Happy Friday and the listing day of Facebook. Mark and Sheryl rang the bell at NASDAQ and it was a very emotional moment because their story represents the essence of American Dream. On the trading side, the company was set to print its first trade at 11am, but it was delayed for 30 minutes. We don’t have an exact explanation for the delay, but sources said it’s because some traders had reservation about the stock and were revising orders last minute. It opened at $42.05, but did not pop the chart. Thanks to its underwriters’ buying efforts, the stock did not fall below the $38 IPO price even though it was dangerously close. Facebook is a household name and many young investors want to own it just for sentimental reasons. For those of you in this camp, I would still say go do some homework. Facebook closed at $38.43 on its first day of trading, up 1.1%. Its options will begin trading on May 29, which could mean the stock will not be as volatile until then. Personally I want to say congratulations to all the Facebook staff. This is something that can only happen in America and the staff of my network are very proud of you. Thanks for watching. I’m Julia Sun for the Financial News Network. See you next week.
