Facebook is now officially on sale! Check out our live blog from earlier today and get caught up on all the action.
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4:40: One last update:
BREAKING: SEC to review Nasdaq trading issues related to Facebook.— CNBC (@CNBC) May 18, 2012
4:11: So to sum up the day: There was no pop and investors largely took it on the chin as the stock had its first trade of the day at $42.05 and then spent the entire day below that line. A rough day that was made worse by technical problems that kept many big traders from even knowing how much stock they owned. Facebook itself will be fine, however, as they got exactly what they wanted from the stock sale: $38 a share, with no outsiders taking away millions in value by flipping the stock for a quick profit.
The underrated story of the day? Zynga, which has its fortunes intricately linked with Facebook, got absolutely clobbered today. Without the protection of underwriters, the stock was halted twice today and lost 13 percent of its value. It will certainly be an interesting Monday morning for both companies when trading resumes.
4:04: Well, we said early that Morgan Stanley, as the lead underwriter of Facebook's IPO, did a fantastic job of pricing today's stock offering, but they may have done a little too fantastic. A huge sell off in the last hour of the trading day sent the stock price back to its offer price of $38 dollars, but a "heroic" effort by the underwriter — buying up what stock they could at $38 to prevent the price from dipping below that mark — managed to hold off an embarrassing red number on Facebook's first day on the market.