Facebook Wall Street debut: stock price stumbles after high-end expectations

facebook stock wall streetAlmost a live update about the most expected Wall Street debut of all times: Facebook IPO.

After really high expectations, Facebook’s stock price (Nasdaq: FB) is stumbling.

Update: right now it’s 40.92 (up to +7,68 %)

The inauspicious opening suggests that retail investors paid close attention to reports of soft financials and big selling by insiders.

Still, Facebook raised $16 billion in what will go down as the third-largest public offering in U.S. history and the biggest ever for a technology company.

Facebook founder Mark Zuckerberg rang the Nasdaq opening bell from company headquarters in Menlo Park, Calif.

Analysts are still struggling to understand, realize and tell (and will be doing it for a long time).

“It’s a total disaster because the stock is trading right at the IPO price,” said Francis Gaskins, editor of IPOdesktop.com in Marina del Rey. “They didn’t want that in a million years. A traditional IPO is up 10% or 15%.”

But how does it really go? The stock most recently hovered at about $40, which is only $2 above what shares were priced at late Thursday night. Shares touched that $38 level multiple times during trading.

[Via LATimes and USA Today]

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