Facebook shares began trading late Friday morning and opened 11 percent above the $38 (24 pounds) offering price, but after peaking at about $45 slid rapidly at the end of the day to close at $38.23. The IPO was the third-largest in U.S. history and valued eight-year-old Facebook at $104 billion.
(Reuters) - The historic initial public offering of Facebook Inc did not go as planned on Friday, as the social networking company's sky-high valuation combined with trading glitches left the stock languishing near its offering price at the market close.
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Economy
Historic Facebook debut falls flat
- 19 May 2012
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Spain beset by bank crisis, downgrades, bond pressure
- 18 May 2012
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Official data confirmed Spain was back in recession and a newspaper reported a big outflow of deposits from Bankia, but the government said it had taken a fundamental step to strengthen Spain's credibility by agreeing big budget cuts with the country's free-spending regions.
(Reuters) - Spain's borrowing costs shot up at a bond auction on Thursday and its troubled banks suffered a double blow, with shares in part-nationalised Bankia diving and 16 lenders - including the euro zone's biggest - having their credit ratings cut.
Soaring Spanish debt costs cap global shares, hurt euro
- 17 April 2012
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(Reuters) - Asian shares were capped while the euro fell on Tuesday, as soaring Spanish borrowing costs underscored the fading impact of the European Central Bank's bond purchases and stoked investor nervousness over euro zone debt woes.
MSCI's broadest index of Asia Pacific shares outside Japan .MIAPJ0000PUS gave up small early gains to ease 0.3 percent, with Korean and Chinese shares among the underperformers.
