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| Facebook IPO (Photo credit: Stargazer95050) |
After all the hype and anticipation, Facebook’s initial public offering turned out to be a disappointment that may bode poorly for investors in the company’s richly priced shares.
Facebook (ticker: FB) sold 421 million shares Thursday at $38 after bumping up the price range from the original $28 to $35 per share. The stock began trading above $42 Friday morning and came under pressure in the afternoon, spending much of the final half hour just above $38 before finishing at $38.23. (The stock traded as high as $44 in the private market in March.) Without reported support from the deal underwriters, the shares might have fallen below $38 in what would have been a big embarrassment for Facebook and Wall Street... Continue to read.
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