Is Facebook the Biggest Loser?
With a lot going wrong with its public debut, Facebook (NASDAQ:FB) shares are already down over 25 percent from the issue price of $38. On Wednesday, the stock hit another fresh new low of $27.88 per share in afternoon trading.
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This somewhat dims the glory of the massive size of the IPO – at $16 billion it ranks as the second-largest U.S. IPO on record.
Unfortunately, with $21.8 billion lost, Facebook now has the misfortune of being the largest loser in terms of market capitalization, according to Bespoke Investment Group. This ranks alongside losses of $3.6 billion by Dell (NASDAQ:DELL), $2.5 billion by Pfizer (NYSE:PFE), and $2.5 billion by Google (NASDAQ:GOOG).
Again, the company’s hopeful shareholders may in fact be in for a rocky period until the company reports earnings in July – not much information is expected from the company before then.
But maybe they shouldn’t complain considering that Research in Motion (NASDAQ:RIMM) lost all of 8 percent in the after-hours session Tuesday when it warned of a first quarter loss.
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