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Facebook Stock Closes Out its First Day of Trading with a Whimper

by Sean P. Aune | May 18, 2012May 18, 2012 1:18 pm PST

Facebook - IPO - Stocks - NASDAQ - 001

Despite a ton of hype and anticipation, it is clear that no one walked away from the Facebook IPO with a wheelbarrow full of new money except for the staff of the company.

With an IPO of $38, the Facebook stock opened to the public at essentially $43 – it was $42.05 for about a millisecond and then jumped – but it closed out its first day of trading with a final price of $38.23, reflecting a gain of only .61 percent. It wasn’t from a lack of volume, however, as over 500 million shares traded hands, a new record for the first day of trading on a stock.

From our unofficial poll conducted earlier today, 17.74 percent of you predicted it would close at under $40, while 11.32% of you thought it would close between $96 and $100.

As first days go, this lack of a major gain is not a good sign, but we’ll have to see what happens in the after hours trading today and when the markets open next week. ┬áThere is sure to be a lot of head scratching going on at Facebook HQ today.


Sean P. Aune

Sean P. Aune has been a professional technology blogger since July 2007, but his love of tech dates back to at least 1976 when his parents bought...