Facebook is an EPIC FAIL right now.
Sources tell us that the syndicate of banks underwriting the deal have been putting in buy orders to keep its price afloat. It's not necessarily a bad outcome for Facebook as the company didn't leave any money on the table, but bankers are sure to be unhappy.
The banks floated the shares all day long. This didn't happen with Google or what not after the e-dutch auction. They should have just let the market play out instead of manipulating the shares.Triggers would have went off and a real adjustment would have happened.
Look at DMD, it was aweful, but now they are gaining ground again after a real adjustment.
Facebook can't be trusted right now because it's openly being manipulated by people the government regulators won't touch.
It's like when a smaller investor invests in a small cap stock, then it falls, then they sit there and buy it back up 200 shares at a time for way above the ask price on a low volume day to sell it back when it stablizes. Except they're not small cap, and this was a 100B IPO.
Don't fool yourself. What happened today was total bullsh1t, and so is this underwriting. I'm out on Monday. FAIL.
I am looking for any type of investments in companies making slot machines or casino equipment right now. I don't care if it's private. That's where I want to invest.