{"id":11358,"date":"2012-05-22T10:56:02","date_gmt":"2012-05-22T15:56:02","guid":{"rendered":"http:\/\/techcitement.com\/?p=11358"},"modified":"2013-02-07T13:54:41","modified_gmt":"2013-02-07T19:54:41","slug":"facebook-stocks-tumble-cue-unfriending-quips","status":"publish","type":"post","link":"https:\/\/techcitement.com\/internet-2\/social-media\/facebook-stocks-tumble-cue-unfriending-quips\/","title":{"rendered":"Facebook Stocks Tumble: Cue Unfriending Quips"},"content":{"rendered":"

I’m not usually the go-to guy to talk about the stock market, but allow me to quietly guffaw at Facebook’s disastrous second day on Monday as the newly-public company’s stock lost 10.99 percent<\/a> of its price at the end of trading on Friday. Making matters worse, Friday’s closing price was reportedly artificially pumped up by interested parties when it looked like the stock might end its first day below the asking price of $38 per share. From SiliconValley.com<\/a>:<\/p>\n

Friday reports said the banks that underwrote Facebook’s IPO stepped in to buy stock when shares dipped near $38 on the first day of trading in order to ensure the stock closed above that level.<\/p>\n

Without the help of the IPO underwriters, Facebook shares opened Monday at $36.53, but that price immediately dropped to below $36; in the first 30 minutes of trading, shares sold for as low as $33, a decrease of 13.7 percent from Friday’s closing price. Facebook stock closed at $34.03, 11 percent off Friday’s closing price and more than 10 percent lower than the price investors paid for IPO shares.<\/p>\n

Confounding those bullish on Facebook stock even more was Wall Street’s overall strength Monday: All three major U.S. stock indexes rose at least 1.1 percent, led by the tech-heavy Nasdaq composite index at 2.5 percent.<\/p><\/blockquote>\n

I know, I know. I shouldn’t take such glee in another’s misfortune, but a) I tend to root against tax<\/a>–evading<\/a> billionaires<\/a>, and b) I just spent two hours trying (unsuccessfully) to undo Facebook’s new and apparently unchangeable privacy setting that allows stories I’ve “liked” to be seen by the friends of my friends, instead of just my friends, opening up my personal information to thousands, if not millions, more people than I would like, meaning that I won’t be able to use the convenient Like<\/em> button anymore. Worse, millions of people who don’t pay attention to their privacy settings won’t even notice the change, which is exactly what Facebook is counting on. Gotta make the advertisers happy, after all.<\/p>\n

I’m sure Facebook’s stock price could even out or even go through the roof today. For now, though, ha ha, Facebook. Ha ha.<\/p>\n

[yframe url=’http:\/\/www.youtube.com\/watch?v=aIrhVo1WA78′]<\/p>\n

There, I feel better.<\/p>\n

(Like this story on Facebook!)<\/p>\n","protected":false},"excerpt":{"rendered":"

I’m not usually the go-to guy to talk about the stock market, but allow me to quietly guffaw at Facebook’s disastrous second day on Monday as the newly-public company’s stock lost 10.99 percent of its price at the end of trading on Friday. Making matters worse, Friday’s closing price was reportedly artificially pumped up by […]<\/p>\n","protected":false},"author":4,"featured_media":11362,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1920,1609],"tags":[124,2791,212,2793,2043,2794],"_links":{"self":[{"href":"https:\/\/techcitement.com\/wp-json\/wp\/v2\/posts\/11358"}],"collection":[{"href":"https:\/\/techcitement.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/techcitement.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/techcitement.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/techcitement.com\/wp-json\/wp\/v2\/comments?post=11358"}],"version-history":[{"count":4,"href":"https:\/\/techcitement.com\/wp-json\/wp\/v2\/posts\/11358\/revisions"}],"predecessor-version":[{"id":11364,"href":"https:\/\/techcitement.com\/wp-json\/wp\/v2\/posts\/11358\/revisions\/11364"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/techcitement.com\/wp-json\/wp\/v2\/media\/11362"}],"wp:attachment":[{"href":"https:\/\/techcitement.com\/wp-json\/wp\/v2\/media?parent=11358"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/techcitement.com\/wp-json\/wp\/v2\/categories?post=11358"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techcitement.com\/wp-json\/wp\/v2\/tags?post=11358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}