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Facebook CEO Mark Zuckerberg Rings NASDAQ Opening Bell from Menlo Park, California
Updated at 16: 00 ET: after more than 10 percent at the start of trading, shares of Facebook jump back undressed in their market debut Friday, proposes a cooler than expected reception for one who observed the most initial public offerings of stock of the last years.
Facebook share jumped to $43 in the first trade, about 13 percent from an IPO price of $37. But the stock was soon some his first jump and fell as low as $38 in the first half-hour of trading, at the point of IPO underwriters was its price, support, according to reports. Facebook shares eventually closed at just over $38.
The broader stock market was lower Friday, with social media among biggest losers of the day. Shares of LinkedIn, Pandora, and GroupOn were all lower.
Facebook's opening delayed trade. Shares due to originally begin trading on the NASDAQ Stock Exchange at 11 A.m. ET, was but by about 30 minutes as an experienced trader problems with change and cancel reports of orders, that they had sent to the NASDAQ, the Wall Street Journal.
Despite the technical difficulties, retail was very strong demand for the Facebook offering, dealers said CNBC component of 15 to 25 percent with an expected retail. Trading volume in Facebook 100 million shares in the first three minutes of trading the camp exceeded, the magazine said.
Facebook's market reception was unusual. Others have seen the last large Internet IPOs strong starts, including LinkedIn, which went public almost exactly one year at $45 per share before and at $94 on a volatile day of trading above saw their shares closed $122 at one point.
Related: Want a piece of Facebook? Here is what you need to know
This means that investors, could get luck to the tender offer price book an immediate paper profit of more than 100 percent, or "mirror" shares and cash. Other investors were numbers as much as $122 per share for LinkedIn on this day and with paper losses. (LinkedIn shares currently trading for about $100.)
GroupOn, another the last Internet IPO, jumped 27 percent on the day of its opening.
Facebook CEO Mark Zuckerberg reminds staff that the company aims to make the world more open and connected. Then he rings the opening bell.
Earlier Friday, Facebook rang founder and CEO Mark Zuckerberg the opening bell for the NASDAQ stock market in Facebook shares of Facebook are based in Menlo Park, California now trading on the NASDAQ under the symbol "Department." (You can track the performance of Facebook share price here).
Facebook went after the close of trading Thursday at $38 per share, a landmark increase more than 100 billion $ $16 billion initial public offering, the company values.
Investment banks, the Organization has set the price range at the upper end of the range of $34 to $38 per share estimated by Facebook in a regulatory filing earlier this week.
The offer values at $38 per share the eight-year-old company $104 billion initial public offering of the greatest debut has market for an Internet company. There are more than $16 billion for Facebook and selling shareholders, including Zuckerberg, ultimately could be raised and up to $18.4 billion, assuming that the underwriters exercise their option for "Overallotments" to strong demand.
Related: Facebook founder Zuckerberg opens trading on NASDAQ
Zuckerberg updated his profile on Facebook Friday morning, with his company on the NASDAQ market.
Facebook has enjoyed a remarkably rapid growth. In just eight years, the company from a college service in a Harvard dorm has founded to the third largest public offer of shares of in U.S. history, after has gone offers from General Motors, and visa.
The sky high rating of Facebook, puts it a bit before the Web veteran Amazon.com, which is more than 10 times Facebook has sales of $3.7 billion. But Facebook is growing fast and posted $1 billion US$ 631 million profit last year more than Amazon's.
Associated press contributed to this report.
Facebook is the much-hyped debut on Wall Street Friday morning, and it is shaping up to one of the largest IPOs ever, with analysts predicting that the social network is estimated at more than $100 billion. Today Savannah Guthrie raises a look whether it does justice to the stock to the hype.
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