No one could accuse Facebook of having beginner’s luck on Wall Street. The company’s initial public offering on Friday was delayed by two hours due to a glitch in Nasdaq’s trading system, prompting many traders to cancel orders because they were not sure of the stock’s price. The day, in general, was arguably a disappointment for the social media giant, with its per share price ending only slightly above the $38 starting price. That disappointment has no doubt turned into downright dismay. On Monday, the stock dropped close to 11 percent to reach $34.03 per share by 4:30 ET.
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Facebook's Balloon May Have Sprung a Leak
Posted by: Erika Morphy May 21, 2012 03:15 PMNo one could accuse Facebook of having beginner’s luck on Wall Street. The company’s initial public offering on Friday was delayed by two hours due to a glitch in Nasdaq’s trading system, prompting many traders to cancel orders because they were not sure of the stock’s price. The day, in general, was arguably a disappointment for the social media giant, with its per share price ending only slightly above the $38 starting price. That disappointment has no doubt turned into downright dismay. On Monday, the stock dropped close to 11 percent to reach $34.03 per share by 4:30 ET.