NEW YORK (AP) -- During the week that the bankers behind Facebook's initial public offering issued their first ratings on the company, its shares fell nearly 6 percent.
The stock ended trading Friday at $31.09, down 27 cents for the day. For the week, it lost almost $2, or 5.9 percent, compared with last Friday's closing price of $33.05.
The 40-day quiet period for analysts who work for the banks that underwrote Facebook Inc.'s IPO ended this week, meaning they finally could issue ratings and opinions on the stock.
In a flood of reports on Wednesday, they mostly rated it "neutral" or "buy." Morgan Stanley, the lead bank for the IPO, set a target price of $38.
That's the very same price it initially sold for -- and has failed to match since.
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus