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Why Facebook’s Plummeting Stock Price Is a Good Sign
Why Facebook’s Plummeting Stock Price Is a Good Sign
By YUVAL ROSENBERG, The Fiscal Times
Facebook (FB) stock tumbled again Tuesday – and despite the hue and cry that has intensified as the share price has deteriorated and as more and more revelations emerge about the IPO process, the slide is not necessarily a bad thing.
The stock, which went public at $38 a share and opened for trading Friday at $42, has since plunged more than 25 percent to close Tuesday at $31.12. Facebook, which had been valued at $104 billion, is now worth $85 billion – still well above the value some pre-IPO analyses assigned the company.
Admittedly, the steep drop so far has been painful for more than a few on Wall Street. The stock’s weakness has fueled criticism of the Nasdaq exchange, which experienced trading glitches, and the underwriters, particularly Morgan Stanley (MS), which has come under attack for its pricing of the IPO, for increasing the amount of shares sold in the initial offering – and, as Reuters reported on Tuesday, for cutting its revenue forecasts for Facebook just before the company went public.
The heads of the Securities and Exchange Commission and the Financial Industry Regulatory Authority said Tuesday that they would be looking into the IPO and those related issues. [read complete article]
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