GrubHub Up 42% During IPO Debut; Unemployment Rate Remains Constant
Stocks stumbled today, especially Nasdaq which fell over 100 points on the day. Investors are blaming the fact that the unemployment rate remained constant despite the job market growing by 192,000. Another factor is that a few "momentum" stocks, which include Facebook (FB), Tesla (TSLA), and Amazon (AMZN) shares fell today, possibly signaling that they are coming off one-time highs. GrupHub (GRUB) made its much awaited debut today and its shares soared over 42% during the day.GrubHub originally was planning on pricing its shares between $23 and $25 and selling only 7 million shares, but in the end the company settled on selling 7.4 million shares at $26 a piece.
Word on the Street
Published on Apr 4, 2014By InvestorGuide Staff