Late Radar Stocks: Facebook Underwhelms, JPMorgan Loss Could Be Higher
After all the hype and speculation, shares of Facebook (NASDAQ:FB) managed to close the day only .61 percent higher than its initial public offering price of $38. Shares began trading on the Nasdaq at $42.05, but delays and trade execution problems plagued the social-media giant and ultimately closed at $38.23. Shares are currently up slightly in late trading. The underwhelming response to the IPO also affected Zynga Inc. (NASDAQ:ZNGA) shares, which closed more than 13 percent lower.
Shares of JPMorgan Chase and Co. (NYSE:JPM) closed 1.3 percent lower on Friday and continued to edge lower in extended trading. The bank continues to receive heavy pressure after CEO Jamie Dimon announced the bank suffered at least a $2 billion loss. Furthermore, the WSJ estimates that JPMorgan could loose as much as $5 billion in the blown trade.
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Apple Inc. (NASDAQ:AAPL) shares ticked slightly lower after the closing bell. The tech giant is now being accused by Eastman Kodak of trying to undermine the sale of its patent portfolio. Kodak claims Apple is trying to avoid paying $1 billion in royalties.
General Motors Co. (NYSE:GM) closed 1.99 percent lower on Friday and added to losses in late trading. The auto maker, which recently announced it plans on pulling Facebook ads, said it will not advertise in next year’s Super Bowl due to expense costs. “We understand the reach the Super Bowl provides, but with the significant increase in price we simply can’t justify the expense,” GM global marketing chief Joel Ewanick said in a statement.
Groupon Inc. (NASDAQ:GRPN) shares fell .69 percent after the closing bell. Shares of the online coupon company closed almost 7 percent lower on Friday as the Financial Industry Regulatory Authority is reportedly opening an investigation into the stock’s price spike following Monday’s earnings results.
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