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Fidelity slashes its Facebook (FB -3.6%) stake - 21 of its funds selling over 1.9M shares in...

Fidelity slashes its Facebook (FB -3.6%) stake - 21 of its funds selling over 1.9M shares in June. The sales are quick ones for Fidelity, which likes to "kick the tires and ask questions," says John Bonnanzio of Fidelity Insight. "It seems they ultimately decided that they didn't like what they see."
Comments (7)
  • Insurance Bull
    , contributor
    Comments (357) | Send Message
     
    Took Fidelity long enough.

     

    I met somebody who bought FB shares on the IPO day. I was so shocked I actually didn't know what to say.
    1 Aug 2012, 03:38 PM Reply Like
  • Windsun33
    , contributor
    Comments (4254) | Send Message
     
    One of my goofy relatives - who's stock market expertise is limited to the overhyped headline of the day on FB - was going to buy some until I talked them out of it. They have not called to thank me yet :)
    1 Aug 2012, 04:28 PM Reply Like
  • Stone Fox Capital
    , contributor
    Comments (5838) | Send Message
     
    Thats shocking that Fidelity would buy into a over hyped IPO and hold the stock. Understand that the prevailing opinion has changed dramatically lately, but FB threw up a big warning flag with that disclosure on mobile.
    1 Aug 2012, 03:40 PM Reply Like
  • Windsun33
    , contributor
    Comments (4254) | Send Message
     
    From the article: "..Fidelity's funds owned the shares for at most six weeks—much shorter than the average holding period for mutual-fund managers..."

     

    Also, from what I gather, a lot of the FB it still holds are in index funds and private shares which can't be sold at this time.

     

    Not looking good for FB. I don't expect it to go away anytime soon, but a drop to under $10 in the next 18 months would not surprise me.
    1 Aug 2012, 04:26 PM Reply Like
  • 22muffin
    , contributor
    Comments (3) | Send Message
     
    bad stock
    1 Aug 2012, 05:31 PM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4845) | Send Message
     
    FB has killed the IPO market. That is the real shame of it. A lot of greed and inexperienced people.
    1 Aug 2012, 11:54 PM Reply Like
  • Prognoticator
    , contributor
    Comments (8) | Send Message
     
    FB execs leaving for greener pastures. BEtter way for them to monetize is to start their own copmanies and sell back to FB as it becomes more desperate to cling onto anythign for growth.
    2 Aug 2012, 07:26 AM Reply Like
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