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When -- a look at this -- -- and very small change we did have a trade at 3399.
That represents a gigantic loss for FaceBook at the moment is down 11%.
This is Monday FaceBook all over again Friday was old -- FaceBook looks like is the same store today.
I've got Jon Friedman with me.
He's the man who said take this IPO and shove it in other words he got it right but I want to know John exactly what's happening right now who's selling why is it going down.
It's going down -- the hype this is too much hyped in this IPO -- in the stock in this company.
It's a great rare and yes but it -- to great IPO who's doing the selling.
I think people on Wall Street is getting very nervous about private for profit margins in this for the future.
And -- professionals like this and this is not the little guy on the street and on trying to -- not -- big -- is is the big guys I suspect -- I think it's -- who would all the big banks which -- -- on the -- -- especially Morgan -- -- under any obligation to step did and try to support the price -- -- 3350.
-- -- I like an -- -- have map I'm 333352.
Is where we leave that up please just leave it up that.
Now all the big banks under any obligation to jump in and do something about not about Vietnam and till 11% of folks and dissent and right now we.
I mean the loss is a gigantic here with the what is it 56 million you've got four million -- -- -- severe -- free markets people to do what they want to -- what's the big -- only -- the benefits right now they beat down the -- battery on -- price -- company that once it's at 38 dollars here we go.
The people bought it.
-- -- -- -- -- -- -- -- -- -- I'm funnier and now I'm I'm -- reaching out to every institutional -- that I reached out to you before this offering.
Most of them very skeptical ahead of that and I'm curious for them to say is this is this the stock coming back down to where the market -- it's fairly valued.
You know before the offering people are talking 3032.
Wright was a bit more fair about price.
I think to start out at 38 dollars to this with pretty pricey offerings -- it.
Knows all about -- old agreed.
So you think he's got deep do you get to think that it's coming down to the right price range that that the mock them -- range that the market put on 32 to thirty -- for now what can go to 31 -- through -- -- later what is at 3315.
Now -- call will you come into this plan is.
Let's talk about a couple of things I want to talk about revenue growth revenue growth was slowing for the third year in a rally.
-- sales weren't keeping up.
Peace with the user additions you heard General Motors calling their ad right right at a at a point in time rights have been reported IPOs so.
The question are what are the growth.
That we lose that actually work pay nearly value we knew that hey we knew that net revenues have declined in the -- that we knew the general budget and the big banks still put out most often raised the violence that's right because they somehow got -- and -- who it.
That person to really man today additionally stuff will be priests and traders say something as Latin offers.
They wanted to make some deals about the right before the open some of that was spelled something that wasn't and the NASDAQ told some guy over here that I just spoke with a short time ago.
They want to say they need in getting America.
But basically they taught me not gonna get -- You put an -- before the open but you know what winning film and so we're gonna -- every minute.
A look I'm noticing a patent via.
He goes down to 35 and change and then bounces to 3515.
And then pulls all the way back to -- fall.
Then it bounces from falls back below thirty fall.
It hit 3302330.
For something like that now -- -- to 3379.
I don't know what's gonna happen in the immediate future let's say because we're gonna watch it moment by moment more -- -- paper millionaires over at FaceBook -- that was over a thousand.
I'm millionaires made on paper network from FaceBook today they're watching and and there are an odd seeing the fact that it's -- the downside 12%.
Six -- -- months of the votes on US seventeen billion newlywed by the way effective.
I'm sure everybody's heard this -- -- Zuckerberg.
Filing divorce papers that -- -- big.
Sixteen million shares traded already Jon Friedman when he and I know that I think that's the reason now -- the effect is it just shows this this this this company in -- -- have a great deal of force behind when we another.
And I think the stock if you can going down on the -- to could be could be mindlessly at this.
And they note from an institutional trained after it said that the word on the street economists fees plant now.
Let's also not forget the fact that there's going to be a large -- of shares FaceBook shares getting.
Dumped on the market not only the days weeks but also the months to -- that -- also.
Serve the -- -- the shares but -- I go back to I UBS.
Private wealth ambassador said to me prior to this offering is said to me.
Can the retail investor be these right.
The outpouring -- demand for this stock saying.
FaceBook is gonna skyrocket this is going to be the next biggest thing I want in could be -- that right so the skepticism was certainly out their -- -- Yes it was on the part of the professionals but what I picked up was lot of enthusiasm of the -- of the man on the street.
Could they did that.
Right it was all about the hype that this Wall Street and sell high lot of the -- anybody in the world and I have my total everybody I've got to give you the --
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