FB IPO day–ZYNGA tanks because FB didn’t fly
Oh well, I had another day at the market. I sold my two shares of GOOG because this market is just brutal. Then I thought I would put in a limit order for FB at 48.00. Hell, it never even hit that price point. Then I put in a market buy which everyone said not to do. But in this case that was the thing to do. I also put in a cancel for both my limit orders because I found that I could get it cheaper by going market.
They overpriced the IPO. Damn, they should have listened to the street on this one. The little guys like me said it was overpriced. I thought it should be in the upper teens as low limit and maybe 30 at the upper limit. Something like 19-30 in that range. Then we would have had a nice pop. Instead we got a fizzle. FB is hanging onto green by a thread.
I paid 40 because I set it at market. I put in the market order when it was listed at 38.00 but because the Nasdaq was sluggish by the time they were traded they had moved up to 40 and immediately dropped back to 38. I was not worried about having a market order for 10 shares when I saw that the market was well, not moving.
Whew, glad that’s over.