Spreadex Market Update
Facebook shares head lower
Yesterday saw Facebook’s (FB) shares hit their lowest offer price yet, as the lockup period – something that prevents early investors from a dump-and-run – ended, allowing fresh stock to hit buyers’ orders. And the effect was clear. Only an hour into trading and the shares were selling for below $20, breaching $19.70 during the session. The stock still trades at more than 40 times next year’s earnings.
In London, we saw buyers of Britvic (BVIC) into the close, as talks of a breakup cash bid bubbled yesterday afternoon. This morning the story hit the press, with the critical number being rumoured 450p per share. The market, however, is unconvinced currently, with the shares trading flat after the open.
Later today traders will turn to U.S. consumer sentiment numbers to provide direction to this almost directionless market. 72.5 is expected.
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