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May 21, 2012 05:18 pm GMT
Facebook shares dropped more than 13 percent to $33.14 -- below the company's final $38 price in the company's highly anticipated initial public offering last week. Today is an interesting test for Facebook's worth because the company's shares will no longer be supported by the IPO's lead underwriter Morgan Stanley.Facebook's performance today may further stoke the debate over whether its IPO was priced well. To save face on Friday, Morgan Stanley had to step in to make sure that Facebook shares didn't close below their opening price. There were also irregularities in trading on NASDAQ as some buyers had to wait hours to know whether their orders had been filled. The company's market cap is now around $90.1 billion, down from the $104 billion valuation the company opened with last week.
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/WePbGqtxT-g/
Facebook Shares Slide More Than 13% To $33.20 On Second Trading Day After IPO
Facebook shares dropped more than 13 percent to $33.14 -- below the company's final $38 price in the company's highly anticipated initial public offering last week. Today is an interesting test for Facebook's worth because the company's shares will no longer be supported by the IPO's lead underwriter Morgan Stanley.Facebook's performance today may further stoke the debate over whether its IPO was priced well. To save face on Friday, Morgan Stanley had to step in to make sure that Facebook shares didn't close below their opening price. There were also irregularities in trading on NASDAQ as some buyers had to wait hours to know whether their orders had been filled. The company's market cap is now around $90.1 billion, down from the $104 billion valuation the company opened with last week.Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/WePbGqtxT-g/
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