Facebook stock plummets on second day of trading

I’m a day late in posting this, but I couldn’t pull off a blog post yesterday — been into some heavy editing on one of my novels.

Anyway, it seems my Facebook predictions just continue to come to fruition.

Three weeks ago, in the midst of all the Facebook greatness articles written by nearly everyone, I wrote this post: Facebook is going down, and fast.

Then last week, some serious evidence emerged that made me look like less of a lunatic. I’m referring, of course, to GM yanking a big $10 million a year in advertising with them.  (My post on that: Was I completely dead on regarding Facebook?)

And then the day after they had a totally lame stock offering, their stock price dropped 10 percent. (See story: Facebook stock plummets on second day of trading.)

Anyway, this will probably be my last post on this topic. It’s just nice to be right about something, since usually I stick my neck out too far with outlandish statements (like my original post on Facebook) and get it cut off.

Stan R. Mitchell

Oak Ridge, Tenn.

P.S. Thanks to all who continue to make my novel Little Man, and the Dixon County War a huge success! It’s gone as high as No. 28 on the Amazon UK Paid List, landing smack dab between two Louis L’Amour books. Learn more about it here.

3 Comments

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3 responses to “Facebook stock plummets on second day of trading

  1. Have you seen where Facebook’s investors are suing over the IPO?

    http://www.nydailynews.com/news/money/facebook-faces-lawsuit-ipo-reports-article-1.1083145

    The bigger they are…

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  2. Wow, John!!! I had not seen that. I just got home from my deadline work (with the newspaper) and threw that post up. Holy cow.

    That proves my point a million times better than the dinky article I linked to. How you doing? And give me a sit rep on the goals when you get a sec.

    Like

  3. And I just saw this from billionaire Mark Cuban about Facebook’s launch: “Say goodbye to the individual investor on Wall Street. Whatever positive impression they had of the IPO market and the stock market in general was just torched to the ground. When everyone you know associated with the stock market is telling you and the media is confirming that this could be a huge IPO that will make money for those lucky enough to get shares and the opposite happens, goodnight. All confidence in the stock is destroyed. Put your money in the bank or if you want to gamble, at least slot machines in Vegas pay out 98pct.”

    Link: http://blogmaverick.com/2012/05/23/facebook-ipo-post-mortem-killer-but-not-for-the-reasons-you-think

    Like

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