Friday, 18 May 2012
Facebook IPO not the spark that was anticipated
Today the whole story was about facebook. In other stuff, Bunds touched 144, spreads came off, but volume across the Euribor strip was very low as there wasn't much volume, so all in all ended up being a very quiet day for me personally.
Facebook, despite all the hype and media coverage, opened at 42.05 and within minutes got sold of hard, and tested 38, where it is believed underwriters helped prop up the stock and push it back up again. Its a far cry from the 50-60$ price that some people had tauted as being the price we could reach. It is a sign of the current environment we are in as will as the fact that Facebook has a huge market cap. Currently however we are retracing as more order is returning to the market, although I think we will breach that 38 Ipo level soon.
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