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At the time of writing, after 90 minutes of trading on the NASDAQ exchange, shares were marginally above $30 - 5.6% down on Friday's close and 21% down on the IPO price when they listed a week ago last Friday. The intra-day low was $30.06 and the most recent trade at $30.11.
The damage inflicted by the botched float continues to weigh on the share price and has already sparked numerous law suits and accusations that the media (well, one particular commentator in particular) are to blame - there's nothing like blaming the messenger in a crisis!
This writer continues to predict that a fair price is well south of $20 - there's a lot more falling to do before that price is achieved, and no options for short-selling - who would want to be the party going long on those particular transactions!
