Ended up on the higher end of the range but below my own $40 conditional offer. So now I wait to see how much shares I’ll be receiving.
Update: I only received 50 shares @ $38 from E*TRADE… Which might be looking to be a good thing given the tepid reaction and lack of a sizable pop (part of that is due to the technical glitch NASDAQ experienced with regards to trade execution messages – thus traders are hesitant at trading the stock without full confirmation of whether their previous trades went through). Furthermore, when the stock fell back to $38, it never went negative – which is probably the big money underwriting this, propping it up.
Basically, I guess I originally wasn’t too far off the mark when I previously wrote that this IPO would eventually turn out to be a flop. But even I did not think it would carry this perception on its opening day.
In other words, typical market B.S. which again screws the retail investor (the big money has already made a huge profit since insiders and early investors own FB at around $1.11 per share). Given the paltry allocation, there is no incentive for me to hold this for the 30 day period. So I’m going to flip all 50 shares sometime within the next few trading sessions (before the ability to trade options on FB kicks in towards the end of this month).
