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Ruh Roh.
Free fall...looks like they gave up.
$39.6 and dropping straight down.
Looks like they are buying in 200,000 share blocks now and only moving the price a penny or two...
Ruh Roh.
Free fall...looks like they gave up.
$39.6 and dropping straight down.
Looks like a new buy floor @ 39.6
Couldn't hold it.
This could get ugly.
About to break below 39 trading about a million shares a minute.
LOL Nasdaq
LOL facebook
NEW YORK – The big pop in Facebook Inc. shares never came.
Buyers did not rush into the market to snap up shares of the social networker. And the big Wall Street banks that brought Facebook public scrambled to prevent the stock from collapsing into declines.
The underwriters averted a potential debacle by scooping up shares of the company during the Nasdaq debut. This propped up the stock, keeping it above the $38 offering price through most of the day.
“When a deal gets priced and breaks price on the first day, that’s definitely a major embarrassment," said trader Andrew Frankel, co-president of Stuart Frankel & Co. "But it didn’t do that here – at least for the time being.”
The practice is pretty standard during IPOs, especially high-profile ones like Facebook. The big banks buy into a wave of selling as a way to prevent their customers from suffering big losses.
The syndicate of underwriters led by Morgan Stanley helped prop up shares after the Nasdaq Stock Market experienced technical problems processing trades. A number of brokerages reportedly said they were having problems trying to trade the stock.
“There are currently industrywide delays in reporting trade executions,” Michael Cianfrocca, a spokesman for brokerage Charles Scwhab, told Bloomberg News. “These issues do not appear to be unique to Schwab.”
The problems could threaten the Nasdaq’s reputation as the premier platform to list big blue-chip technology companies. The exchange won a hard-fought battle against the New York Stock Exchange for a chance to list Facebook.
Spokesmen for the Nasdaq did not return several telephone calls and emails seeking comment.
Many traders, Frankel said, "backed away from trading Facebook because Nasdaq had such system issues.”
The stock bolted at the open to $42.05, but then quickly withered in the first hour of trading. It touched $38 several times, but eked out a small rebound and leveled off at about $40.
Barry Ritholtz, head of Fusion IQ, an investment research firm, added: "It pretty much started straight down to $38, where as normally happens, the underwriters defended it."
http://www.latimes.com/business/tech...,6622700.story
Bleh...out @ 39.56.
Looks like they are trying to hold it at 38.5
Damn. Just passed 450 million shares traded. I'm pretty sure thats a new one day record and there is still 45 minutes to the close.
rofl you're a better investor than me no way would I be able to accept a loss and sell that quickly.
I didn't take a loss. I bought @ $38.60.
I might buy a coke with the proceeds after the commissions.
my bad read your initial post wrong. Well done
Damn, $38.25 and dropping.
Sure as didn't go where I thought it was going to. The price in my first post was my active ticker on my portfolio summary page. That's the price it was when I screen capped my summary. It had already moved to $40 and change by then.my bad read your initial post wrong. Well done
About to hit $38 now. Sucks for the people who bought at $42.
Ouch, what an embarrassment. Looks like it's gonna close lower than the offering price.
these desparate underwriters buying at $42
$38.02
*underwriters looking at clock*
!!!!!!!!!!
's been hovering just a pubic hair about $38 for a while now.
$38.00
Hit $38 and and underwriters bought another million shares. jumped immediately.
It got them a whole 2 cents.
This is way more interesting to watch than the playoffs tbh.
I don't think they will be able to hold it another 16 minutes. I'll bet they break 500 million shares traded by the close.
Hit 38 again...*boom* another million shares
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