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SHARES in the social networking website Facebook have nosedived in early trading in New York today, as investors look to offload their newly-acquired shares in the company.
The company’s first full day of trading on the NASDAQ – following a delayed start to trading on Friday, its first day on the stock market – has seen investors taking heavy losses on their shares.
After closing on Friday at $38.23 – around 0.6 per cent up on their opening price of $38 – shares had fallen by 13.6 per cent within 25 minutes of opening this morning, falling by over $5.
Image: Google Finance
The falling shares follow reports that the IPO’s underwriters Morgan Stanley had been forced to dip into their pool of reserve shares during Friday trading in order to artificially prop up the price of the shares and keep them higher than their $38 opening value.
It had been speculated that the actions meant the reserve pool – which is usually kept aside by a financial services firm in order to cater for higher-than-expected demand, to keep prices lower – had already been exhausted.
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Have none of you seen or remembered the HSBC ads? It’s all about known your clients needs like the number 13 is lucky in china, chrysanthemum in Italy are associated with loss and sadness and laundering a drug cartels money is traditional in Mexico, HSBC taking you places. Now that’s customer service!!
Number 8 is lucky in china… Obviously ads don’t work all the time ;-)
Number 9 is the most sought after number for people of Chinese extraction in Thailand,as 9 is the luckiest of all Chinese numbers.
It’s Lord Green, not Brown.
Quite right!
To maintain stability fiat currency systems require constant monetary expansion. To facilate constant monetary expansion bankers need a constantly expanding portfolio of products and enterprises to invest in. Initially, they can invest in proprietary areas, but ultimately end up investing in dodgy derivatives and Mexican banks. Where possible politicans, central bankers and regulators will turn a blind eye.
” Today’s worldwide paper-, or “fiat-,” money regime is an economically and socially destructive scheme — with far-reaching and seriously harmful economic and societal consequences, effects that extend beyond what most people would imagine.
Fiat money is inflationary; it benefits a few at the expense of many others; it causes boom-and-bust cycles; it leads to overindebtedness; it corrupts society’s morals; and it will ultimately end in a depression on a grand scale.”
Thorsten Pollet
More Capitalism corruption.
“Religion is the only thing that keeps the poor from killing the rich.”
Napoleon Bonaparte
Is Prince Hamley a new character in a Toy story movie?
Nick…..You forgot to mention that, Lord Brown, the current UK Trade Minister was chairman of HSBC when all this was happening.nAs an aside…..you’ve got a typo…..Hamley…….Hamlet?n@clonbrusk
Jaysus what next!?
By the time my grandson is 40, there will be a world of over 10 Billion people. Is Market capitalism really the most appropriate system for such an immense amount of people? Surely this system will lead only to wars, disease, famine…the horsemen of the apocalypse….. When shall we start thinking of a new system to protect and not destroy humanity?
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