STOCK MARKET WATCH -- Monday, 21 May 2012

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54. FACEBOOK COLLAPSES OVER 8% AND BREAKS THE IPO PRICE

http://www.businessinsider.com/facebook-breaks-the-ipo-price-2012-5

UPDATE:
As we wrote about in the original post below, Facebook plunged below the IPO price in the early going, and the route continues now that the official start of trading has begun.
It's now off over 8% to around $35/share, well below the $38/share IPO price.

ORIGINAL POST: Facebook shares have fallen to $36.50 in the pre-market.
Remember, on Friday the stock went public with a shockingly small pop.
And that pop quickly evaporated, and the only reason it didn't fall below the $38 level is that the underwriters put in a mammoth bid at $38.
But obviously the underwriters are done supporting the stock, as it's now going down.
Adding insult to injury, futures are up nicely this morning, so the mood is generally positive. But people don't want Facebook.
Wow!


Read more: http://www.businessinsider.com/facebook-breaks-the-ipo-price-2012-5#ixzz1vVmKkiNr