Facebook Inc.'s public debut had plenty of buzz but not much pop. The shares opened 11% higher, but struggled to stay above their $38 offering price and ended the day up just 23 cents. It was a tepid debut for one of the largest and most closely watched initial public offerings. More than 30 brokerages and banks were involved in the offering, which saw a nearly 571 million shares change hands on Friday—a record for a stock debut.
The Internet company's shares opened Friday around $42 and within the first half hour fell as low as $38. The stock recovered as underwriters stepped in to support the price, according to people familiar with the matter. But in the final hour of trading, the shares lost steam and fell back to the $38 level...
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