GROUPOCALYPSE NOW!

Early Groupon Trading Makes Mockery of Tech Bloggers’ Mockery

sad panda Early Groupon Trading Makes Mockery of Tech Bloggers Mockery

Bloggers are teh sad.

Damn you, Groupon cat. You just ate our canary. In early trading today, Groupon shares rose as high as 46 percent above its higher-than-expected $20 IPO price, up to $29.99.

That pop sound you heard happened just a few minutes after trading. By 11 a.m., however, it was down to $25.90.  The other aspect of early trading that caught the smug Groupon haterade drinkers by surprise was that they sold 35 million shares, raising $700 million.

A couple days ago, Josh Brown, who tweets under @ReformedBroker, predicted, “Groupon’s stock will soar on the open, after all, there will only be eleven shares trading. $GRPN.” Betabeat’s estimated somewhat higher at 11.5 buyers. Fortune.com’s @DanPrimack also got in on the fun: “When she’s older, I’ll tell my daughter that I associate her 1st birthday with Groupon’s IPO. Chances are, she’ll ask: ‘What’s Groupon?'”

However, stock, which is currently climbing back up from its 11 a.m. dip, still has yet to reached another Betabeater’s prediction: $60 pop.  C’mon people, let’s party like it’s 1999.

Follow Nitasha Tiku on Twitter or via RSS. ntiku@observer.com

Comments

  1. Day Trading says:

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  2. Stocks rises fast, but it also plummets fast too. I would rather invest in Government Security Funds instead of stocks.