My wife has given me permission to gloat a bit after I said this about Facebook, and Wal-Mart, by-the-by, yesterday on this very same blog. The reason? Wall Street had a nice day today, but the 'book fell on its Face, dropping to $34.03, almost $4 from its opening last week. Meanwhile, a real company that makes real products that are really, really popular and, by-the-by, expensive relative to their competition, Apple, climbed 5.8% (%!) to $561.28.
This spells short term trouble for Facebook and other social networking sites considering going public. Perhaps it's just the leftover blahs from the past few weeks. Perhaps it's the lingering blah form the remnants of Recession George. Perhaps this is a blip and the stock will rise commensurate with the hype as the economy improves.
Perhaps, but I don't think so.
I wish them every good luck with that.
Please join the conversation at www.facebook.com/WhereDemocracyLives (for free) and on Twitter @rigrundfest