Sunday, May 20, 2012

Facebook shares falls flat in market debut

NEW YORK (AFP) - Facebook stumbled in its first trading day on Friday as shares ended barely above the starting price after a glitch-plagued market debut on the Nasdaq that failed to live up to the enormous hype.
The stock, priced at US$38 (S$48.1) on Thursday in the largest-ever initial public offering (IPO) for a technology firm, eked out a gain of just 0.61 per cent to end at US$38.23, amid record volume of more than 575 million shares.
Shares in the social network titan saw roller-coaster action in what was one of most keenly awaited issues in history. The day began with a 30-minute delay in trade, an incident which regulators were still reviewing.

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