As we wrote under the headline, “Look Past The Overhyped Facebook Effect” in February:
Forget the overhyped Facebook effect (a.k.a. “buy now or be priced out forever 2.0”) and simply turn your attention to the S&P 500 which closed the day at 1,363.05, just below its April 2011 high of 1,363.61 (its highest close since June 2008) and the Dow’s 12,986.81, its highest close since May 2008.
The S&P 500 closed today at 1,278.04, down 2.46% for the day, down 6.24% from our post in February. The Dow closed the day at 12,118.60, down 2.22% for the day and into the red for 2012. The S&P 500 remains up 1.6% for the year.
Having priced at $38 and closed its first day of trading at $38.23, Facebook (FB) closed today at $27.72, down 6.35% for the day, down 27.49% over the past two weeks.
A little closer to home, Zynga (ZNGA) closed the week at $6.01, down 3.99% for the day, down 40% from its December IPO price of $10 per share.
∙ Look Past The Overhyped Facebook Effect [SocketSite]
∙ What’s The Point? [SocketSite]
∙ Facebook On The Home Front [SocketSite]