It’s almost comical watching this last half hour of trading with it trading a whopping 1-5 cents over its offering price. I now feel a whole lot better that E*TRADE only gave me 50 shares. No headaches to deal with given the NASDAQ glitch.
The underwriters are clearly trying to keep it above the offering price so that it doesn’t look like a complete FAIL. The propping up of the $38 offer is so obvious now because the past 15 minutes has been between $38 and 38.01. The damage is done as far as perception goes.
The problem going forward now with the stock set to close very near its offering price, is that the underwriters cannot support this $38 level forever though and the selling pressure is going to increase everytime the stock makes an upwards move (I know where I’m dumping this already).
