Since there is more interesting things to concern myself with as a Trader, I'd just like to add the following:
Facebook’s stock is down 29% since
it opened at $42.05 per share on May 18. This grim result is causing a lot of
howling about the IPO process and those “damn Wall Street banks.
Of course, you could take the view that investors who fool around with hyped
IPOs get what they deserve. My sympathies lean in that direction. If you play
with fire, you might get burned.
Regardless, I agree with this comment in
yesterday’s Wall Street
Journal:
|
What could have been a model example
of the market’s strengths — an eight-year-old company with 900 million users
raising billions of dollars from a cross-section of the investing public —
ended up as a case study of the power wielded by insiders over outsiders.
|
In short, Facebook is another black eye for a market that already has a lot of black eyes. In the last dozen years, we've suffered through two 50% drops from peak to trough, plus a long list of scandals and shenanigans. Facebook just added to the feelings of disgust and revulsion people already felt toward the stock market.
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