34
VIEWS
22
COMMENTS
 
SHARES
About this iReport
  • Not verified by CNN

  • Click to view k3vsDad's profile
    Posted May 20, 2012 by
    k3vsDad
    Location
    Farmersburg, Indiana
    Assignment
    Assignment
    This iReport is part of an assignment:
    Sound off

    More from k3vsDad

    Facebook Soars to a Resounding Thud

     

    Hype and hyper. Like and more like. Buzz followed by buzz.

    For  the past couple of months everyone was talking about how Facebook was  going to storm the stock market. Who should buy stock and who should  wait? How much money would be raised and how richer would Mark  Zuckerberg and company be?

    Finally  on Friday, the big day came for the initial public offering of the  approaching-a-billion-members social network to go for sale on the  market. The stocks opened at $38 a share with over 5 million shares  traded. But at the end of the day, the price per share was only $38.23.  It was considered a so-so opening that did not match the talk.

    Yes,  Zuckerberg and company made out like bandits. It made Zuckerberg feel  secure enough of his financial future he tied the knot with long-time  girlfriend, Priscilla Chan on Saturday, the very next day. Yet for all  the money made compared to Google and Apple, it was sort of ho-hum.

    In  the hours before Facebook's stock began trading on the Nasdaq Stock  Market for the first time, CEO Mark Zuckerberg reminded the company's  3,500 employees not to get caught up in the hoopla surrounding its  long-awaited initial public offering.

    "Right now this all seems  like a big deal," Zuckerberg said before he pushed a button that rang  Nasdaq's opening bell from company headquarters at 1 Hacker Way in Menlo  Park, Calif. "Going public is an important milestone in our history.  But here's the thing, our mission isn't to be a public company. Our  mission is to make the world more open and connected."

    Facebook's IPO, it turns out, wasn't as big a deal as expected.

    One  of the most anticipated IPOs in Wall Street history ended on a flat  note Friday, with Facebook's stock closing at $38.23, up 23 cents from  Thursday night's pricing.

    That means the company founded in 2004  in a Harvard dorm room has a market value of about $105 billion, more  than Amazon.com, McDonald's and Silicon Valley icons Hewlett-Packard and  Cisco.

    It also gave 28-year-old Zuckerberg a stake worth $19,252,698,725.50.

    But for many seeking a big first-day pop in Facebook's share price, the increase of six-tenths of one percent was a letdown.

    "This  is like kissing your sister," said John Fitzgibbon, founder of IPO  Scoop, a research firm. "With all the drumbeats and hype, I don't think  there'll be barroom bragging tonight."

    Added Nick Einhorn, an  analyst with IPO advisory firm Renaissance Capital: "It wasn't quite as  exciting as it could have been. But I don't think we should view it as a  failure."

    http://hosted.ap.org/dynamic/stories/U/US_TEC_FACEBOOK_IPO?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-05-19-00-02-41

    So what happened?

    Seems like most of us are now singing along with Carly Simon:

    We can never know about the days to come
    But we think about them anyway, yay
    And I wonder if I'm really with you now
    Or just chasin' after some finer day

    Anticipation, anticipation
    Is makin' me late
    Is keepin' me waitin'

    From the Cornfield, so much for the "most anticipated" IPO ever. Facebook it seems is just another stock.

    Add your Story Add your Story