Facebook stock climbs, still down from IPO
NEW YORK - Facebook's stock is getting some relief, inching higher following a steep decline in the wake of its initial public offering.
Shares of Facebook Inc. are up 43 cents to $29.27 in morning trading on Wednesday. That's still down about 23 percent from its IPO price of $38. Facebook began trading on the Nasdaq Stock Market on May 18. The day started with a delay due to trading market glitches and didn't get much better from there.
Still, the IPO raised $16 billion for Facebook and early investors, making it one of the largest IPOs ever. But many investors were expecting the stock to go higher on the first day. Instead, it went up less than 1 percent to $38.23 that day, before falling since then.