Weekly Wrap: What happened to Facebook’s stock?
Marketplace’s New York bureau chief Heidi Moore and CNBC’s John Carney discuss the first day of trading for the highly anticipated Facebook stock.
Heidi Moore: It was a tremendous disappointment. They should have done much better and the company was really haughty towards investors. I think karmically, that came back to bite it.
John Carney: I don’t think it was as bad as Heidi says. I think that we’ve gotten used to these sort of explosive first days for some of these hot IPOs — I don’t think that’s healthy for the market. You shouldn’t buy into an IPO hoping to double your money; it’s not the lottery. A 10 percent or 7 to 15 percent raise is pretty normal.
For more analysis, listen to the full audio above.
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