On Thursday, Facebook made history; it’sIPO is officially the largest in Internet history and in honor of the occasion, the Fast pros slipped on hoodies as an homage to CEO Jeff Zuckerberg.
The stock priced at $38 a share, giving the social network a $104 billion valuation.
For the sake of comparison the valuations are akin to that of Amazon and exceed that of Hewlett-Packard and Dellcombined.
And that begs the $104 billion dollar question – should you buy the IPO?
Trader Keith McCullough says getting into the stock on Friday makes more sense than many investors think. “Facebook has 100% revenue growth – 70% gross margins – there’s little that you can buy in the market that’s big cap that reflects that.”
If you’re committed to getting into Facebook on Friday, trader Steve Grasso says here’s how to do it.
“Don’t chase it immediately,” he says, “but take careful note of the opening print. “Then, step back and let the market absorb the stock. At some point during the session, the stock should pull back - and then it will find support. That’s where I’d pull the trigger, if I was buying on Friday.”