Facebook shares stumble as it goes public

Facebook shares fizzled on their first day of trade on the Nasdaq, erasing early gains of as much as 18% to trade close to their initial public offering price.

The stock opened 11% higher and rose to $45 before rapidly heading south in frenzied trade, touching its initial public offering price of $38. At the time of publishing, it had recovered to $41.

The social network raised as much as $18.4 billion in one of the biggest initial public offerings in US history.

After a delay in the opening print that drove up anxiety levels among traders and onlookers outside the Nasdaq, the company's closely watched stock began trading at $42.05, compared with an IPO price of $38.
[Source : PC Pro]

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