Shares of LinkedIn Rocket 109% On First Day--UPDATED
Shades of the last dot.com bubble, Batman! UPDATE: Shares of LinkedIn nearly doubled on their first trade, opening at $83. The stock hit a high of $122.69 but closed Thursday at $94.25, up 109.44%, on volume of 30.1 million shares. Yesterday, the social network for professionals sold 7.84 million shares $45 each, top of its sweetened price range of $42 to $45 each. Its previous price range was $32 to $35 each. Expectations for LinkedIn had been high, but this high? The Wall Street Journal said LinkedIn's valuation, based on its first trade, was roughly $8.5 billion. This for a company that barely made $15 million in earnings last year.
19 May 2011•1 min read
