This is why we suck (the Facebook stock edition)
So a revenue increase of 32% and beating analyst estimates…sounds good? Nope.
Facebook didn’t give investors much reason to cheer even though the social network beat analysts’ revenues expectations in its first report as a publicly traded company. Profits were merely in line with forecasts.
Shares of Facebook fell more than 3% in after hours trading following the release of its second quarter results.
This is why I stopped buying stock. This is just gambling and manipulation as far as I can tell.
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davidk
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Exactly. The more you pay attention the more you realize that the market is manipulated to perform in any given way. For example, RIM’s second biggest stockholder decided to buy enough shares to be number 1 shareholder and the stock went up. There was zero positive news for RIM and the outlook (poor) was exactly the same as it has been yet the price went up.
People are actually pissed because Facebook didn’t make everybody millionaires overnight and now they will have a tough road to tow.