
New York: Try as they might, many retail investors won't be able to get shares of Facebook in its first hours of trading.
They may be better off waiting it out anyway. Buying at the closing price of the initial public offering day and holding on to your shares has not been a profitable strategy lately, especially for companies in the media business.
While Facebook is a unique company with 900 million users, some recent IPOs serve as reminders that the sizzle for once hot companies can fade quickly. Of seven media or social media company IPOs in the last year, only LinkedIn is now trading above where its stock closed after its trading debut.
Millennial Media, a mobile advertising company, saw its shares jump 92 per cent the day its shares debuted in late March. Since then, the stock has slid nearly 46 per cent to $13.40, as of Tuesday's close....
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