IPO 38.00, closed at 38.37. It got as high as 41.73 at 12:40, but then fell around 40, flatlined there, then fell again and flatlined just a few pennies above the IPO for most of the last hour.
You can tell these aren’t the late 1990s any more. An IPO like this would have shot to the sky right out of the gate and kept on going in the late Clinton years. Even its high today wasn’t 10% higher than the IPO, and it finished the day not even 1% higher.
Oh, and to all of you people who are now 37 cents richer: Don’t spend it all in one place.
Make that 23 cents. Too, the investment houses that acted as insurance firms for the IPO had to kick in perhaps as much as nine figures to keep the stock over $38. If that’s the case, FB is going to tank soon. I predict single digits within six months.
It really surprises me that The Street isn’t keen on a corporation whose product is a website where drunken lush young adults post photos of their naked asses.
Unless it doesn’t surprise me.
I guess enough people on The Street remember MySpace, how it was here today and gone tomorrow.