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Showing Original Post only (View all)Facebook shares plunge below IPO price [View all]
Source: AFP
Facebook shares plunged nearly 11 percent Monday during the stock's first full day of trade as the enthusiasm from a massive public offering for the social network giant turned to skepticism.
The stock closed at $34.03, down 10.99 percent for the day and well below the $38 initial public offering price, which made Facebook the second largest US IPO of all time.
The tumble followed a turbulent opening trading session on Friday, which saw an early surge in Facebook shares, then a fall back to the offering price of $38. With help from underwriters, the stock ended up slightly.
"Retail investors are scared. Most people thought this was a hot deal, and now that it's not, no one knows where the bottom is," said Lou Kerner of the Social Internet Fund.
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