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After a white-knuckle final 20 minutes of the day, shares of Facebook managed to just keep one nostril above $38, the level where the IPO priced last night.
Why did it never fall below $38?
Basically, because the underwriters of the IPO (Morgan Stanley, et al) bid heavily right at $38 to make sure there was no chance that selling pressure would drive the stock lower than that level. It would be an embarrassment if their clients lost money on their first day of the IPO.
The below table gives a good look at what’s going on.
On the left side, you see the “bids” that are in the market for the stock. Those are the offers to buy. On the right you see the “asks”, which are asking prices by sellers.
Note that next to each bid or ask there’s a “size” which is the size of the offer to buy or sell.
Note two things: At the top of the left column, you see lots of bids at $38.00 on various trading platforms. (The BATS exchange, Arca, etc.). What’s more, the size of those bids are HUGE.
Hundreds of thousands of shares compared to relatively tiny asks and bids everywhere else. So basically, there were really big, honkin’ buyers ready to stand and protect $38, no matter what.
(Thanks to Twitterer @bourbon_meyer for the chart)
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RIP Christy.
A True Dub who never forgot his roots…. Cheers for the tunes Christy….rest well.
@Abbe Julio I have to disagree with you on the hagiography comment, people such as myself genuinely loved the man for the person and musician he was, the life he lived and his honesty about it. I admired him, laughed with him when he told stories, was upset for him when I discovered he was ill and was so truly upset to hear he passed. He was a flawed man but as I’ve said so many times now, we’re all flawed..only most of us don’t want to admit it and those that do are usually berated for it.
Then there are those of us who relate.
@Laura H: Beautifully put, I’m in total agreement with you on everything you’ve said. We’re all human, nobody is worthier/better than anyone else no matter who they are. People admired Christy and @Abbe Julio’s use of the word ‘hagiography’ is totally disingenuous. RIP Christy.
Legend RIP
Thanks lad
Aslan played in the students bar in UCD in the early 2000′s. Great band, great man. Rest in Peace.
Thanks for the beautiful music christy rest in peace .
Well done Finglas. Place gets a bad rap from time to time but 99% of the people are the finest you’d ever meet
I remember seeing Aslan back in the early 90′s in the Towers pub in Ballymun, the cover charge was 2 pound christy did most of the gig sitting in an armchair, unbelievable gig even with the issues christy had back then. Seen them so many times since and never missed a newyears eve gig in Vicor street ,,, Absolute LEGEND R.I.P
Respect!
Rest in peace Christy, you will be missed down here.
RIP
He was a flawed man as someone here has said, but he was a flawed man with talent. RIP christy.
Rest in peace Christy . You fought a long battle . Followed Aslan all my life . From seeing them as a teenager play in the the old Janelle shopping centre ( now Clearwater) when they got back together to the pubs and clubs like the Fingal, Baggot Inn, Vicar St. Olympia and the Iveagh Gardens .
Your music will live on . Condolences to all the family and band members .
Wednesday nights in the towers Ballymun ….legendary.
R.I.P Christy.
God always picks the best ones first .. no matter happens in life Christy showed us nothing can stop u from doing wat u love …
R.I.P.
Very bad taste and disrespectful to keep referring to him as Dignam
Gone but never forgeten
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