Don't blame us. Look in the mirror and blame that optimistic, wide-eyed investor who totally bought the hype, looking right back at you. Because of him or her, Zuckerberg and Co. have now raised the price range on their stock to $34-$38.
"The increased range is a sign of high demand from investors to own a piece of the world's most popular social network," reports The Associated Press, which is a polite way of saying that everyone's getting a bit greedy right now--earlier reports had the range between $28 and $35 a share. Since this is the stock market and no one know what's really going to happen (other than Facebook's valuation coming close to around $100 billion) until at least Friday when investors can get their hands on it, news outlets and financial reporters like The Wall Street Journal's Shayndi Raice and Joe Light are finding stories like an 11-year-old seeing her college fund liquidated and put into Zuckerberg's pocket or high school teachers who actually found kids interested in making an "investment club." And even though this is the sexiest thing to happen to Wall Street in like ... ever, you still have to include Debbie Downers like the ones Raice and Light found (for at least one fleeting paragraph):
Michael Belanger, a lawyer from Oklahoma City, invests his personal money in the stock market. But he will be skipping Facebook's IPO because he thinks its valuation is totally "out of whack." Scott Schermerhorn, chief investment officer of investment-management firm Granite Investment Advisors, says the hype around Facebook's IPO is going to keep his firm away. "It's a cult stock," he says.
Little of that skepticism is weighing on three investors, tracked by The Wall Street Journal since Facebook announced in February that it would go public.