©IDG Communications, Inc. Photo contributed by Matthew Mikaelian.
Wall Street Journal
Facebook Inc. FB -9.05% took eight years to stage one of the most anticipated initial public offerings ever. The anticlimax came Friday, as Wall Street bankers struggled to prevent the newly minted stock from ending its first day with a loss.
The stock had been widely predicted to soar on its first day. Instead, up until the closing moments of the trading session, Facebook’s underwriters battled to keep the stock from slipping below its offering price of $38 a share. Such a stumble would have been a significant embarrassment, particularly for a prominent new issue like Facebook, the most heavily traded IPO of all time. In the end, the bankers succeeded. When trading on Nasdaq ended at 4 p.m., the social network’s stock was up just a hair, 0.6%, at $38.23.