Friday was a crazy day on Wall Street. Facebook went public and the NASDAQ trading system failed. Lot's of professional traders could not get their orders in to benefit from the pop. FB shares went out the gate with about a 13% gain. That gain fizzled within minutes to the offering price. Facebook shares closed at $38 on Friday. Today in pre-market trading FB shares are down to $36.50. I actually got saved by the NASDAQ technical issues. My order did not get executed during the first minutes of trading and I cancelled the order as soon as the share value started to drop.
Facebook has lost its "unknown" market potential. Going forward Facebook is going to be measured by revenue numbers. The share price will mostly just be driven by that. This means Facebook needs to step up its advertising game on the desktop and on mobile devices. Prepare for intruding ads.
Facebook Shares in free fall. Trading now at $33, a drop of over 13%.