rickackerman.com / By Rick Ackerman / June 26, 2012
So engrossed were we in dissing Facebook’s IPO that we almost failed to notice that the stock had recouped nearly 40 percent of the losses it suffered after mid-May’s abortive IPO. FB opened that day at $42 and shot up to $45 momentarily before embarking on a three-week dirge down to 25.52. That low was hit on June 6, but the shares have since perked up a tad, hitting a recovery high of 33.45 last week. On Wall Street, where too much of a bad thing can hold perverse enticement for opportunity-starved investors, perhaps all that was needed to attract a new wave of buyers was a little bad publicity. That, the company has gottern in spades. First came the fallout from the IPO itself. Investors are claiming $500 million in losses caused by glitches in Nasdaq’s order system. Some who bought the stock that day may wish they hadn’t, but it’ll be interesting to see whether the size of their claims shrinks or grows as Facebook creeps back toward its IPO price, as seems possible.
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