It was supposed to soar. Instead, it's plunging. Facebook's stock fell 11 percent on its second day of trading even as the rest of the stock market rallied. (May 21)
HEADLINE:
Investors slap Facebook 11 percent lower
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CAPTION:
It was supposed to soar. Instead, it's plunging. Facebook's stock fell 11 percent on its second day of trading even as the rest of the stock market rallied. (May 21)
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INVESTORS DIDN'T LIKE FACEBOOK STOCK ON ITS FIRST FULL DAY OF TRADING. IN FACT, THEY SOLD IT OFF WITH A VENGEANCE.
SHARES TOOK A BEATING FROM THE GET-GO, TRADING DOWN BY AS MUCH AS 13 PERCENT DURING THE SESSION. THEY ENDED THE DAY OFF 11 PERCENT AT $34.03
[SOT/:Brian Wieser, analyst at Pivotal Research Group]
"We argued from the outset of our coverage, going back to February was that the low 30s and in fact $30 was where we thought fair value was for the stock. At $38 it was clearly priced for perfection.
FACEBOOK'S MARKET DEBUT FRIDAY WAS ANYTHING BUT PERFECTION, ENDING THE DAY UP ONLY 23 CENTS.
MONDAY WAS WORSE.
ANALYSTS SAY THE REASON IS THAT THERE is STILL IS A LOT TO LEARN WHEN IT COMES TO FACEBOOK'S VALUE.
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