Facebook stock price takes a dive

All those folks with juice to get a crack at Facebook at its IPO price of $38? They’re in the hole. Facebook closed at $34.03 a share today on the NASDAQ, down 11 percent on the first full day of trading following Friday’s initial public offering. Meanwhile, speculation is that the spreading disappointment can’t be good for Silicon Valley IPOs in the near term. Quoted in the Wall Street Journal, John Fitzgibbon, president of research site IPOScoop.com says of the Facebook experience:

The circus left town, and look at how they left the campgrounds. It’s a sobering experience.”