Facebook (NASDAQ:FB) Hits the Trading Floor; NASDAQ’s Tech Legacy Prevails
Facebook Hits the Trading Floor; NASDAQ’s Tech Legacy Prevails
The hotly anticipated IPO of the year has just hit the ocean under the NASDAQ flagship. Investors turned their tables towards tech sector as the social networking giant, Facebook Inc. (NASDAQ:FB) gears up the broader market with an opening price of $42 along with 12% rise during the Friday trading session.
High urge for the Facebook (NASDAQ:FB) IPO indicated that the appeal of social-media stocks has not faded over the past 18 months, which has also observed beginning from the success of LinkedIn Corp. (NASDAQ:LNKD), Pandora Media Inc. (NYSE:P), Groupon Inc. (NASDAQ:GRPN) and and integral part of Facebook, Zynga Inc. (NASDAQ:ZNGA) a social gaming firm, among others.
On Friday morning, Facebook Inc. (NASDAQ:FB) swung to early gains of more than 12% in its initial trading session on the NASDAQ, then tumbled rapidly in the initial few minutes of trading after the social network’s $16 billion initial public offering.
NASDAQ had aimed at 11:05 am EDT launch on Friday, but investors reported that they were having trouble shifting or canceling orders which they had presented to NASDAQ’s queue beginning at 7:30 am.
Facebook Inc (NASDAQ:FB) reported the gain of + 6.00% and traded at $40.30 with the total traded volume of 368.34 million shares.
Linkedin Corporation (NYSE:LNKD)’s reported the decreased of -4.58% to trade at $100.00 with the overall traded volume of 8.32 million shares. Its market capitalization was $10.35 billion.
Turning towards the sector Oracle Corporation (NASDAQ:ORCL) declined -2.21%, Microsoft Corporation (NASDAQ:MSFT) dropped 0.92%, Cisco Systems, Inc. (NASDAQ:CSCO) moved down -0.15%, Verizon Communications Inc. (NYSE:VZ) edged up 0.12% and Applied Materials, Inc. (NASDAQ:AMAT) traded up 0.10%.