Source: Jon Ogg
The NASDAQ pre-market trading at 8:18 AM EST has shares trading at $37.30 on last look with 1.89 million shares having traded hands. The pre-market high is listed as $38.50 and the pre-market low on the NASDAQ print system is $37.02. If this holds, then the stock will be down 2.4% and the Facebook IPO will be called a BUSTED IPO.
Morgan Stanley offered significant support for this offering with a huge bidding wave at $38.00 per share on Friday. If the firm is going to support the offering today then it better gets its checkbook out now that investors have had a weekend to digest the notion that they are valuing this company at just over $100 billion in market value.
The media hyped this thing up endlessly last week and before the deal came to market as the greatest thing since sliced bread. It will be interesting to see how the media treats this company and its management team now that the public’s dollars are involved in playing the greatest internet growth story of the last decade.
JON C. OGG
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