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.