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Facebook At All-Time Lows; -31% From Highs
UPDATE: 6 minutes into the day-session and FB has a $30 handle and 17mm shares traded.
1.8mm shares have traded this morning as the long-selling continues as the stock-that-shall-not-be-named traded as low as $32.70 this morning (from its $45 highs on Friday)...
Not helping matters is the Reuters report that:
"Morgan Stanley unexpectedly delivered some negative news to major clients: The bank's consumer Internet analyst, Scott Devitt, was reducing his revenue forecasts for the company. The sudden caution very close to the huge initial public offering, and while an investor roadshow was underway, was a big shock to some, said two investors who were advised of the revised forecast."
Cue the shareholder class-action lawsuits.
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Facebook is so early twenty-teens.
How is it not a violation of securities laws for the lead underwriter (MS) to change estimates on the company days b/f they are set to IPO, and share that material information with only some clients?
Rhetorical question...
When you "own" the legislative branch of government, the "laws" are taylored to your needs. One might ask how millions of titles were seperated from properties too. Simple, make what was once illegal, legal. Bull fucking shit.
and nominate Charles Ponzi for the Nobel Prize in economics, place it on his grave and rename it the Ponzi Prize in Economics. As only now a greater scam can be eligible to collect an award in the field of economics.
Good point.
Which means the best thing that happened to the market was FB.
Retail got bent over again. Any reservations they had about leaving the equity market, are now gone.
because i oversplept that day.
Uhhh, it kinda goes under the general heading "Muppet Bait for the Masses".
Remember people, it's not morally forbidden to make fun of people who gambled their children's college fund on facebook on its IPO day.
It means you care.
Pets.com wiped out several college funds as well, and that was effin pet supplies where every order sold at a small loss, but they made it up on volume!
At least pets.com *sold* something FB seems to just give it away (to NSA). Perhaps FB should just start selling the personally identifiable information they have on their members to marketing firms?
"Perhaps FB should just start selling the personally identifiable information they have on their members to marketing firms?"
Lol, yes perhaps they should "start this"...great "new" idea......ROTFLMAO!
AHH HA HA HA Biderman stating Facebook could be worth $1 TRILLION dollars!!
Does he mean after the dollar is worth -0- ?
Introducing Biderman's Market Picks: Facebook Could be $1 Trillion Stock - YouTube
Look at the Hubbert curve (http://www.theoildrum.com/node/7062) to see where Microsoft, Intel, Cisco, etc went public. There was still growth left in economies and reasonable debt burdens and forward looking investments were stronger as a result. Now we stand close to the downslope of that curve with huge debt loads for sovereigns at every level, and for the people too. Does forward looking investment look anywhere near as promising?
Bingo. Classical economic models don't describe the future.
http://www.youtube.com/watch?feature=player_embedded&v=js9WBi_ztvg - you'll like this.
Keen is an effective speaker. I found his proposals at the end very interesting.
TFTL
This is like porn for me. Is 34 the new 38?
So you were the guy on Craigslist who posted...
"I'm straight (well, maybe bi), seeking another straight dude to join me in front of my Bloomberg terminal and watch Facebook implode."
SPIKE!! That is his name! It's the dog or bad guy from Droopy Dog cartoons.....
Reason I am saying this is the one episode that I picture I finally found on YouTube.....
It's when Spike cuts down a tree and says TIMBER! but the tree falls on him and the BER is so funny!!
FB....TIMber! You have to go 4:30 into the cartoon but it's hilarious!!!
http://www.youtube.com/watch?v=PO03lxbL3K8&list=FLhoL4621AxtVy275gIxFnvg...
Farce to Market banking at it's finest.
Heck, did they overprice Facebook or what.
A massive vote of no confidence in the Wall Street Masters of the Universe.
From SIZZLE to FIZZLE...now where's that shizzle for the Snoop Doggggggg.....
Just wait for the new Obama campaign:
I know a lot of you out there in America saw Facebook as your chance to get back in the market. Some of you invested your life savings in the company in the hope you would get rich overnight. I know your pain, I put a lot of Michelle's money in Facebook, had to sleep on the couch last night. Investing and getting rich is supposed to be easy. That is why I am announcing the About Face bailout program. I know it won't be popular to use taxpayer money to bail out another corporation, but just like the auto industry Facebook is too important to America. Join me in moving forward, Barrack "THE ROCK" Obama.
Morgan got every last drop of blood out of this rock, and seems to have walked away from the scene of the crime faster than is the norm for IPOs. In a kind of mercenary way, they earned their fee. They also proved again the old adage, "a fool and his money..."
Given adult supervision, and leveraging off their user base the way Amazon does by becoming a one-stop shopping venue, FB might find value buyers in the high teens, low twenties.
Seems that there are fewer and fewer paper millionaires as the price continues to drop.
The State of California was literally planning on the FB IPO for tax revenue...back to the drawing board.
The "F" stock...
morgan stanley just realized ytoday/yesterday that the revenue aint gonna be that high as it estimated on the day of ipo and even b4 the day of ipo.. wtff
The American Ponzi game contines as theWall Street gangsters steal more from the public lining their greedy hands.
I hope JP Morgan goes under, nothing would please me more than to see those bastards in recievership. Dimons 23 million bonus should be pulled from him its just too coinsidental that the 2 billion loss happen less than 2 weeks after the gangster fucked the stock holders with his undesreved bonus. If this is allowed to stand, it is time for the people to say enough with this group in DC, this is not a country for gangsters only and this group of Jewish banksters have taken all they are getting,
FWIW Dimon is not Jewish
at a P/E at 2 x market average what is its price? Around 12 or so. No?
Wash, rinse and repeat
I just hope Zuckerberg has to pay taxes on the $38 per share rate.....and if it drops to $15....he will be paying a good %...and we all know California needs the money...lol
ZH is obsessed w/fb share price.
Question:
Fuckerberg owes tax for all the shares sold at $38 right? Even though he made a killing on the first round could the FB share price fall enough to the point that the rest of his holdings will not be able to cover his tax bill?
Could Fuckerberg actually be bankrupted by his own IPO? God that would be sweet. The best photo in the world would be his little chinese bride walking out the door with him on his knees pleading.
The next sweet justice would be for Priceline to go down to $15. The street sweepers in NYC would need to call in the national guard to clean up the bodies of stock brokers who jumped off buildings.
adr you made my day!!! Fuckerberg
My sincerest hope is Dimon and Corzine are leaving for lunch when that happens and they become landing pads for someone: http://www.youtube.com/watch?v=yge311sFhC8
Stock broker cleanup: a make-work program that everyone can believe in.
"The Brokers are hitting the pavement like sacks of wet cement!"
http://www.fatznew.com/Newsroom/mailedD7.jpg
New all-time lows everyday!! On it's way to $2
This thing needs to hurry up and setlle so we can SHORT it... You ain't seen nothing yet!
Quick heads up - commercial traders have bought the hell out of the Nasdaq futures on its break of the support at 2600. Really looks like a retail bear trap.
http://bit.ly/uXQsgn
FOAD
I have no problem with this IPO. I mean why should Chinese phantom companies have a monopoly on securities fraud?
FalseBook?
deleted
Will Goldman be advising Zuckerberg on a Public-to-Private Deal when the price gets to $8 ?
Buy JPM (instead of FB), Mr. Bove advises so... may be you'll profit
Careful shorting, could just be the big boys shaking out everyone. Talk about sharks, fuck everyone at the onset. Fuck wallstreet. Another confidence booster.
The whole idea of FB is a testiment to our egotistical, selfish, selfcentered culure. When each member thinks their verbal vomit is worthy of being read by all. It is indicative of a deep narcisim. I had a B.M. this morning, its my greatest creation to date. Just look at the picture, I'm sure you'll agree.
how do you become a millionaire ?
first do a Facebook IPO that makes you a billionaire
...
FB goes down because Zionburg is so damned fucking ugly. The bug eyes, and bedwetter face make me want to squash!
Will they do a buy back at $5 and do a reissue at $38.00.
seems legit for Zuckerberg and cronies.
"The Social Offing'
The farce, formerly known as.....umm,, what was the name of that company again?
Now all that is needed is for anonymous to take down the site. Remember from the Social Network that that is one of MZ biggest fears that the network go down as it would damage the brand. The brand has been damaged by Nasdaq, MS, and MZ himself. Will Congress investigate MS trying to prop up the stock - I assume they will start unloading those shares into their mutual fund complex instead of taking the losses all in the underwriting division. Add to that the duped investors unliking FB and putting their account in hiatus. A FB decline of 25% from the IPO price might indicate markets work better to elucidate value than pump and dump schemes. All IPOs should be done dutch auction like Google. If the PPS that a company can fetch during a Dutch IPO is not sufficient, abandon the IPO or secondary offering. Pretty simple. Having investment banks control this process, there is a conflict of interest.
I thought pump and dump scams were illegal.
HA! HA! HA! HA! HA! HA! HA! HA! HA! HA!
"A fool and his money are soon parted"
Every time I see ZuckerFucker's face it makes me want to puke . . . . .
Sounds like GS had a way of shorting them out of the gate.
WE NEED TO MAKE A COMMON ASIAN CURRENCY
RTQ $31.78
Is anybody else surprised to see this playing out as it has? With the seemingly widescale manipulation of the equity/PM markets and lack of cause and effect lately, it is refreshing to see that Uncle Benny can't prop up everything
Nelson: AH-HA!
Maybe, just maybe this is the beginning of return of real markets, based on real companies, making real stuff, the right stuff.
Even the first known speculative bubble in modern history, the tulips bubble in Holland, was better than this fake social networking hype bullshit. At least you got a nice flower to your table if nothing else.
I'd bet this Zuckerberg is going to blow most of his money in multiple stupid investments, his ego is not going to like this crash. He will try to climb back by any means necessary.
"Cue the shareholder class-action lawsuits."
Is there a FaceBook page for this yet?
Facebook is an interesting setup. Besides facebook what about the markets? We lost a lot of points since spx peak on May 1, 2012. Have you been able to short at the tops and cover at the bottoms? Looking for a roadmap going forward? I would like to introduce you to my friend’s echen website.
http://humblestudent777.blogspot.com/
I highly recommend his service. It is unique and unlike anything else I found on the web. Markets are somewhat like fractals and when you know what to look for they can be rewarding.
-90% here we come on.
I think the bigger issue of the FB offering failure is that it illustrates how completely incapable Americans are of critical thinking.
You know, like geez, what could possibly be wrong with re-electing a President that thinks it is perfectly cool to incarcerate anyone, without trial or representation?
Or, geez, why not gush over a Prez who has administered during a period of THE MOST financial destruction and obvious fraud, yet no one gets punished.
He's soooooooo smart!
So buy your FB, lose your money, elect your future prison warden....
the stock that shall not be named
too funny
this stock is too high profile to be allowed to die so obviously
expect to master ponzi of Omaha to start jaw boning this
they must levitate this sucker and off-load it
time-warner / aol is the model I think - very slow death only slighty faster than market loss of credibility
Where is Sheryl Sandberg now; Facebook’s COO? Doesn't she have anything to say about this IPO disaster? Does she only do interviews when she's giving away investor money to noble causes and charities, or when she’s hinting that she might run for a high public office one day? Why haven't we seen one interview in the Mainstream Media with Facebook or Wall Street execs who were on the inside of this IPO? What a con job; a Disneyland fantasy dream come true for the insiders, and a nightmare for everyone on the other side of it.
MS has screwed up this offering so badly that I wouldn't be surprised if no one will list with them again.
Wrong conclusion. When Michael Lewis wrote Liar's Poker in 1989, he thought that it would turn-off new college graduates from seeking jobs on Wall Street. Years later he said that it was used as a blue-print by college students to GET Wall Street jobs.
LOL
http://boombustblog.com/blog/item/6081-why-shouldnt-practitioners-of-muppetology-get-swallowed-in-an-facebook-ipo-class-action-suit?
Yummy Muppets!
If Facebook was that solid of a company and making bundles of cash for its primary investors, why sell it off as IPO?
I wouldn't unless I wanted to cash in and have investors share the losses.
That is common sense.
Which is exactly what happened.
NASDAQ100 isn't looking so healthy either.
http://bullandbearmash.com/index/nasdaq/daily/
I'm gonna wait until it hits $4, then I won't buy any...
Yes! First Post at ZH, my favourite hangout for the last couple of years. And in a thread which deals with the FB disaster-in-the-making. How sweet!
Mark must feel like the Zuckerberg in this picture:
http://farm3.static.flickr.com/2515/4191990540_d4256916c1.jpg
Is it just me, or does "all time lows" on a three day trading history sound very silly?
$1 Bob
and why are the markets green? Home sales better than norm? (whatever norm is today) and what was Richmond Manufacturing #'s?
:(
Hold on MDB - Didn't you say to your mum - BUY AT ANY COST? So it was you that was offering to pay $58 a share.
Now you're averaging $38 a share. You muppet.
Moron alert. But at least he's still prepared to show his face, whilst his ass is being served on a plate. LOL
FB is a perfect example of how PROPAGANDA works and how it's sold. The same marketing strategies are applied to condition what people think about Social Security, taxes, defense budget etc.
But, just as important, news of the estimate cut was passed on only to a handful of big investor clients, not everyone else who was considering an investment in Facebook.
This is a huge problem, for one big reason:
http://finance.yahoo.com/blogs/daily-ticker/facebook-bankers-secretly-cu...
If you're expecting rules to be followed you are blathering in the wrong fucking business.
If you can't short it then it has no floor. Look out below.
Pump and dump, bitches.
Facebook is big brother incarnate. If you think anyone working in the FBI, CIA or ICE, etc. has Facebook accounts you're a fucking idiot.
No one worth a shit in the intelligence community has a FB account.
All suckers for Zuckerfucker.
Did anyone save that section 3 article from USA Today where the burning question was, "How do I get an allocation of the Facebook IPO?" Framed, it might be worth more than a share of FB in the not too distant future.
FBreaking News: OSC alledges fraud by Sino-Forest. The OSC states investors were grossly mislead.
"Cue the shareholder class-action lawsuits."
this FlopBomb IPO has been a chucklefest
Goldman's lost the Midas touch, they just can't Pump & Dump garbage like they used to... Oh dear, 'pop' goes the business model
Jump, you bastards!!!!!
Goldman is left holding the biggest bag of negative equity. Between the London Whale shitting on JP Morgan, and this little debacle, maybe the market can toast these motherfuckers off for once and for all. Let honesty, honor and integrity replace the sewage of Wall Street.
Lots of people called this long before it happened. Reggie Middleton was one, on MKeiser's show: http://maxkeiser.com/2012/05/21/reggie-middleton-warned-you-on-keiser-re...
Reggie is a self promoting schill for his newsletter. The guy is smart, but too fucking busy shitting out chart porn, and old youtube videos of his royal high n ass. If he ever grows up, gets serious, and posts meat and potatos only, he will be somebody. Who are you - chief cheerleader for the Reggie Glee Club ?
Fair value @ 19.84
Considering that FB base clients are unemployed college graduates with $60,000 in defaulted student loan debt, somehow I don't think their "core" demographic has disposable income to follow through to advertisers.
Farmville yes. Buying a car no.
I read somewhere that the average FB user exists for around 18 months before they figure out they have better things to do. About the same life expectancy as a Topeka girl off the bus and into the porn industry.
This is a demographic that heralds a job as a barrista or sign spinner as a symbol of success.
Well at least the CIA thanks you for building a file on you.
facebone
I still don't get it. Everyone knew this was BS, prompting the massive immediate sell-off (other than whatever computers were trading from 38 to 45 - and to what other computers?)
In the end, it's like they just created shares out of the very thin air that is social networking, made up a price, tossed it on the "market"...
So what's the downside for them of overpricing the stock? Is there one?
I wish I had the power to just make shit up and dump it. Must be nice?
If the Emperor were to shit his underwear, he values it at $38. Being naked, though, his shit just hits the floor. And then he speculates the turd might be worth $10.
Seems like the Emperor has a win/win situation however it shakes out?
Facebook says Hello to $31.
http://www.elliottwavetechnology.com/2012/05/facebook-says-hello-to-3100.html
http://www.youtube.com/watch?feature=player_embedded&v=HIW_5mZiM0Y
New low for the day:
Facebook, Inc. (FB) -NasdaqGS
30.95 -3.08 (9.05%) 3:44PM EDT - Nasdaq Real Time Price
Currently gurgling around 31 - HFT + half-hearted defense?
to paraphrase Perot: 'and you will hear the giant flushing sound'