I would have never predicted that they'd be relying on the underwriters to keep this stock at $38 today. I didn't hear anyone in the media predicting it either though I'm sure they all used enough wiggle words that they can claim they knew it would happen all along.
I'm more bewildered than angry over the Facebook phenomenon. For all everyone gripes about the privacy issues I sure had a lot easier time finding galleries of women in bikinis on MySpace.
Yep, if the banks hadn't propped up the stocks at 3:30pm to 4:00pm with a buying spree of 1,000,000 units every few seconds, it would have certainly closed below the opening price.
Facebook has no headroom at all. They are desperate to focus on the mobile market, but as of yet don't have a public strategy in place. Also with US customers at just over $2.00 a head, and others at $.37 a head, they need to get their foreign clients ad rates higher.
Dr. Arcade