Twitter stock slides on 2nd trading day
November 8, 2013 11:04AM
Trader Jeffrey Vazquez, right, and specialist Glenn Carell, center, work at the post that trades Twitter on the floor of the New York Stock Exchange Friday, Nov. 8, 2013. Stocks edged higher in early Friday trading as investors reacted to an unexpectedly strong October jobs report. (AP Photo/Richard Drew)
NEW YORK (AP) — Twitter’s stock is retreating on its second trading day after the popular short messaging service saw a huge first-day pop in what turned out to be a smooth public debut.
Such volatile trading is common for freshly public stocks as investors gauge supply and demand with limited insight into how well the companies will do on the long run.
Twitter’s stock is down 4.2 percent to $43 in late morning trading despite an uptick in the broader market.
The stock had surged on Thursday, its first day trading, closing 73 percent higher than the $26 IPO price that was set on Wednesday night.