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Friday, May 18, 2012

Facebook opening weak in comparison to most tech IPOs

Facebook priced at $38 and opened (late) at $42.05.  That represents a 10.5% pop, which is well below the average first day pop for tech IPOs of 32%.  We are fading fast, with the last trade just above $41.  My expectation is for the stock to trade below the offering price of $38 today, and possibly close down below $38 for the day.  Stocks overall, which were up earlier, and now down across the board.

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