Thursday, November 7, 2013

The high pitched twittering of Twitter on the NYSE

The shares jumped to $50 on opening, then dropped to $45 stayed thereabouts a couple of hours, then rose again to near $50 and ended  the day at a little below $45.  

From NYTimes:
Traders on the floor of the New York Stock Exchange    called out orders for shares of Twitter for the first time on Thursday morning, as one of Wall Street’s traditional rituals thrust the young social media company into the public markets.

On its inaugural day of trading, Twitter managed to avoid the missteps that marred Facebook’s initial public offering last year, even as Twitter’s lofty stock market valuation added pressure on the company to turn a profit soon.

After pricing its shares conservatively on Wednesday night at $26 apiece, Twitter’s stock was eventually offered at $45.10 at around 10:30 a.m. In the first hours of trading, the stock – trading under the ticker TWTR – moved as high as $50.09 before settling around $46 by mid afternoon....

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