Monday, May 21, 2012

Facebook shares fall sharply

Shares of Facebook were down around 12 per cent early Monday, their second day of trading on the Nasdaq market, with one analyst suggesting underwriters were too rosy in their estimates of demand for the stock in its IPO last week.
Facebook was trading at $33.75 US, down $4.48 from its close on Friday, the day it went public.
The drop is even more dramatic measured from the company's opening price on Friday. When it started trading publicly around 11:30 a.m. that day, it changed hands at $42.05.
The IPO had been priced at $38.

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