Investors can’t seem to part with shares of Facebook Inc. (NASDAQ: FB) fast enough. Nearly 90 million shares traded hands today, and the buyers had to be optimists. Shares opened at $32.61 and have been struggling to stay above $31 all day. Shares hit a new low of $30.98 earlier this afternoon.
Trying to discern a bottom for a stock that has only traded for three days would require all the skills of gypsy fortune-teller Madame Sousatzka. As revelation after revelation pile up about the company’s roadshow and its bankers and its CEO, one wonders what the federal investigators will have left to look for. But the chances are that faced with a hard-nosed investigation by the SEC if there’s anything left hidden, it will also be revealed. Without Madame Sousatzka’s help.
Facebook’s shares closed today down -8.55% at $31.12 in a trading range of $30.98-$45.00. Those folks who bought at the high end are no doubt feeling very bad today.