That the stock market moves in mysterious ways was shown again on May 18 as the initial public offering (IPO) by Facebook was nowhere near as successful as most people had expected. The share price for the social networking behemoth barely budged from its opening price of $38, ending up just a few pennies above that price. This could partly be explained by hubris. The IPO may have overestimated just how much people were willing to pay for Facebook shares, especially since the initial price was wildly out of sync with the profitability of the company.
