Facebook's First Trades: Shares Climb, Cool Off

Company doesn't see expected 'pop'
By Matt Cantor,  Newser User
Posted May 18, 2012 11:07 AM CDT
Updated May 18, 2012 11:44 AM CDT
A man stops to photograph Nasdaq in Times Square as Facebook has its IPO, Friday, May 18, 2012, in New York.   (AP Photo/Richard Drew)

(Newser) – Facebook has seen a mixed start to its IPO: Initially priced at $38 each, shares in the company quickly jumped about 11%, opening at $42. But things cooled off, and at one point in the first half-hour, shares were back down to about $38, notes the Wall Street Journal. They were hovering just under $40 around mid-day.

“I think it’s surprising that they didn’t get the pop that many were expecting,” one analyst tells MarketWatch. “It seems the underwriters did not leave much upside, or perhaps investors were signaling that they would buy a lot more shares than they ended up actually buying.” TheStreet.com has a liveblog here. (Read more Facebook stories.)

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