Quote of the Day: Facebook IPO Surpasses All Other News

May 17, 2012 James Heinsman Quote of the Day

Europe may be in crisis and Greece might be heading south, but all that will have to wait until all the hyperbole and excitement of tomorrow’s momentous Facebook IPO has blown over.

Analysts are not sure exactly what to expect tomorrow, but so far the incredible demand has motivated Facebook to sell even more shares than originally planned with some saying that this IPO will surpass the present record holder- the $17.9 billion raised by Visa’s IPO, to raise as much as $18.4 billion. If the shares sell near the top of its price range then Facebook’s valuation will hit $104 billion.

“It will be Facebook that will be the big story and everything else will pale in comparison,” said Daniel Greenhaus, global market strategist at BTIG. "But at the end of the day it’s going to be a moment in time when people focus on it—and presumably move on to other items.”

“There’s no denying it’s a rich valuation. From a broader perspective, its brought a lot of people into the market in terms of awareness and it will certainly contribute to some interesting volatility during the course of the day on Friday, but I can’t really say whether it becomes a driver of market activity yet,” Greenhaus added.
 

BTIG, Daniel Greenhaus, Facebook,

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