The WSJ reports that Shares of Facebook Inc. FB +6.91%
opened about 11% higher after they started trading, but quickly lost steam and
fell as low as the$38 IPO price in their first half hour of trading.
The weak start came after high expectations for the Internet
giant. The company's shares were recently changing hands up $1.58, at $39.62,
after touching the $38 IPO price about a half hour after it started trading.
The stock had opened at $42.05.
Underwriters stepped in to support the company's shares at
the IPO price, according to a person familiar with the matter. There were more
than 30 banks involved in the deal.
Trading volume in Facebook exceeded 100 million shares in
the first three minutes of the stock's trading, as investors rushed into the
shares and some who had received stock from the IPO cashed in….
Read more at http://online.wsj.com/article/SB10001424052702303448404577411903118364314.html?mod=WSJ_Markets_LEFTTopStories
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