Facebook (FB) IPO Fail Leaves Retail Investors Holding the Bag... Again
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The Facebook (Nasdaq: FB) IPO is now officially a horrible deal.
After pricing at $38 and opening at $42.05 on Friday, shares of the social media powerhouse are under massive pressure Monday and broke the syndicate bid of $38 in pre-open trading; the level underwriters were vigorously trying to defend on Friday. After falling below that level in pre-open action, underwriters next set up camp at $35. That level too broke and now shares are trading at $33.25, or nearly 13 percent below the IPO price.
The action in the stock is another black eye for the stock market. Retail investors were given historic access to the Facebook offering and now those same investors wish they would have never gotten involved.
After pricing at $38 and opening at $42.05 on Friday, shares of the social media powerhouse are under massive pressure Monday and broke the syndicate bid of $38 in pre-open trading; the level underwriters were vigorously trying to defend on Friday. After falling below that level in pre-open action, underwriters next set up camp at $35. That level too broke and now shares are trading at $33.25, or nearly 13 percent below the IPO price.
The action in the stock is another black eye for the stock market. Retail investors were given historic access to the Facebook offering and now those same investors wish they would have never gotten involved.
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