Facebook dips towards original IPO range |
| Financial Times - May 22, 2012 |
Facebook shares slumped further towards their original offering price range in the third day of trading, as scrutiny of the process by which the company was brought to market intensified.
The anger amongst some investors and traders that Facebook did not deliver a “pop” on Friday continued to grow as the stock faced increasing pressure from short sellers looking to bet against its valuation, which had fallen from $104bn to below $87bn by mid-afternoon on Tuesday. The shares were trading down 6.6 per cent at $31.76 by mid-afternoon in New York.
The underwriters of the deal, led by Morgan Stanley, faced questioning about why they had increased the size of the offering and raised the price range from $28-$35 to $34-$38. The increase came even as analysts at Morgan Stanley, JPMorgan and Goldman Sachs were lowering their revenue forecasts for the group.
Read Full Article from Financial Times
- Posted: 2012-05-22 14:11:32
| More Stock Investor Place Company News |
 |
|
|
|
| Stock Investor Place Company News Archive |
|
|
|
