Facebook IPO Ends Flat: Right Back at $38

Shares don't fare as well as expected
By John Johnson,  Newser Staff
Posted May 18, 2012 3:15 PM CDT
The Chrysler Building is visible behind the animated facade of the Nasdaq MarketSite in New York's Times Square.   (AP Photo/Richard Drew)
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(Newser) – Facebook's big day is over, though its IPO didn't meet Wall Street's expectations. Some highlights:

  • Rise and fall: Shares opened at $38, rose quickly to $42, then sank again to $38 before underwriters stepped in to keep the price up, reports the Wall Street Journal. Shares closed about where they started, at $38.23.
  • Record day: Facebook broke the record for most shares traded in a day with more than 460 million. GM held the previous record with 458 million.
  • Trading snafus: The heavy volume took a toll. Nasdaq is taking flak for communication glitches about orders, along with the 30-minute delay in the opening.
  • Mark Zuckerberg: Curious how much richer he is? This widget to the rescue.
See TheStreet.com for detailed coverage.

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