Criticism of the Facebook Inc. stock deal grew as the shares dropped below their offering price in their first full day of trading Monday, wiping $11.5 billion off the social network's market value.
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The company, its investment bankers and the Nasdaq Stock Market came under fire for failing to ensure a smooth debut for one of the most anticipated deals in recent memory. Facebook shares, which began trading Friday at $38 and managed to add just 23 cents by the end of that day, fell 11% Monday to $34.03.
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At $34 a share, Facebook has a price-to-earnings ratio, a measure of how expensive or cheap a stock is, of about 85 times projected earnings for the next 12 months, according to CapitalIQ. By comparison, Google Inc. trades at 13 times earnings.
$38 IPO -> $34.03 Monday -> $31.00 Tuesday.
Also
George Brady, a 66-year-old recruiter in North Carolina, bought 1,000 shares of Facebook a few minutes after it opened for trading Friday. He said by Monday morning, he sold his holding, taking a $2,770 loss.
Nice job fucking idiot.
Last edited by Macbeth (2012-05-22 14:43:42)