What will be the closing of Facebook's shares on Friday, May 25th?
Settled on 05/25/2012 20:58 by Orlin
Winning option: '30US$ to less than 35US$'.
Nasdaq delayed the start of trading in Facebook by 30 minutes on Friday as it raced to fix the glitch. More than 200 million shares changed hands in the first hour of trading, and more than 570 million during a day that traders say was marked by unease and confusion. The deal's underwriters worked to keep the stock from slipping below its $38 offering price. Shares closed just 23 cents higher—far short of the kind of first-day pop that signals a healthy offering.
After the problems began on Friday, Morgan Stanley, which led a group of 11 Wall Street banks, stepped in to buoy the share price, according to people familiar with the matter. In its role as the deal's so-called stabilization agent, Morgan Stanley could continue to support the shares through a pool known as an overallotment. But people familiar with the matter say the bank has no plans to use its own capital to prop up the shares in the days ahead.
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