Talk about pops - the social network's initial public offering was priced at $26 a share and promptly jumped to $50.09 in the first hour or so of trading before settling down a bit. As of 8:30, it was around $45, which is still a 75 percent bump for those investors lucky enough to have bought in at $26. As I posted last night, a price of $50 or even $40 has little relationship with what Twitter should be valued at, given its tenuous financials. But the market has a way of ignoring fundamentals when there's a quick buck to be made. Needless to say, do not try this at home.
*Update: Stock wound up closing at $44.90, up about 73 percent on the day. The overall market, however, fell sharply, with the Dow dropping 153 points, to 15,593.