Stock Markets: Facebook - The Day After

If we believe the blogging community, at least the perma-bearish majority, the Facebook IPO was a flop (minyanville.com) (thereformedbroker). But as usual, the bears are wrong. The Facebook IPO was a success!

1. The stock defended its ambitious IPO price in a very weak market and against a gloomy sentiment.

2. Related to the whole market (S&P 500 minus 0.7%, Nasdaq minus 1.2%) the stock was a clear out-performer.

I guess a lot of short sellers, including some of the manipulative hedge funds, tried to push the stock price below the IPO mark, with no success, in spite of the gloomy sentiment which is ruling the markets these days.