Facebook (FB) Breaks Below IPO Price

May 21, 2012 8:28 AM EDT
The Facebook (Nasdaq: FB) IPO has just gone from 'lackluster' to 'bad.'

After barley closing positive on its Friday debut, shares of the social media powerhouse broke below the $38 IPO syndicate price in pre-open trading Monday. Shares last traded at $37.10 on volume of 2.3 million.

Traders are commenting that the pre-open downside may be exaggerated as underwriters may not be currently participating in trading to support the price. It was said that underwriters had to step in numerous times on Friday to defend the $38 price.

Today's pre-open trading action follows trading problems on Friday caused by a glitch that resulted in a delay in the IPO opening price and a delay in trade confirmations.

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