Nasdaq shares fall after Facebook trading delay

Nasdaq OMX Group Inc.‘s shares fell following an unexpected delay and possible trading problems in the market debut of Facebook Inc., which went public on the Nasdaq in one of the biggest IPOs ever Friday.

THE SPARK: Facebook was expected to start trading at about 11 a.m. EDT Friday. But the exchange said about 14 minutes later in a note on one of its websites that it was experiencing a delay.

Facebook shares opened at about 11:30 a.m. Half an hour later, Nasdaq said it was “investigating an issue in delivering trade execution messages” from the Facebook IPO. At 1:05 p.m., the company posted that it was working to deliver such messages, and anticipated letting market participants know more soon.

Nasdaq has not responded to requests from the Associated Press for further explanation.

THE BIG PICTURE: Facebook’s IPO raised $16 billion, the biggest Internet IPO ever, and valued the company at $104 billion.

But problems at Nasdaq may have affected the debut. Facebook shares fell as low as their IPO price, $38, before rebounding Friday. Facebook’s stock is now up about 8 percent in afternoon trading.

A hiccup in the execution may worry investors that the exchange operator is having behind-the-scenes issues handling its operations.

SHARE ACTION: Shares of Nasdaq fell 57 cents, or 2.5 percent, to $22.43 in early afternoon trading Friday. They had dropped as much as 4.7 percent earlier.

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