It's all Facebook
Shares of the hotly anticipated IPO finally begin trading today, after selling at $38 to initial buyers. The offering will bring in $16 billion for the social network, which many expect to lead to more acquisitions. Facebook recently purchased mobile photo-sharing app Instagram for $1 billion.
Facebook's IPO appeared to be causing a sell-off in other tech stocks yesterday as investors make room for the social network's shares. The Nasdaq
Meanwhile, the Dow Jones Industrial Average
Asian markets were all down overnight, with the Nikkei dropping 3%, as concerns over the future of the eurozone, highlighted by Moody's downgrade yesterday of 16 Spanish banks, continue to weigh on global markets. The Commerce Department's decision yesterday to impose steep tariffs on solar-panel imports, aimed at counteracting China's subsidies, also promises to stoke the U.S.-China trade war.
European markets were mixed in Friday afternoon trading, as they recovered early losses.
News sources also reported Thursday that Hewlett-Packard
Don't believe the hype
Facebook shares are all the rage, but it turns out the hot Internet stock doesn't come without weaknesses. Despite the social network's 900 million members, almost all of its revenue comes from advertising, and the growth opportunity there appears to be smaller than investors had hoped for. Lucky for you, our experts have found another Internet company that has multiple revenue streams and is growing faster than Facebook. Get the details on this hot stock in our brand-new special free report: "Forget Facebook -- Here's the Tech IPO You Should Be Buying." Get your copy.
Fool contributor Jeremy Bowman holds no positions in the companies in this article. The Motley Fool owns shares of JPMorgan Chase. The Motley Fool has a disclosure policy.We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.