Shares of Facebook (FB) flirted with declines most of the afternoon before closing up $1.03, or 3%, at $33.03, still down from the day’s high of $33.21. The stock gave up its gains in the after-market, slipping to $32.83.
The stock has been flat at $32 several times in the last half hour or so.
Update: The stock has regained some ground, currently up 42 cents at $32.42.
However, the negative news flow keeps flowing.
Reuters’s Jessica Toonkel and John McCrank this afternoon report that Fidelity Investments is dealing with “thousands” of investors complaining they submitted orders for Facebook shares on the first day of trading, only to find orders were not filled at expected prices:
Advisers familiar with the situation at Fidelity said many investors are now finding out, nearly a week after the fact, that their orders were not executed at the prices they thought. Fidelity, in a statement, said it was working with regulators and market makers on its clients’ issues “and we will continue to do so until we are confident that Nasdaq has done everything it can to mitigate the impact to our customers.”
Update 2: Reports out this afternoon say Morgan Stanley, the lead underwriter, may reimburse some clients who overpaid for the IPO but that the firm is still sifting through a backlog of claims.
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