[gdubs]

Isn't this conflating Morgan Stanley (and Nasdaq) with Facebook? One could also blame the media for generating an inordinate amount of hype, and then turning around in a day to call the IPO a failure. But, a failure to whom? Most of what I've read here recently suggests that a successful IPO for a company means leaving as little money on the table as possible, which means a stock price that stays relatively flat (or even goes down a tiny bit). Because everyone expected a pop, the IPO is considered a flop. One could look at the situation from another angle and say that Facebook did what was best for themselves, not the share price – which could be seen as a positive signal for people who don't think that companies should be ruled by the short-term ups and downs of the market. I mean, when the valuation of a company is based on an extremely long outlook and yet-to-be-determined strategies and pivots, what do people expect?