Tagged: Technology

Facebook's much-publicized first sale of stock to the public started with a bang late this morning as the price per share jumped. But though the volume of shares sold was a record for an initial public offering, the stock's price gave up its gains as the day continued.

By the end of trading in the U.S., Facebook had settled right at the $38 initial offering price that had been set before shares went on sale.

Still, though the social media giant's stock didn't hold on to the gains it made immediately after going on the market, the interest from investors was obviously high.

As The New York Times' Deal Book blog wrote in late-afternoon:

Hewlett-Packard reportedly has decided on a restructuring that will eliminate 30,000 jobs worldwide. The company isn't expected to say anything publically until next week when it announces quarterly earnings.

When Facebook makes its initial public offering Friday on the NASDAQ, the stock will be priced at $38 per share, a price that's expected to bring in between $16 billion and $18.4 billion to the company. CNBC reports:

"[The price makes] it one of the most lucrative offerings the Street has ever seen. With that valuation taken into consideration, Facebook goes public with the highest valuation — in the $100 billion range — of any company on record at the time of its IPO."

The price is on the higher end of analysts' expected range of $34 to $38.

Several news outlets are reporting that computer giant Hewlett-Packard will announce the elimination of 25,000 to 30,000 jobs. All Things D reports that the announcement will come from CEO Meg Whitman when the company announces its quarterly earnings next Wednesday.

All Things D reports:

Google announced a big change in its approach to search today.

The search giant said the move was the first step in transitioning from an "information agent" to a "knowledge agent."

"The Knowledge Graph enables you to search for things, people or places that Google knows about — landmarks, celebrities, cities, sports teams, buildings, geographical features, movies, celestial objects, works of art and more — and instantly get information that's relevant to your query," Amit Singhal, a senior vice president at Google, wrote.