Sat, 19 May 2012 12:59:56 GMT

Facebook shares end flat on Day 1

New York: Facebook’s long-awaited stock market debut did not live up to all the hype as the social network’s shares closed the first trading day on a flat note with technical glitches at the Nasdaq stock exchange sending confusing signals to investors.


Facebook shares end flat on Day 1

After rising to an intra-day peak of $45 apiece, the shares ended at $38.23, up only by 0.61 per cent from the $38 offer price.

Friday began on a promising note for Mr Mark Zuckerberg and his team at Facebook as he rang Nasdaq’s opening bell amid great fanfare and cheering from the company’s Menlo Park headquarters.

All eyes were then set on Nasdaq where the shares of the company with the ticker symbol ‘FB’ were to begin trading at 11.00 pm.

Soon after the start of trading, the stock price of $38, which Facebook had set as its offering price, remained “unchanged’’. Around 11.13 pm, Nasdaq issued a system status update noting “a delay in delivering the opening print’’.

When the stock did begin trading at a little after 11.30 pm, it rose quickly to the $42.05 level, up by almost 11 per cent. During the day, Facebook stock touched a high of $45 and a low of $38.

(Continued)
MSN Mobile News

get connected

Follow.Share.ConnectTwitterRSSMobile

news videos

more news videos