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.