Crazy opening for Twitter*

twitterpix.jpg 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.

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Crazy opening for Twitter*
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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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