Facebook's First Trades: Shares Climb, Cool Off

Company doesn't see expected 'pop'

By Matt Cantor,  Newser Staff

Posted May 18, 2012 11:07 AM CDT | Updated May 18, 2012 11:44 AM CDT

(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.

A man stops to photograph Nasdaq in Times Square as Facebook has its IPO, Friday, May 18, 2012, in New York.
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)
« Prev« Prev | Next »Next » Slideshow
My TakeCLICK BELOW TO VOTE
27%
23%
42%
4%
4%
0%
To report an error on this story, notify our editors.

NEWS FROM OUR PARTNERS
Other Sites We Like:   The Street   |   24/7 Wall St.   |   BuzzFeed   |   Cracked   |   World History Project   |   POPSUGAR Tech   |   Business Insider   |   HuffPost Entertainment