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Facebook stock rises after three rough days on Wall Street

May 23, 2012|By Andrew Tangel
  • Facebook shares rose after three rough days on Wall Street.
Facebook shares rose after three rough days on Wall Street. (Carolyn Cole/Los Angeles…)

Facebook is having a better day on Wall Street.

The social networking site's stock is up more than $1, or about 3.5%, to around $32 in early trading Wednesday on its fourth day as a public company.

As of Tuesday, Facebook's stock had fallen about 26% since its debut on the Nasdaq stock market Friday. The stock briefly rose to about $42 from its initial public offering price of $38.

Facebook's IPO has been tumultuous. Its first day of trading was marred by glitches with Nasdaq trading.

The stock was essentially flat in its first day of trading, its price failing to pop.

Then reports surfaced that some investors may have received negative forecasts while others were left in the dark.

Three Facebook investors have since filed a lawsuit in federal court in Manhattan claiming the company and its underwriters violated securities laws. The suit seeks class-action status.

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