Facebook IPO stumbles out of the gate

18.05.2012
This probably isn't how Facebook envisioned its would roll out.

The first hours of the social networking company's IPO got off to a shaky start today with the share price wavering around the $40 mark, never gaining the astronomical momentum that had been anticipated by many. Shortly after 2 p.m. ET, the stock price was hovering just under $41, less than $3 .

"It's certainly not flying to unprecedented levels," said Zeus Kerravala, an analyst with ZK Research. "This underscores the thesis that many investors are taking a wait-and-see approach."

He added that while many people may be surprised Facebook's stock price hasn't taken off yet, they really shouldn't be.

"I think it's surprising a lot of people, but I think it should have been expected," said Kerravala. "There are a lot of questions about Facebook.... How are they going to monetize mobile? Can [CEO Mark] Zuckerberg run a public company?"

started the day by ringing the Nasdaq opening bell from company headquarters in Menlo Park, Calif.