Unsurprisingly trading down below $38 so let the fleecing begin if the lead underwriter (Morgan Stanley) does not decide to step back in at $38 at the actual market open to absorb the continued selling that will initially take place. If this drops below $38, any one who received shares at the offering price would be underwater on paper. Selling at a loss makes no sense at this juncture because once those shares are fleeced at a lower price, it will be whipsawed back somewhere over it.
Since I only received 50@$38, the decision is easy even though I hate to do it…. have to short term trade it on the volatility and get out with a tiny profit. This should serve as an example of why I should have gone with my initial call (that this would be a flop) and totally stayed out of it (if I could be glued to my computer during the time the market is open, it wouldn’t be an issue).