offering (first day it goes on the stock exchange and gets publicly listed as a trading COY) a few days ago... and at that time shares went up to about $34? $38? Just a few days later, today, shares plunged heaps...
Facebook shares extend slide, drop 18.1 per cent below IPO launch price
- Facebook shares plunge as much as nine per cent
- Concerns its lead banker, Morgan Stanley, botched deal
- Facebook's share price plunge unsurprising - analysts
The shares fell as far as $US30.94, and closed at $US31.12, leaving them 18.1 per cent below the $US38 IPO price.
Shares began to fall sharply in premarket trade after a report that an analyst from Morgan Stanley trimmed his outlook for the social-network company's revenue just ahead of the offering.
The analyst downgrade, which Reuters reported was relayed to some of the bank's major clients as meetings for the IPO were held, came as a surprise to many potential investors so close to the stock's debut.
Facebook shares tumbled 11 per cent on Monday, giving investors a black eye in the second day of trade since the blockbuster debut on Friday.
Monday's sell-off came partly because some investors who were allotted more shares than they had expected pared their holdings, according to The Wall Street Journal.
The shares debuted on Friday in a session marred by technology problems that affected trading in millions of shares and ended that day up just 23c.
Nasdaq has faced enormous backlash for allegedly mishandling the listing, as irate brokers and traders demanded the exchange make up losses they blamed on Friday's technical glitches.
Facebook shares slump 11pc, cutting social network's value to $US93.2bn
- From: The Wall Street Journal
- May 22, 2012
Facebook
shares skidded on their second day on the stock market to well below
their offer price, leaving some investors who bought in the social
network's public offering in the red and raising questions about
whether the company and its lead banker, Morgan Stanley, botched the
deal.
The shares, which managed to stay a hair above $US38 on their Friday
debut with the help of Morgan Stanley, last night lost their footing,
dropping to as low as $US33 before closing down $US4.20, or 11 per
cent, at $US34.03.
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Good times don't last long.... where do u anchor your hopes? should anchor your hope on the Creator, not the things that He made...
Da things he made, they shake, but He don't;
and when u get ur anchor rite, even u don't move, no!
Da things he made, they shake, but He don't;
and when u get ur anchor rite, even u don't move, no!
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