The price has been artificially inflated through buying by Morgan Stanley - one of the underwriters.
They have been trying to sustain this since Friday, but are running out of steam.
See Cryptogon on this: "I did watch a realtime price ticker once they finally opened it. Wow. What a show.
It came out of the gate at around $42 and people just sold the living shit out of it. These were the whale clients at firms who had access to blocks of shares before it was trading, dumping into the crowd.
We knew the issue price was $38, so I watched very carefully as it got down there for the first time. As the price dropped to exactly $38, it held there, absorbing, I don't know, millions or tens of millions of shares.
'Squid on the bid,' I actually laughed out loud.
Day traders quickly figured out that someone with infinite ammo was defending $38, so the little guys decided to party like it was 1999, taking it long for a couple of bucks, shorting it back down, where the axe would open fire again and not stop until the herd learned that there was only one way to go from $38 on the first day, and it wasn't down.
If you have tick data for FB from Friday, it would be worth replaying that on your time/sales screen to watch what happened around that $38 level. Get yourself a big bucket o' popcorn ready because the 'unseen hand of the market' put on a good one for those who knew what they were looking at."
Zuckerberg is completely personally identified with Facebook - so attaching him to the appellation Suckerborg - a descriptive and sneering cynical view of Facebook itself - is darkly humourous, plays on an ironic twist with some illusion-shattering perception.
Show me your "funny". You probably laugh at "IT Crowd".
Facebook may yet be overpriced. Morgan Stanley and its fellow underwriters of the IPO undoubtedly spent millions of dollars, maybe hundreds of millions, propping up the stock Friday so it wouldn't fall below the $38 offering price, as that would have been a huge embarrassment. No one knows how long they'd continue to do so.
Additionally, in about a week the shares become eligible for short-selling, which could place more pressure on the price. A few months from now, insiders prohibited from selling their own share will have the green light, and millions more shares will enter the marketplace. The question in coming weeks may no longer be how high Facebook can soar, but how low can it go? http://www.latimes.com/business/money/la-facebook-fail-20120518,0,5818946.story
Catchphrase, or an idea, perception or "ontological point-of-reference".
Memes may be rhetorical, and those are examples which are readily produced - but they are not limited to rhetorical artifacts.
The repetition of M$ is a meme - and it encapsulates an entire aesthetic and political point of view about Microsoft. It's not merely a neologism, such as "quiz" or "pwn" once were, in their respective eras.
Suckerborg is ripe to be perfectly mimetic. Let's hope it infects the memepool!
Facebook IPO Crashes Nearly 10% After $42.05 Opening Price - and the Underwriters had to STEP IN, to prevent a free-fall in decline. That is - no matter what you'd spin it - a market manipulation.
Bernard Woolley: What if the Prime Minister insists we help them? Sir Humphrey Appleby: Then we follow the four-stage strategy. Bernard Woolley: What's that? Sir Richard Wharton: Standard Foreign Office response in a time of crisis. Sir Richard Wharton: In stage one we say nothing is going to happen. Sir Humphrey Appleby: Stage two, we say something may be about to happen, but we should do nothing about it. Sir Richard Wharton: In stage three, we say that maybe we should do something about it, but there's nothing we *can* do. Sir Humphrey Appleby: Stage four, we say maybe there was something we could have done, but it's too late now.
I get paid for something that is enmeshed in a credit-based economy. So the natural limits of Chekov's navigation metaphor are constantly being obfuscated by the inflationary world around me.
"When you live on cash, you understand the limits of the world around which you navigate each day. Credit leads into a desert with invisible boundaries." ---Anton Chekhov
"Groups that have has a lasting impact on the social order -- the Populists, the original Progressives, suffragettes, labor, blacks -- organized outside the party system; indeed, when they were brought in the tent, they became less effective. The public has been told, again and again, the only choice is to hold your nose and select one of the two parties. It's time we recognize that that myth no longer serves us. " http://www.nakedcapitalism.com/2012/05/barack-obama-the-great-deceiver.html
Slashdot Mirror
The Suckerborg lives up to its name!
This is for suckers who want to roll boxcars, not the technical trader.
"We had some clients call and once we step them through the numbers, they sober up," he said. "The valuation is 100 times earnings in a stock market that is trading at 12."
The price has been artificially inflated through buying by Morgan Stanley - one of the underwriters.
They have been trying to sustain this since Friday, but are running out of steam.
See Cryptogon on this:
"I did watch a realtime price ticker once they finally opened it. Wow. What a show.
It came out of the gate at around $42 and people just sold the living shit out of it. These were the whale clients at firms who had access to blocks of shares before it was trading, dumping into the crowd.
We knew the issue price was $38, so I watched very carefully as it got down there for the first time. As the price dropped to exactly $38, it held there, absorbing, I don't know, millions or tens of millions of shares.
'Squid on the bid,' I actually laughed out loud.
Day traders quickly figured out that someone with infinite ammo was defending $38, so the little guys decided to party like it was 1999, taking it long for a couple of bucks, shorting it back down, where the axe would open fire again and not stop until the herd learned that there was only one way to go from $38 on the first day, and it wasn't down.
If you have tick data for FB from Friday, it would be worth replaying that on your time/sales screen to watch what happened around that $38 level. Get yourself a big bucket o' popcorn ready because the 'unseen hand of the market' put on a good one for those who knew what they were looking at."
http://cryptogon.com/?p=29242
See the video replay of High-Frequency-Trading manipulation of the 38 USD. They call it a "Tractor Beam" Ha!
http://www.youtube.com/watch?v=KrkH_WQxxEA
"You're already soaking in it."
It's an appropriate portmanteau.
Sucker (one born every minute)
Borg (as in mindless collective)
Zuckerberg is completely personally identified with Facebook - so attaching him to the appellation Suckerborg - a descriptive and sneering cynical view of Facebook itself - is darkly humourous, plays on an ironic twist with some illusion-shattering perception.
Show me your "funny". You probably laugh at "IT Crowd".
LET THEM EAT ASTROTURF.
Facebook may yet be overpriced. Morgan Stanley and its fellow underwriters of the IPO undoubtedly spent millions of dollars, maybe hundreds of millions, propping up the stock Friday so it wouldn't fall below the $38 offering price, as that would have been a huge embarrassment. No one knows how long they'd continue to do so.
Additionally, in about a week the shares become eligible for short-selling, which could place more pressure on the price. A few months from now, insiders prohibited from selling their own share will have the green light, and millions more shares will enter the marketplace. The question in coming weeks may no longer be how high Facebook can soar, but how low can it go?
http://www.latimes.com/business/money/la-facebook-fail-20120518,0,5818946.story
To sell more Macs.
WHO drank my BARF BAG?!
JOHN, JOHN, JOHN...
That's what MARCIA said! ;-)
It sucks to be a part of the Suckerborg collective...
I'm glad my friends in Zynga got out.
Catchphrase, or an idea, perception or "ontological point-of-reference".
Memes may be rhetorical, and those are examples which are readily produced - but they are not limited to rhetorical artifacts.
The repetition of M$ is a meme - and it encapsulates an entire aesthetic and political point of view about Microsoft. It's not merely a neologism, such as "quiz" or "pwn" once were, in their respective eras.
Suckerborg is ripe to be perfectly mimetic. Let's hope it infects the memepool!
"That's what SHE said!" ;-)
I guess it depends on when she tops or bottoms.
Funny,
This is the most prominent link, on what I supplied:
http://professional.wsj.com/article/SB10001424052702303448404577411903118364314.html?mod=wsj_streaming_facebook-ipo&mg=reno64-wsj
Subtitle? "Underwriters Stepped In to Support Social Network's Shares at Offering Price"
Next time they want to build a bubble, they'll have to blow us a little harder...
It's so much more suited to this purpose, than are words like "trope", "cliche" or "platitude".
And really, no one understands "snowclone".
Look at Zero Hedge posts following this today, and see how this is all through NASDAQ execution tricks, and underwriter manipulations.
Failbook was a bust.
MEME TIME
Remember M$ and "Monkey Boy"?
Remember MAFIAA ?
Here's our NEW MEME. Carry this in every Facbook CEO Namecheck:
"Suckerborg".
Thank you. That is All.
Facebook IPO Crashes Nearly 10% After $42.05 Opening Price - and the Underwriters had to STEP IN, to prevent a free-fall in decline. That is - no matter what you'd spin it - a market manipulation.
Bubble, meet needle!
Somehow, I seem to have posted this, writing in the persona of Mark Corrigan.
All that's missing is a Stalingrad reference.
Ah. Replace Politics with Discourse.
Another fantasy, based on the assumption that the human animal is a brain on legs...
Has it been that long....
Trident submarines and everything?
Bernard Woolley: What if the Prime Minister insists we help them?
Sir Humphrey Appleby: Then we follow the four-stage strategy.
Bernard Woolley: What's that?
Sir Richard Wharton: Standard Foreign Office response in a time of crisis.
Sir Richard Wharton: In stage one we say nothing is going to happen.
Sir Humphrey Appleby: Stage two, we say something may be about to happen, but we should do nothing about it.
Sir Richard Wharton: In stage three, we say that maybe we should do something about it, but there's nothing we *can* do.
Sir Humphrey Appleby: Stage four, we say maybe there was something we could have done, but it's too late now.
Yes.
I get paid for something that is enmeshed in a credit-based economy. So the natural limits of Chekov's navigation metaphor are constantly being obfuscated by the inflationary world around me.
"When you live on cash, you understand the limits of the world around which you navigate each day. Credit leads into a desert with invisible boundaries."
---Anton Chekhov
Will this include a provision for punishing leave-behind relatives?
God, how East Germany of Schumer!
"Groups that have has a lasting impact on the social order -- the Populists, the original Progressives, suffragettes, labor, blacks -- organized outside the party system; indeed, when they were brought in the tent, they became less effective. The public has been told, again and again, the only choice is to hold your nose and select one of the two parties. It's time we recognize that that myth no longer serves us. "
http://www.nakedcapitalism.com/2012/05/barack-obama-the-great-deceiver.html
No prob. I DO think that Barack Obama hates Black folks, 'tho.: http://blackagendareport.com/content/why-barack-obama-more-effective-evil